We’ll explore what upsizing means for different life stages, how to manage the financial side—including bridging loans, stamp duty, and managing two mortgages—and how a financial adviser can help make your dream home a reality.

Upsizing for growing families

Image: Pexels

If your family is expanding or your current property simply doesn’t suit your lifestyle anymore, upsizing may be the smart way forward. Here’s what to keep in mind:

Space requirements

Think about both your current and future space needs. Do you need an extra bedroom, a home gym, or a bigger backyard where the kids can play? Ask yourself how much space you’ll need in five years—not just today.

Financial Planning

A financial adviser can help assess your financial situation, explore larger loan options, and create a tailored strategy to manage the costs of a bigger property—from stamp duty and insurance to renovation or relocation expenses.

Family lifestyle needs

Consider how a larger home might affect your family’s day-to-day life. Will you be closer to better schools, have more room to host relatives, or finally gain your own space in the form of a study or extra room? This can make all the difference.

Choosing the right time

If you’re planning to sell your existing home and buy a new home, you may need temporary accommodation or explore a bridging loan to cover the gap between transactions.

Upsizing for empty nesters

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It may sound counterintuitive, but some empty nesters choose to upsize rather than downsize their family home.

Lifestyle change

Parents want a property with a home office, a granny flat for visiting children or grandkids, or a larger entertaining area. This transition isn’t just about space—it’s about a lifestyle that reflects where you are in life.

Financial considerations

Working with a financial adviser can ensure that upsizing doesn’t disrupt your retirement savings or cash flow. They can guide you on accessing assets, managing a larger mortgage, or understanding the tax implications of using the proceeds from your current home.

Weighing your options

Before you purchase, consider whether renovating your existing home might achieve the same goals, or if downsizing may be a more realistic solution for the future. An adviser can help you compare the costs, benefits, and long-term outcomes.

Upsizing in retirement

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For retirees, upsizing is often about creating a home that supports the next chapter of life—comfortably, safely, and without stress.

Accessibility

Ensure the new home supports aging in place. Wide doorways, single-level layouts, and proximity to shops, medical services, and transport can make all the difference.

Financial security

A financial adviser can ensure the move aligns with your financial situation and supports your broader goals for wealth preservation and lifestyle in retirement.

The long-term view

If you’re considering a larger home to accommodate kids, grandkids, or even a home business, it’s important to assess how the property fits into your future plans—and whether it might one day be part of your estate or investment strategy.

The costs of upsizing

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Beyond the purchase price, upsizing comes with additional expenses that are easy to overlook:

• Stamp duty and legal fees
• Moving costs and utility reconnections
• New furniture, renovations, or landscaping
• Higher insurance premiums for a larger home
• Ongoing maintenance and rates.

If you carry two mortgages—one on your new property and one on your current home—your cash flow and borrowing power will be stretched. A financial adviser can help ensure this doesn’t place your long-term goals or retirement plans at risk.

How a financial adviser can help 

A financial adviser plays a critical role when you’re upsizing:

• • Budget planning: They’ll help you assess your income, debt, and assets, providing strategies to afford a bigger home without compromising your financial future.
  • Cash flow modelling: Advisers can model different scenarios—including bridging loans, selling your current property, or keeping it as an investment—to determine the best option for your financial situation.
  • Investment options: Advisers can guide you on how to use your equity, access existing assets, or restructure your loan to reduce risk and unlock funding.
  • Managing risks: They’ll help you navigate interest rates, property market changes, and potential risks like delayed sale or temporary accommodation needs.
  • Long-term planning: Whether you want to retire sooner, reduce debt, or build wealth, a financial adviser can help you stay in control of the process and move forward with confidence.

Conclusion

Upsizing isn’t just about adding more rooms—it’s about choosing a home that reflects your needs, supports your lifestyle, and prepares you for the future.

Whether you’re preparing for a growing family, planning for retirement, or simply seeking a better fit, working with a financial adviser is a smart way to manage the process.

