Chippendale mortgage broker
Chippendale mortgage broker
A mortgage broker
who knows Chippendale.
Half a square kilometre where the population doubled in five years, most people rent, and a great many purchases are investments rather than homes. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Chippendale
What the 2008 market actually looks like
History of Chippendale
Named for William Chippendale, who held the original land grant, and built out as a brewery and factory district serving the city. The Carlton United site on Broadway closed in 2005 and became Central Park, which brought thousands of apartments and roughly doubled the suburb population in five years. The old workers terraces are still there behind it.
Chippendale property market
Two things in a very small area. Rows of Victorian terraces, almost all semi detached or attached with freestanding houses barely existing here, and the Central Park apartment towers alongside them. The predominant age group is in their twenties, households are mostly couples without children, and only around a quarter of homes are owner occupied.
Chippendale property prices
Apartments make up most of what trades and sit well below the terraces, which are tightly held and small by modern standards. Rents are strong relative to price by inner city standards, helped by the universities either side and a renter population that keeps demand steady. That combination is why so many buyers here are investors.
Borrowing in Chippendale
More purchases here are investments than homes, which changes the assessment. Lenders often advance a smaller share of the value on an investment, count only part of the rent, and treat the apartment and the building as part of the decision. For younger buyers, buying here while renting elsewhere is a common route, and it has its own consequences worth understanding.
Chippendale is one of the suburbs we cover across Sydney, and the one where the most purchases are investments rather than homes.
Renting where you live,
buying where you can?
It is a common route into the market and it works differently from buying a home. Worth understanding before you commit.
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.
First investment
property?
The deposit, the rate and how much rent counts are all different from a home loan. We will show you the real numbers.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Rent counts, but not all of it.
They were buying to let and had built their budget on the rental appraisal from the agent. Lenders count only a portion of expected rent, allowing for vacancy, management and costs, and they assess the loan at a rate above the one you actually pay. Strata levies came off on top of that. Once the real figures were in front of them, their own income was doing most of the work.
Each property stood apart.
One lender held both of their properties as security for the same borrowing, so every request went through a review of the whole arrangement and every answer came back cautious. We refinanced and gave each property its own loan. That restored the ability to sell or refinance either one without disturbing the other, and the pricing improved along the way as well.
No cash left their account.
They wanted a second property and assumed a fresh deposit had to be saved first. We reviewed the loan on the place they already owned, moved it to sharper pricing and released equity in the same application. That equity covered the deposit and the costs on the purchase, so the savings stayed where they were. Investment structure affects tax, so they worked that through with their accountant.
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 Chippendale 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 Chippendale plan
First home
Learn more
Next home
Learn more
Investment property
Learn more
Refinancing
Learn more
Construction loans
Learn more
Bridging loans
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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, which is worth checking whether you are buying to live in or to let. The lists and the limits differ from one lender to the next.
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 is a maestro with a wealth of experience in home lending business, mixed with excellent people skills. His professional and supportive approach is a safe pair of hands to work with to get the required funds for your goal in the property market."
FAQ
Chippendale questions, answered
Why use a mortgage broker in Chippendale?
Because most purchases here are investments or first purchases by younger buyers, and both are assessed differently from a straightforward home loan. Add compact apartments in large developments and the building matters too. One bank gives you one view of all of that. We compare 35+ lenders at no cost to you, and brokers work under a legal obligation called the Best Interests Duty.
What is rentvesting and does it work?
It means renting where you want to live and buying somewhere you can afford, which for a lot of people in their twenties and thirties is the only way into the market. The loan is an investment loan rather than a home loan, so the deposit, the rate and the assessment all differ. It also means you are not eligible for schemes that require you to live in the property.
Is the deposit different on an investment?
Often, because lenders commonly advance a smaller share of the value on an investment purchase than on a home. That means a larger deposit for the same property depending on how it will be used, and the rate is usually different too. Both are worth establishing before you set a budget rather than assuming home loan figures apply.
Can I still use first home buyer schemes if I buy here to rent out?
Generally not. The Australian Government 5% Deposit Scheme and the NSW first home buyer concessions require you to live in the property, usually for a set initial period. If the plan is to rent it out from settlement, those are off the table. That trade off is worth weighing deliberately rather than discovering it after you have committed.
What if I want to live in it first and rent it later?
That is a common approach and it usually preserves your eligibility, provided you meet the occupancy requirement first. The loan may also start as a home loan and be switched later, which changes the rate and needs telling the lender about. Because moving a property from home to investment has tax consequences, your accountant should walk you through the timing.
How much deposit do I need here?
Twenty per cent avoids lenders mortgage insurance, and on a Chippendale apartment that is more reachable than in most of the inner city. Buying with less is common where you pay the insurance instead. Some occupations qualify for a waiver, a family guarantee can reduce what is needed, and if you already own, equity generally replaces cash.
What is lenders mortgage insurance?
A one off premium charged when your borrowing exceeds eighty per cent of the property value, and it covers 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 if you are eligible and will live in the property.
Can I buy with a friend or a sibling?
People do it here more than most suburbs, given the prices and the age of the buyers. A co-borrower goes on the title and the debt, so their income counts towards the assessment and the whole loan shows against them for anything they want to borrow later. How the title is held matters as much, and your solicitor will explain the options.
How does a guarantor loan work?
A family member offers part of the equity in their property as extra security behind your loan. They take on none of your repayments and no money changes hands. Most are limited guarantees covering a defined portion rather than their whole home. Once your loan has come down far enough the guarantee can be released, though someone has to ask.
