Category: House & Home
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Sub category: Sell
8 June 2017

Why it’s important to take stock after a sell

Selling your home is a big moment. But after the hammer falls and the sale goes through, there’s a sense of relief and excitement about the next step to come. While the champagne flows there may also be a lot on your mind as you consider navigating the buying process once again. At this stage, it’s a good idea to buy yourself some time so you can step back into the housing market in the right way.

The “sell and park” is one approach, which allows you to store the money earned through the sale in a savings account, like our Savings Maximiser or term deposit accounts, for up to six months until you’ve made a decision to buy. Here’s why it might be right for you.

Enjoy it!

While the prospect of a new home and a clean slate is exciting, the practical journey of buying a house is often a very stressful experience regardless of whether it’s your first or tenth time. Allowing yourself some wiggle room by utilising the sell and park can relieve the pressure to jump back into the market and allow you time to truly enjoy the hunt. Pop the champagne, bask in your successful sale and look forward to the adventure ahead.

Less bad decisions

There are a lot of questions that will need to be answered, and it’s best to take stock first to logically think about what you need to focus on and what you truly want in your next move. Some of these questions might be around what research you need to do, who you should talk to, how you will organise your savings, and what unexpected costs you might run into. With more time to prepare you’ll make less snap decisions and be better placed to anticipate the moves ahead.

Safe hands

Another benefit of the sell and park is the confidence that comes with not having to worry so much about unexpected curveballs when it comes to planning for your new home. Keeping your money with the same mortgage provider until you’ve done your research and planning will mean that you don’t have to worry about moving money from one bank to the next. You will also know from experience what to expect from the relationship.

Guidance without pressure

You may need some advice along the way or wish to enquire about certain benefits or offers from a provider. While you’ve parked your cash in a savings account, you’ll be able to access advice from home loan experts to get insight and help along the way. This is, of course, always on offer with ING Direct. But while your cash is parked you can access this without experiencing the frustration and pressure of a hard sell or feeling the urgency of needing to lock something down.

The information is current as at publication. Any advice on this website does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. Deposit products, savings products, credit card and home loan products are issued by ING, a business name of ING Bank (Australia) Limited ABN 24 000 893 292, AFSL and Australian Credit Licence 229823. ING Living Super (which is part of the ING Superannuation Fund ABN 13 355 603 448) is issued by Diversa Trustees Limited ABN 49 006 421 638, AFSL 235153 RSE L0000635. The insurance cover offered by ING Living Super is provided by Metlife Insurance Limited ABN 75 004 274 882, AFSL 238096. ING Home and Contents Insurance is issued by Auto & General Insurance Company Limited (AGIC) ABN 42 111 586 353 AFSL Licence No 285571 as insurer. It is distributed by Auto & General Services Pty Ltd (AGS) ABN 61 003 617 909 AFSL 241411 and by ING as an Authorised Representative AR 1247634 of AGS. All applications for credit are subject to ING's credit approval criteria, and fees and charges apply. You should consider the relevant Product Disclosure Statement, Terms and Conditions, Fees and Limits Schedule, Financial Services Guide, Key Facts Sheet and Credit Guide available at ing.com.au when deciding whether to acquire, or to continue to hold, a product. Before interacting with us via our social media platforms, please take a minute to familiarise yourself with our Social Media User Terms https://www.ing.com.au/pdf/Social_Media_User_Terms.pdf.

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