Having expert support can make all the difference, from assessing how much space you really need to structuring your finances and planning for the years ahead.

If you’re ready to take the next step toward your dream home, reach out to us today. Our financial advisers are here to help you make the move with confidence—and make your upsizing journey a reality.

Disclaimer

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information, you should consider its appropriateness regarding your objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of the licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the author’s express written consent.

Elliot Watson Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Article by Izack Fuller – Financial Adviser

With over 25 years in the industry, Dyanne comes with an abundance of experience in finance and insurance. She holds a Graduate Diploma of Financial Planning and is a Chartered Life Practioner and JP.

Let’s get to know Dyanne a little better….

What are your qualifications and work experience?

I hold a Graduate Diploma of Financial Planning and am a Chartered Life Practitioner and JP. I’ve been in the finance industry for over 25 years, working with some of the largest insurance companies. I started as an adviser in 2008 and have worked with several boutique firms on the Central Coast and Newcastle, NSW.

What do you enjoy about financial planning?

I enjoy meeting new people and helping clients make the best of what they have available to help achieve their goals whilst protecting their lifestyle.

What do you like to do on the weekends?

I like spending my time on walking adventures with my dog – a wonderful rescue greyhound, driving my classic car, and enjoying all that Newcastle has to offer like dining out, cocktail nights, and fishing. I like exploring the wineries of the Hunter Valley and enjoying long lunches with friends.

What do you like about Newcastle and the Hunter?

Everything! The beaches, parks, the Hunter Valley, and our community.

What is the best piece of financial advice you have ever been given?

My Dad always said, “Make sure your outgoings do not exceed your income, or your upkeep will be your downfall”. This has been the best life and financial advice I’ve received. I know now that the quote was attributed to Bill Earle, but still great advice!

What are your goals for the future?

Continuing to enjoy Newcastle life, travel, and maybe more classic cars.

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author.

Elliot Watson Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Step 1 | Seek advice

It’s hard to achieve great success without a team of experts behind you and your wealth is no different. Getting professional financial advice means your adviser can work through a myriad of options with you and implement a strategy aligned closely to your financial goals. Retirement planning, tax-effective super strategies, investments and estate planning? Your financial adviser can help.

Step 2 | Understand what role risk plays

One of the first things your financial adviser will do is work out your risk profile, which they will check at regular review meetings. Why? Because risk is related to return, and this will help drive the recommendations they make to you in terms of your financial plan. Generally, the higher the risk, the higher the return. While some people like higher risk investments because they have the potential to deliver higher returns, others prefer less risky investments. It’s important to remember that markets are cyclical and shares are a long-term investment so if the market wobbles, your financial adviser is best placed to keep an eye on your investments and determine if they remain aligned to your overall financial strategy.

Step 3 | Check your super

Your superannuation could be your largest asset, other than your own home. Given it’s such a large sum that you have been contributing to for years and years, and you are relying on it to sustain you in your retirement, isn’t it something you want to get right? Sure, it’s a long-term investment, but it’s important that it is invested in-line with your risk profile and financial goals. And you DO have options. As well as your employer contribution, you can kick in a bit extra through salary sacrificing. Contributing more to super will not only boost your account balance, it could reduce the amount of tax you pay.

Step 4 | Stick to a budget

Sounds boring, right? But a budget is not boring, it’s empowering!! Setting a realistic budget helps you understand where your money is going, what can be trimmed and where you can invest to save for your future. Understanding your overall financial health and having a budget aligned to your financial goals gives you a real understanding of the benefits of working with a financial adviser. You can start to see a real change in your circumstances. Having a budget doesn’t mean giving up things you want, it just means you plan for them and you make sure you can afford them BEFORE you spend the money. Setting and sticking to a budget is really the simplest way to help you get ahead.

To discuss your options, contact Singleton Financial Planning today on 1300 713 733 to book an initial meeting.

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author.

Singleton Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Financial stress can be a major trigger for a lot of people, it is a big burden to carry around, but not one you need to carry alone. Speaking to a professional Financial Adviser can set your mind at ease once you have a plan in place and a financial goal to build towards.

