Centennial Park mortgage broker
Centennial Park mortgage broker
A mortgage broker
who knows Centennial Park.
A suburb that is mostly parkland, with a thin ring of large period homes around its edges and very few of them changing hands. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Centennial Park
What the 2021 market actually looks like
History of Centennial Park
The parklands were dedicated in 1888 to mark a century of European settlement, laid out on what had been the Lachlan Swamps that supplied the city with water. The Federation of Australia was proclaimed here in 1901. The residential streets came later, built to face the park, and the boundaries have barely moved since.
Centennial Park property market
Almost the entire suburb is parkland, so the housing occupies a narrow band along the edges. What sits there is largely grand period housing, terraces and freestanding homes facing Grand Drive and the surrounding roads, with apartments on the fringes towards Moore Park and Paddington. Very few properties trade in any given year and households are mostly professionals without children.
Centennial Park property prices
At the upper end of the eastern suburbs, and driven by aspect and outlook as much as by size. A home facing the park and one a street back are different propositions. With so few sales, published suburb figures often blend in neighbouring areas and should be treated with care rather than taken at face value.
Borrowing in Centennial Park
Most conversations here are about equity and renovation rather than a first purchase. Large period homes need work, the approvals take longer than in a modern suburb, and the loan sizes are substantial. What decides the outcome is usually the valuation and how the work is funded rather than anything about the borrower.
Centennial Park is one of the suburbs we cover across Sydney, and the one where parkland takes up most of the map.
Renovating a
period home?
A top up and a construction loan are very different tools. Which you need depends on how far the work goes.
Your broker
Meet Ali Hasani
Ali Hasani is the founder of Buyvest. He has worked in home loans for more than ten years, a lot of it at Commonwealth Bank. We meet clients face to face, or by phone, Zoom and Teams, at night and on weekends as well as work hours. We take your loan to 35+ lenders, compare the numbers, and show you the options. Ali is an MFAA accredited broker with a Diploma of Finance and Mortgage Broking Management and a Post Graduate in Accounting.
Sitting on decades
of equity?
What limits you is rarely the equity. We will show you where the real ceiling sits and why.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Both jobs, one settlement.
They wanted a better rate and they wanted funds for renovations, and had assumed those were two separate exercises with two lots of paperwork. They are not. We moved the loan and released the renovation funds in the same refinance, so there was one application, one valuation and one settlement. The repayment still came down even with the extra borrowing sitting on top.
The limit came back down.
We built headroom above the fixed price contract for the things that surface once walls are open, because on a house of this age something usually does. This time very little did, and the work finished close to the original contract. Rather than leave the extra limit sitting there we reduced the lending at the end, so they only ever paid interest on what had actually been drawn.
The dearer loan gave more.
He wanted a sharper rate and money to draw on, so we put several options in front of him. The lender with the best rate valued the property well below another on our panel, which cut the equity he could release. He took the second, slightly dearer on rate, and ended up with considerably more to work with. His repayment still fell against the old loan.
These are past client stories, with details changed for privacy. Your own result depends on your situation and what the lender decides.
Free guides
What to know before you buy
Three free guides covering how a Centennial Park purchase actually runs, from pre-approval to settlement.
Home loan pre-approval
What it covers, and how long it lasts.
Read the guide
Choosing a home loan
Fixed, variable, offset and redraw.
Read the guide
Settlement day
What has to be ready before then.
Read the guide
Read the free guides in the Loan Vault to know how the home buying process works in NSW.
What we do
Home loans for every Centennial Park plan
First home
Learn more
Next home
Learn more
Investment property
Learn more
Refinancing
Learn more
Construction loans
Learn more
Bridging loans
Learn more
Guarantor loans
Learn more
No LMI and waived LMI
Learn more
Self employed home loans
Learn more
Not sure where to start? See what a mortgage broker actually does.
When did you last
check your rate?
We compare your current home loan against 35+ lenders. If a refinance saves you money we will show you the numbers, and if it does not we will tell you that too.
Your job matters
Home loans by profession
Some lenders drop lenders mortgage insurance for certain jobs, and at Centennial Park prices that is a very large sum. The lists and the limits differ from one lender to the next, so it is worth checking where yours sits.
Home loans for
Doctors
Learn more
Home loans for
Dentists
Learn more
Home loans for
Accountants
Learn more
Home loans for
Lawyers
Learn more
Not sure if your job is on a list? See No LMI and waived LMI home loans, or ask us and we will check every lender on our panel.
Plan ahead
Run the numbers
Free tools that show you where you stand right now.
How it works
Three steps to your loan
1
Financial health check
2
Get pre-approved
3
Settle, then stay in touch
Client reviews
5.0 ★★★★★ on Google
Reviews from clients across Sydney.
