Darlinghurst mortgage broker
Darlinghurst mortgage broker
A mortgage broker
who knows Darlinghurst.
Small apartments and narrow terraces in a suburb of one and two person households, where most buyers are doing it on a single income. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Darlinghurst
What the 2010 market actually looks like
History of Darlinghurst
Laid out on the ridge above Woolloomooloo from the 1830s, with grand villas at the top and workers housing filling the slopes behind them. Darlinghurst Gaol became the National Art School, the old courthouse still sits on Oxford Street, and the suburb has been at the centre of Sydney cultural and nightlife scene for decades.
Darlinghurst property market
Overwhelmingly apartments, from art deco blocks along Victoria Street through to modern developments, with rows of Victorian and Edwardian terraces between them. Households average well under two people, most residents rent, and the median age sits in the late thirties. Freestanding houses barely exist here at all.
Darlinghurst property prices
Terraces sit a long way above apartments, and within the apartment market the range is wide because size and aspect vary so much between an art deco one bedroom and a new development. A suburb median blends the two and describes neither. What most buyers here are actually looking at is a compact apartment.
Borrowing in Darlinghurst
Two things shape it. Most buyers are purchasing alone rather than as a couple, which means one income carrying the whole assessment, and much of the stock is compact, which some lenders treat differently from a standard apartment. Both are worth understanding before you set a budget rather than after an application.
Darlinghurst is one of the suburbs we cover across Sydney, and the one where the most buyers are purchasing on their own.
Buying on
one income?
Lenders differ considerably in what they count and what they deduct. That difference decides the number more than the rate does.
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.
Looking at a studio
or a small one bedder?
Floor area affects which lenders will consider it. Send us the address before you make an offer.
Client stories
How we helped
Three real situations, and what actually happened in each one.
No guarantee was needed.
They arrived expecting to ask a parent to guarantee the loan, because a ten per cent deposit was as far as they had got on one income. We looked at what they did for a living and worked through which lenders treat that occupation differently. One removed the mortgage insurance entirely, so the loan went ahead without a guarantor and without a second property being put on the line.
The cards were the ceiling.
Their capacity came back well short and they could not work out why, because nothing was owing on either card. A lender assesses a credit card on its limit rather than its balance, on the basis the whole amount could be drawn tomorrow. The limits had been raised years earlier and never touched since. Reducing and closing them lifted the number without changing anything about how they lived.
One payment, a short term.
A car loan, a personal loan and two card balances were all being paid separately at rates well above a mortgage, and together they were holding back what could be borrowed. We folded them into the refinance and the monthly outgoing dropped considerably. What we did not do was stretch them across thirty years. They went onto a shorter split so they still clear in a few years.
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 Darlinghurst 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 Darlinghurst 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, which matters a great deal when you are buying on one income. 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 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
Darlinghurst questions, answered
Why use a mortgage broker in Darlinghurst?
Because most buyers here are doing it on a single income, and lenders differ considerably in what they count and what they deduct. Add compact apartments and older buildings, and the property matters too. A bank gives you one view of both. We compare 35+ lenders at no cost to you, and brokers work under a legal obligation called the Best Interests Duty.
Can I buy on my own income?
Plenty of people here do, and it puts more weight on getting the assessment right. With a single income there is no second earner absorbing the buffer a lender applies, so every commitment counts for more and the difference between lenders widens. It is worth having your position tested across the panel before you settle on a price range.
What single change lifts my capacity most?
Usually reducing or closing credit facilities you are not using. A lender counts a card on its limit rather than its balance, so a card sitting at zero still reduces what you can borrow. Personal loans, car finance and buy now pay later arrangements all count as well. Clearing or trimming those before applying often does more than a sharper rate would.
Does a study debt matter?
It does, because the compulsory repayment reduces the income a lender treats as available, which can move you into a bracket where less is advanced. On a single income that effect is proportionally larger. Whether paying it out makes sense depends on the balance against what it unlocks, and those two numbers are worth putting side by side.
How much deposit will I need?
Twenty per cent avoids lenders mortgage insurance, and on an apartment here that is a more reachable figure than on a terrace. Many buyers proceed with five or ten per cent and pay the insurance instead. Some occupations can have it waived, which on one income is a meaningful saving worth confirming before you set a target.
What is lenders mortgage insurance?
A one off premium charged when your borrowing exceeds eighty per cent of the property value, and it protects 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.
Can I use the 5% Deposit Scheme here?
At the apartment end it can work where the price sits under the scheme property cap, though terraces here sit well above it. 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 a guarantee rather than a payment and applies to a home you will live in.
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. Worth checking first is whether a professional waiver removes the need for one, since that avoids involving anyone else at all.
