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Where manufacturers offer an option of different wheel diameters the tyre sizes are always carefully chosen to ensure that the overall diameter is identical (as close as possible anyway) so that the gearing, speedo, ride height etc are not affected.
But even if the 16" wheels will fit over your brakes your insurers will consider this a modification. If you can prove that your chosen size is a standard fitment on another model in the range they may possibly charge no extra but you need to inform them. If you don't and have an accident they will use it as an excuse not the repair your car or pay you out.
For example, my BMW was fitted with 17" wheels. One model down the ladder was fitted with 16" wheels and my insurer (Aviva) was quite happy to let me fit those with no additional charge and noted it on my policy.
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