★★★★★
"Cannot recommend Ali highly enough. He made a complicated and daunting process incredibly easy, and continually went above and beyond. Would absolutely recommend him to everyone."
★★★★★
"Ali is super knowledgeable, reasonable and personable! He will be realistic with what is possible but always find you the best deal whilst making you feel looked after."
★★★★★
"Ali was very professional and was able to help with our complicated loans to refinance. He kept us up to date throughout the process and made sure my wife and I understood everything before signing and that we had no issues after settlement."
FAQ
Centennial Park questions, answered
Why use a mortgage broker in Centennial Park?
Because the loans here are large, the properties are old and the valuation usually decides the outcome. Each lender uses its own panel and its own rules, so a single bank gives you one view of both. We compare 35+ lenders at no cost to you and manage the application through to settlement. Brokers also work under a legal obligation called the Best Interests Duty.
How much equity can I release?
The usual measure is eighty per cent of what the property is worth today, less the balance outstanding, with lenders mortgage insurance generally returning past that. In a suburb of long held period homes that figure is often much larger than owners expect. What limits most people here is not the equity at all, it is what their income supports.
Can I release equity without selling?
Yes. You increase the borrowing against a property you already own and take the difference as funds, either as a set amount for a defined purpose or as a limit you draw against as needed. It is assessed as a full application rather than a formality, so income and existing commitments are examined as they would be on any purchase.
Should renovation funds be a top up or a construction loan?
It depends how far the work goes. Kitchens, bathrooms, floors and paint can usually be funded by increasing the existing loan, which is simpler and cheaper. Once you are changing the structure, adding a level or extending the footprint, most lenders want a construction loan instead, which releases funds in stages as the work is completed.
How does a construction loan value the property?
On what it will be worth once the work is finished rather than as it stands today. That is the part most people are never told, and it is why a substantial renovation can be fundable when a straight increase to the existing loan is not. Funds release in stages against approved plans and a fixed price contract, and you pay interest only on what has been drawn.
Should I build a buffer above the builder quote?
On a house of this age, yes. Once walls are open things turn up that nobody could price beforehand, and a lender will not simply increase the loan mid build without a fresh assessment. Building headroom into the facility at the start costs nothing if you do not use it, since interest is charged on what is drawn, and it saves a great deal if you do.
The approvals will take a while. Does that affect the loan?
It affects the sequence rather than the loan itself. A lender funds a build against approved plans and a fixed price contract, so council comes first and the borrowing is arranged around what is actually permitted. On an older home in a conservation setting that process runs longer, which is worth allowing for rather than assuming a standard timeline.
Do valuations differ between lenders?
They can, sometimes considerably, because each lender uses its own panel of valuers. On a uniform apartment block the range is narrow. On large period homes where every property is different and few sell each year, two valuers can land some distance apart. That matters on an equity release, because the lender with the sharpest rate is not always the one that gives you the most to work with.
What happens if a valuation comes in low?
On a purchase, the lender lends against its valuation rather than the price, so any gap is covered in cash at settlement. On an equity release it simply means less is available than you had planned. In both cases another lender using a different panel can reach a different figure, which is worth knowing before you commit to a number.
How much deposit would I need to buy here?
Twenty per cent avoids lenders mortgage insurance, and at these prices that is a very large figure. Some occupations qualify for a waiver, which at this end of the market is a saving worth confirming. Most buyers here already own something, so equity generally does the work rather than cash, and the deposit follows from what you can borrow.
What is lenders mortgage insurance?
A one off premium charged when your borrowing exceeds eighty per cent of the property value, protecting the lender rather than you. It can usually be added to the loan instead of paid separately. A larger deposit removes it, as can a professional waiver with certain lenders, a family guarantee, or the Australian Government 5% Deposit Scheme where you are eligible.
Would the 5% Deposit Scheme apply here?
Realistically not, because prices in this pocket sit well above the scheme property cap. The scheme lets an eligible first home buyer purchase with a 5% deposit and pay no lenders mortgage insurance, with Housing Australia guaranteeing the gap to 20%. It is genuinely useful in parts of Sydney where apartments are cheaper, and we can point you to where it fits.
Does a large loan get assessed differently?
The logic is the same as any other loan, with more scrutiny of income sources and more documentation to gather. Where income includes bonuses, share based payments or company distributions, lenders differ considerably in how much they will count. Getting that presented properly at the outset is usually what decides the outcome rather than the rate on offer.
What is an offset account?
A transaction account linked to the loan, where the balance is deducted before interest is calculated. Money held there reduces the interest charged while staying fully available. On a large balance the effect is considerable. Loans with an offset can carry a slightly higher rate or annual fee, so it depends on what you typically hold in it.