Can I buy with a friend?
Yes, and it comes up here given the prices and how many people are buying alone. A co-borrower goes on the title and the debt, so their income counts towards the assessment and the whole loan shows against them afterwards. How the title is held matters equally, and your solicitor will explain the options. Each of you is liable for the full loan.
Are art deco and older apartment blocks treated differently?
The age of a building is less of an issue than its condition and its size, though older blocks come with their own considerations. Small internal areas, buildings without lifts and schemes with limited funds behind them all attract different views. It is the specific building rather than the era that a lender responds to, which is why the address matters more than the description.
Do strata levies affect what I can borrow?
Yes, because levies are counted as an ongoing commitment. In an older block the levies may look modest while the forward maintenance is significant, and in a newer one with amenity they can be substantial. Either way they reduce borrowing capacity, and on a single income that reduction is felt more than it would be on two.
What should I look for in the strata report?
The capital works fund set against the age of the building, the forward maintenance plan, any special levies raised or foreshadowed, and whether there is litigation on foot. In an older block the facade, the roof and the plumbing are the expensive items. Your solicitor will read it with you and raise anything that needs addressing before you commit.
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 circumstances 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.
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 you pay while remaining fully accessible. On a single income the flexibility of keeping your savings available while still reducing interest is often worth more than a marginally lower rate. Some loans with an offset carry a slightly higher rate or annual fee.
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, which matters when there is no second income to fall back on. Redraw generally sits on a simpler loan at a lower rate.
Should I fix the rate?
Fixing sets your repayment for an agreed period, which suits people who want certainty over a household budget, particularly a single one. 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 exit early.
Can I fix part of it?
Yes, through a split, and most lenders allow it at no extra cost. Fixing one portion gives certainty over part of the repayment while the variable portion keeps an offset and free extra repayments. It also lets you hold a consolidated debt on a shorter term than the rest. Lenders rarely raise it, so it is worth asking.
Should I roll other debts into the home loan?
It can help the monthly position considerably, because car and personal finance carry much higher rates. The catch is the term, since a debt meant to run a few years can end up spread across thirty and cost far more overall. Putting it on a shorter split with its own term keeps the saving without stretching the debt out.
Interest only or principal and interest?
Principal and interest reduces the balance and costs less across the loan, which is what most people buying a home want. Interest only keeps the repayment lower for a period without touching what you owe, so the debt is unchanged at the end and the repayment steps up. It appears far more on investment lending, where the tax side belongs with your accountant.
Can I make extra repayments?
On a variable loan, usually without limit, and every extra dollar reduces the interest charged from that day forward. Fixed loans typically cap what you can pay ahead each year and charge beyond it. If you expect to pay more than the minimum when you can, check that cap before fixing rather than afterwards.
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 the gap widens quietly. It is also worth a look when a fixed term ends, when your income has changed, or once your loan has come down under eighty per cent of 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 so the comparison is an honest one.
Does the loan term reset when I refinance?
It does unless you ask otherwise, because refinances default to a fresh thirty year term. That makes the repayment look smaller 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.
Can I buy my next home before selling this one?
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. On a single income, whether you can carry both for a period is the deciding question.
Should I keep the apartment and rent it out when I move on?
It is a common plan and worth pricing rather than assuming. The questions are whether your income supports both loans once part of the rent counts, and whether equity can be released without a sale. This is a strong rental area with a high proportion of renters. Keeping a former home changes its tax position, so speak 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. Strata levies then come off as an expense on top of that.
How much equity can I use?
Broadly eighty per cent of what the property is worth today, less what you still owe, with lenders mortgage insurance generally returning past that. On an apartment the figure depends heavily on when you bought and how the building has held its value. Servicing usually sets the practical limit rather than the equity itself.
The apartment is small or the building is older. Does that matter?
It can, and this is where a general answer is no use. How a lender treats a studio, a compact one bedroom, a block without a lift or a scheme with limited funds behind it all differ between lenders and change over time, and some will not consider certain properties at all. Send us the address before you offer and we will check the panel.
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 people working hospitality or shift hours. 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 under its own rules, including how it treats your commitments and what it will lend on a compact apartment. On a single income the difference between the strictest lender and the most workable one is substantial, and nobody at the bank has to mention it. We compare 35+ lenders first, at $0 cost to you.
Your Darlinghurst mortgage broker
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Darlinghurst sits on the ridge between the city and the eastern suburbs. Surry Hills is south and Woolloomooloo north below the hill, with Potts Point, Elizabeth Bay and Rushcutters Bay east. Moore Park lies south east, and the city runs west through World Square, Town Hall, Haymarket and Chinatown towards Martin Place and Sydney itself. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.