Financial stress

In a report conducted by ME Bank in 2018, they found that many Australian households struggled to afford the basics:

• 17 per cent of households could not pay utilities on time
• 19 per cent surveyed had turned to family or friends for help
• 15 per cent surveyed had resorted to selling items to buy necessities
• 45 per cent of households were digging into more than 30 per cent of their disposable income to pay off the mortgage.

This can take a toll on physical and mental wellbeing.

The value of advice

The value of financial advice can take many forms. It could be the knowledge a professional is looking at your situation objectively, the peace of mind you get when you have a plan in place, or it could be the financial benefits you gain.

A study by CoreData for Fidelity in 2019 revealed that 88.5% of Australians receiving advice believe it gave them greater peace of mind, financially, and 86.2% of Australians receiving advice believe it gave them greater control over their financial situation.

Research by the Financial Services Council showed that people who received financial advice were almost $100,000 better off at retirement. That’s a big financial gain achieved by working with someone who provided advice and guidance around a retirement goal.

Financial advisers are required to complete 40 hours of Continuing Professional Development each year to remain qualified and compliant – ongoing learning and development is a huge part of a Financial Advisers’ value to clients!

Many Financial Advisers will often tell you that it is not their clients with the highest income that are the wealthiest. The clients who get advice early in their life, work at it, and take a sensible approach are usually the wealthy – and happy – ones.

Don’t let a past mistake deter you from a future goal

You don’t need to be wealthy or privileged to receive financial advice. It is accessible to every day Australians who are motivated to get ahead. You can book an introductory meeting with an adviser to better understand what they do and how they can help you – and this first meeting is at no cost. You also don’t need to feel that any financial mistakes you have made in the past mean that you won’t ever get ahead. Leave your mistake in the past, and talk to an adviser about your future.

Talk to us

We have capacity to take on new clients and welcome the opportunity to meet with you.

Sources

• The ‘Better off with savings advice’, 16 February 2011, research shows that a 30 year old would save an additional $91,000, a 45 year old would save an additional $80,000 and a 60 year old would save $29,000 more than those without a financial adviser.
• https://www.fidelity.com.au/insights/investment-articles/the-value-of-advice/
• https://www.fasea.gov.au/continuing-professional-development
• https://www.abc.net.au/news/2018-08-06/tipping-point-as-more-households-dip-into-savings/10078724

To discuss your options, contact Singleton Financial Planning today on 1300 713 733 to book an initial meeting.

The information within, including tax, does not consider your personal circumstances and is general advice only. It has been prepared without taking into account any of your individual objectives, financial solutions or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser.

The views expressed in this publication are solely those of the author; they are not reflective or indicative of licensee’s position and are not to be attributed to the licensee. They cannot be reproduced in any form without the express written consent of the author.

Singleton Financial Planning Pty Ltd and its advisers are Authorised Representatives of RI Advice Group Pty Ltd, ABN 23 001 774 125 AFSL 238429.

Taking care of household finances can be taxing, especially if you have a big family. But with proper planning and budgeting, there’s no need to stress.

Here are some tips to help you effectively manage your household finances.

1. Examine your finances

Sitting down as a family and figuring out how much money is coming in and going out may help you gauge the state of your family’s finances. A clear picture of your household income and expenses could set you up to manage your cashflow better.

2. Rein in spending

Keeping expenses under control can be tough in a large household. But if you’re spending as much as or more than you’re earning, you might want to consider limiting your family’s discretionary costs by buying only what you can afford.

3. Set financial goals

Setting financial goals as a family may help you work towards future aspirations instead of simply meeting current expenses. Whether it’s buying a bigger house or going on a dream holiday, having a financial goal may help your family set priorities and stay on track financially.

4. Keep a budget

Keeping track of spending may help you to better manage your family’s finances. By working with a professional financial adviser, you could create a budget that factors in not only income and expenses, but also your financial obligations.