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 then assessed at a rate above the one you will pay. Strata levies come off as an expense too, which is why the number a lender works from is well short of the rental appraisal.
Do strata levies affect what I can borrow?
Yes, because levies count as an ongoing commitment in the assessment. In a large development with pools, gyms and concierge those levies are substantial and reduce your borrowing capacity compared with a plainer building at the same price. Over a year the difference is meaningful, so it belongs in the sums alongside the purchase price.
What should I look for in the strata report?
The capital works fund against the age of the building, the forward maintenance plan, any special levies raised or foreshadowed, and whether there is litigation on foot. Your solicitor will go through it and flag anything that needs raising before you are committed. It is worth ordering early rather than in the final days before exchange.
Should an investment loan be interest only?
It appears far more often on investment lending than on a home, because the repayment is lower while the balance stays where it is, and the debt is unchanged when the period ends. Principal and interest reduces what you owe and costs less overall. There are tax consequences either way, so that decision belongs with your accountant rather than with us.
How should the loans be arranged if I already own?
Generally with each property securing its own loan rather than one lender holding both for the same borrowing. Bundle them and every later request is assessed against the whole arrangement, and selling either becomes harder than it should be. Separation also keeps the investment borrowing clearly identifiable, which your accountant will want at tax time.
Can equity in my home fund a purchase here?
Yes, and it is the usual route for people buying a second property. You release equity from what you already own to cover the deposit and costs, so nothing comes out of savings. Two loans result, one secured by each property. Whether it proceeds depends on your income supporting both once part of the rent is counted.
What reduces my borrowing capacity?
Credit card limits regardless of what you owe, existing loan repayments, ongoing commitments, study debts and dependants. Where you already hold an investment, its levies and costs count too. Lenders also test you at a rate well above the one you will pay. Clearing small facilities before applying often does more than chasing a sharper rate.
How long does pre-approval last?
Around ninety days as a rule, renewable with updated payslips and statements. It tells you what a lender will consider based on your position so you can look with a real figure. It is not approval on a particular apartment, because the building forms part of the assessment once there is a contract in front of a lender.
What is an offset account?
An everyday account linked to your loan, where the balance is deducted before interest is calculated. Money held there reduces the interest charged while remaining fully accessible. It suits anyone carrying a working balance. On an investment loan the way you use offset can also matter for tax, which is a question for your accountant.
Offset or redraw?
Offset money stays in your own account and never becomes part of the loan. Redraw money has already been paid in as extra repayments and comes back out under terms the lender can change. Offset gives cleaner access. On an investment the distinction matters more than usual, so it is worth getting it right at the start.
Should I fix the rate?
Fixing sets your repayment for an agreed period, which suits people who want a predictable holding cost on an investment. You forgo the benefit if rates fall. Variable follows the market and normally keeps an offset and unlimited extra repayments. Fixed loans commonly cap extra repayments and can carry break costs if you sell during the term.
Can I split the loan?
Yes, and most lenders allow it without extra cost. A split divides the borrowing into portions carrying different rates or terms, so you might fix one part and leave another variable with an offset attached. Where part of the borrowing relates to one property and part to another, keeping them separate is genuinely useful.
Can I make extra repayments?
On a variable loan, usually without limit, and every extra dollar reduces the interest charged from that day. Fixed loans normally cap what you can pay ahead each year and charge beyond it. On an investment loan, whether to pay ahead at all rather than direct funds elsewhere is a question worth putting to your accountant.
What happens if the valuation comes in under the price?
The lender lends against its valuation rather than the price you agreed, so any gap is covered in cash at settlement. In a large development a valuer has plenty of similar recent sales to work from, which usually makes the figure predictable. A different lender uses a different panel and can reach a different number.
When is refinancing worth looking at?
Whenever a couple of years have gone by without comparing, because lenders reserve sharper pricing for new customers and the gap widens quietly. It is also worth a look when a fixed term ends, or once your loan has come down under eighty per cent of the value. On an investment loan the difference between rates compounds against the return.
What does refinancing cost?
A few hundred dollars through to about a thousand covers it in most cases. The lender you are leaving charges a discharge fee, the government charges to register the change, and the new lender sometimes adds settlement or valuation costs, though plenty waive them. If your rate is fixed, the break cost is the number that settles whether it is worth moving.
Does the loan term reset when I refinance?
Only if nobody asks otherwise. The standard is a fresh thirty year term, which trims the monthly repayment and quietly puts years of interest back on. If you are four years into a loan, you have just returned those four years. Request the remaining term instead. It is never volunteered, so it has to be raised each time you move.
Does it matter which building I buy in?
It can, and this is not something a general answer covers well. How much a lender will advance, how comfortable it is with a particular development, how much it already holds there and how it treats a compact apartment all differ between lenders and change over time. Send us the address before you make an offer and we will check the panel.
Do we have to meet in person?
Not unless you want to. The whole thing works over the phone or by video, with everything shared and signed electronically, which suits people who are working or studying rather than free during business hours. If sitting down together suits you better we come to you, evenings and weekends included.
Should I use my bank or a mortgage broker?
A bank offers its own loans under its own rules, including how much it will advance on an investment and how much rent it will count. If theirs is the strict version you get a smaller number, and nobody there is required to mention that another lender reads it differently. We compare 35+ lenders first, at $0 cost to you.
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Chippendale sits between the universities and the southern end of the city. Darlington and Redfern are south, with Ultimo west and Haymarket and Chinatown immediately north. Surry Hills lies east and Eveleigh and Waterloo south east, with World Square and Town Hall in the city centre and Forest Lodge and Pyrmont west. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.