Offset or redraw?
Offset money remains in your own account and is never paid into the loan. Redraw money has already gone in as extra repayments and comes back out under rules the lender can change. Offset gives certainty of access, which matters more the larger the sum. Redraw generally sits on a simpler loan at a lower rate.
Should I fix the rate?
A fixed rate holds the repayment steady for an agreed period and you forgo the benefit if rates fall. Variable follows the market and usually keeps an offset and unlimited extra repayments. Fixed loans commonly restrict extra repayments and can carry break costs on early exit, which on a balance of this size can be substantial. Fixing partway through a renovation is rarely sensible.
Can I fix part and leave part variable?
Yes, through a split, and most lenders allow it without an extra charge. Fixing a portion gives certainty over part of the repayment while the variable portion keeps an offset and free extra repayments. Where part of the borrowing relates to a renovation you intend to pay down quickly, keeping that portion separate is genuinely useful.
Interest only or principal and interest?
Principal and interest reduces the debt and costs less across the loan. Interest only keeps the repayment lower for a period while the balance stays where it is, so nothing is repaid and the repayment rises when the period ends. It appears far more on investment lending than on a home, and there are tax consequences your accountant should explain.
Can I make extra repayments?
On a variable loan, generally without limit, and on a large balance the compounding is significant because every extra dollar reduces the interest charged from that day. Fixed loans typically cap what you can pay ahead each year with a fee beyond it. If you intend to pay down quickly, check that cap before fixing.
When is refinancing worth looking at?
Whenever a couple of years have gone by without comparing, because lenders reserve their sharper pricing for new customers and on a large balance a modest difference is meaningful money each year. It is also worth reviewing when a fixed term ends, when you want to release equity, or once a renovation has lifted the value.
What does refinancing cost?
Generally a few hundred dollars to around a thousand. Your current lender charges a discharge fee, there are government fees to move the mortgage, and the incoming lender may charge settlement or valuation fees, though many waive them. Break costs on a fixed rate are checked before anything else, since on a balance this size they can outweigh the benefit.
Does the loan term reset when I refinance?
It does unless you ask otherwise, since the default is a fresh thirty year term. That lowers the monthly repayment while adding years of interest and handing back progress already made. Ask for the remaining term instead. No lender raises this for you, so it needs requesting every time you move.
Can I buy before I sell?
Yes. Bridging finance funds the new purchase while the current property is on the market, and the sale clears it at settlement. Or, where the equity and your income allow, you release equity from the existing property to fund the purchase and sell afterwards. With so little turnover here, taking the deadline off the sale is often worth more than it costs.
Should I keep the property and rent it out?
Worth pricing against selling rather than deciding on instinct. The questions are whether your income supports both loans once part of the rent counts, and whether equity can be released without a sale. Rents here sit low relative to what the properties cost, so the rent does less work than owners expect. The tax side belongs with your accountant.
How much of the rent will a lender count?
A portion rather than all of it. Expected rent is discounted for vacancy, management and running costs, with the figure differing between lenders, and the loan is assessed at a rate above the one you actually pay. At these prices the rent covers a small share of the repayment, so your own income does nearly all the work.
Can equity fund an investment purchase?
Yes. Rather than saving a fresh deposit, you release equity from the property you own to cover the deposit and costs on the next one, so nothing comes out of savings. Two loans result, one secured by each property. Keeping them separate preserves your options, and your accountant should review the structure before it is set up.
The house is old or in a conservation setting. Does that matter?
It can, and this is where a general answer is no use. How a lender treats an older or heritage affected home, how much it will advance and how it approaches funding work on one all differ between lenders and change over time. Send us the address and what you are planning, and we will check it across the panel before you commit.
Do we have to meet in person?
No. Everything runs by phone, Zoom or Teams, and most of our clients never sit across a desk from us. Documents are shared and signed electronically, which suits a renovation where the process runs over months with occasional bursts of paperwork. If you would rather meet face to face we come to you, including evenings and weekends.
Should I use my bank or a mortgage broker?
A bank offers its own loans, its own valuation panel and its own rules. On a property where the valuation makes the difference and every home is different, one panel is a narrow sample and you pay for it before you see the number. We compare 35+ lenders first, at $0 cost to you.
Your Centennial Park mortgage broker
Your home loan.
Made simple.
Free check. No pressure. 35+ lenders compared at $0 cost to you.
Centennial Park sits at the edge of the eastern suburbs with the parklands at its centre. Moore Park adjoins it and Surry Hills and Darlinghurst lie north west, with Rushcutters Bay, Elizabeth Bay and Potts Point north east. Waterloo, Zetland and Redfern run south west, with Woolloomooloo towards the harbour and World Square and Haymarket in the city. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.