5. Build up emergency and retirement funds

Unplanned expenses such as unforeseen medical bills can put a dent in family finances. By growing your emergency fund to cover six months’ worth of expenses, you may be better positioned to handle unexpected events.

While it’s easy to neglect your own financial future when providing for your family, saving for retirement should not take second place. Keep in mind that the earlier you start saving, the better chance you have to grow a sufficient nest egg.

Working with an adviser

Managing finances for a big family need not be a painful exercise. By working alongside a financial adviser to keep track of your spending, and discussing money matters and setting financial goals as a family, handling household finances is a task you can achieve.

To discuss your in options, contact Singleton Financial Planning today on 1300 713 733 to book an initial meeting.

The information/advice (including taxation) on this website is General Advice Only. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the products mentioned, and consider the statements before making any decision about whether to acquire products or services.
We take your privacy seriously and as such we, or RI Advice Group will never ask you to transfer money via email request unless we have spoken to you in person or the transfer is part of an existing arrangement between you and your financial adviser. If you receive any such requests that are outside the agreed arrangements you have with your financial adviser, please contact our office immediately to confirm the validity the request before you take any action – 1800 738 473

Gary recently joined the Elliot Watson Financial Planning team as a Solicitor, specialising in aged care. Combining his extensive legal skills with his vast financial planning knowledge, makes for a perfect combination of experience for helping clients navigate the complexities of entering aged care facilities, and the corresponding Centrelink requirements. We are excited to have Gary on board and to offer this new service to clients. Let’s learn more about Gary:

What are your qualifications?

I am admitted as a Lawyer of the Supreme Court of NSW and hold an Australian Practicing Certificate to engage in legal practice as a Government Legal Practitioner.

I hold a Bachelor of Laws, a Master of Laws in Commercial Litigation, a Bachelor of Legal & Justice Studies majoring in Commerce and Conveyance Law, a Diploma of Legal Practice and a Diploma of Financial Planning. I am also a trained mediator and government dispute facilitator.

In October 2015, in recognition of academic achievement at Masters Degree level, I was admitted as a Graduate Fellow of the College of Law.

I am a member of the Law Society of NSW and a member of the Hunter Valley Charter of The Law Society of NSW.

I have over 30 years’ experience across financial planning, legal administration, law interpretation, dispute resolution and business management.

What do you enjoy about Providing Aged Care Advice?

It is essential that those wanting to access aged care services are adequately represented and receive reliable financial advice.

I take great satisfaction in helping elder clients and their families navigate the complexities of aged care services and government support.

Given the complex legal and financial structure of the Aged Care industry, in the absence of adequate financial advice, elderly people in need of aged care services may not receive all government entitlements and if not correctly assessed, may be asked to pay aged care providers amounts, for services and accommodation, that they are not legally required to pay.

The decision to enter an aged care facility or, receive home support, is difficult and can be a very emotional time for clients and their families. In my capacity as an Aged Care Specialist Adviser, it is rewarding to help alleviate the stress by ensuring clients are accurately assessed, receive all government subsidies and do not pay excessive amounts.

What do you like to do on the weekends?

I enjoy the free time at weekends, relaxing with my wife of 39 years and catching up with our three adult children. We are keen renovators and enjoy planning and renovating our home together over the weekend.

I hold an aircraft Pilot Licence with a Class 4 Instrument Rating. I fly light aircraft and have an endorsement to fly the DH 82 vintage Tiger Moth.

What do you like about Newcastle and the Hunter?

I have lived in the area for over 60 years and I’ve enjoyed raising my family in the Hunter. The region has undergone significant improvements over the last few years and it truly provides a great, relaxed lifestyle.

What is the best piece of financial advice you have ever been given? 

The best financial advice I’ve received is; ‘… It’s time in the market, not timing the market, that provides investment growth….’. The earlier you start investing for the future, the better.

What are you passionate about?

I am passionate about helping people. Legal and financial issues can be the source of significant stress and disadvantage for many people. Assisting people with the complexity of government regulations is both rewarding and satisfying.