Elizabeth mortgage broker
Elizabeth Bay mortgage broker
A mortgage broker
who knows Elizabeth Bay.
Art deco blocks and converted mansions on a harbourside ridge, where a good number of apartments are held under company title rather than strata. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Elizabeth Bay
What the 2011 market actually looks like
History of Elizabeth Bay
Alexander Macleay was granted the land in the 1820s and built Elizabeth Bay House, once called the finest house in the colony and now on the State Heritage Register. The estate was carved up from the 1860s, and the grand apartment buildings of the 1920s and 30s followed, giving the suburb the art deco character it still has.
Elizabeth Bay property market
Apartments almost entirely, and remarkably varied for such a small area. Art deco blocks from the interwar years, Victorian mansions converted into flats, postwar buildings and a handful of new boutique developments, with sizes running from tiny studios to full floor residences. The suburb is compact, tightly held and largely occupied by established residents.
Elizabeth Bay property prices
A very wide range within a few streets, driven by building, size and outlook. A studio in a postwar block and a large apartment in a landmark art deco building are entirely different propositions. Rents hold up well and the number of rental properties has been drifting down as owner occupiers buy in.
Borrowing in Elizabeth Bay
The ownership structure matters here more than in most suburbs. Alongside ordinary strata, a number of the older buildings are held under company title, which is a different form of ownership with different consequences for finance. Lenders take varied positions on it, so the specific building decides a great deal before your income is even considered.
Elizabeth Bay is one of the suburbs we cover across Sydney, and the one where company title comes up most.
Buying a company
title apartment?
It is a different form of ownership and lenders vary widely. Send us the building before you make an offer.
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.
Older block, plenty
of character?
Age is rarely the issue. What the building has ahead of it usually is. We will talk you through what to look at.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Policy moved under them.
Their lender changed its policy partway through the application and what had been agreed no longer fitted. Nothing about their circumstances had shifted. We moved quickly, took the same file to lenders whose policy still suited it, and placed the loan without losing the purchase. On an older building outside the standard mould, that kind of change is more likely than most people expect.
They settled before selling.
They found the apartment they wanted before the existing property had sold. Rather than list under a deadline, we released the equity in the current home so it funded the purchase, and they settled on the new place first. The old one went on the market afterwards and sold on their own timetable, with the proceeds going back against the loan once it settled.
One payment, shorter term.
A car loan and several card balances were being paid separately at rates well above a mortgage, and between them they were holding back what could be borrowed. We folded them into the refinance and the monthly outgoing dropped considerably. What we avoided was spreading them across thirty years, so they went onto a shorter split and 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 Elizabeth Bay 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 Elizabeth Bay 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 matters at Elizabeth Bay prices. 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 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
Elizabeth Bay questions, answered
Why use a mortgage broker in Elizabeth Bay?
Because the buildings here vary enormously and lenders respond to that variation, particularly where an apartment is held under company title rather than strata. One bank tells you its own position and usually after you have applied and paid for a valuation. We compare 35+ lenders at no cost to you, under a legal obligation called the Best Interests Duty.
What is company title?
It is an older form of ownership where a company owns the whole building and you buy shares in that company, which give you the right to occupy a particular apartment. You do not hold a title to the apartment itself the way you would under strata. It predates strata legislation, and a number of the older buildings in this pocket still use it.
How is company title different from strata?
Under strata you own a lot on its own title and the common property is shared. Under company title you own shares and occupy under the company rules. That means the board can have a say in who buys, what you do to the apartment and whether you can let it out. Your solicitor will explain the specific company constitution, since they differ from building to building.
Does company title affect the loan?
It does, and the position varies considerably from lender to lender. Some are comfortable, some will advance a smaller share of the value, and some will not lend on it at all. Because the field narrows, the choice of lender matters far more than the rate. Send us the building before you make an offer and we will tell you who will look at it.
Should I avoid company title altogether?
Not necessarily. Company title apartments often sit in the best older buildings and can be priced below an equivalent strata apartment, which is part of the appeal. The trade off is a smaller pool of lenders and a smaller pool of future buyers when you sell. It is a decision worth making deliberately with your solicitor rather than avoiding out of caution.
How do I know which one I am buying?
The contract tells you, and your solicitor will confirm it early. It is worth asking the agent directly at the first inspection rather than assuming, because the difference affects your finance, your deposit and how long the process takes. Where it is company title, the sooner we know the building the sooner we can tell you what is possible.
How much deposit will I need?
Twenty per cent avoids lenders mortgage insurance, and at Elizabeth Bay prices that is a substantial figure though studios sit much lower. Buying with less is possible where you pay the insurance instead. Some occupations qualify for a waiver. Where an apartment is company title, expect the requirement to be higher, since lenders that will consider it often advance less.
What is lenders mortgage insurance?
It is a premium you pay once, triggered when the loan exceeds eighty per cent of the property value. Despite the name, it covers the lender if things go wrong rather than you. Most people add it to the loan instead of paying it up front. Ways around it include a bigger deposit, an occupational waiver with some lenders, a family guarantee, or the Australian Government 5% Deposit Scheme if you qualify.
Can I use the 5% Deposit Scheme here?
At the studio and small apartment end it can occasionally work where the price sits under 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%. The property still has to be one a scheme lender will accept, which matters more here than in most suburbs.
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 somebody has to ask for it.
Do strata levies affect what I can borrow?
Yes, because levies are counted as an ongoing commitment. In an older building the levies may look modest while the forward maintenance is significant, and in a landmark building with substantial fabric to maintain they can be considerable. Either way they reduce borrowing capacity, so the figure belongs in your sums alongside the purchase price.
What should I look for in the strata or company records?
The funds set aside against the age of the building, the forward maintenance plan, any special levies raised or foreshadowed, and any litigation. In a building of this era the facade, the roof, the wiring and the lifts are where the money goes. Under company title you are also reading the company constitution and its rules, which your solicitor will take you through.
Are older buildings a problem for lenders?
Age itself is rarely the issue. What matters is the condition, the size of the apartment, whether the building is well maintained and how the ownership is structured. A well kept art deco block is generally straightforward. A small apartment in a building with limited funds behind it is a different conversation, and it is the specifics rather than the era that a lender responds to.
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, and here the building carries a great deal of weight once there is a contract in front of a lender.
What reduces my borrowing capacity?
Credit card limits regardless of what you owe, existing loan repayments, ongoing commitments, study debts and dependants. Lenders also test whether you could repay at a rate well above the one you will be charged. Reducing or closing facilities you no longer use often improves the outcome more than a slightly sharper rate would.
What is an offset account?
A transaction 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. It suits anyone carrying a working balance. Some loans with an offset carry a slightly higher rate or an annual fee, so it depends on what you typically hold in it.
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. Redraw generally sits on a simpler loan at a lower rate and suits someone who will not need the funds back.
Should I fix the rate?
Fixing sets your repayment for an agreed period, which helps where certainty matters more than flexibility. 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 or 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 on different rates or terms, so you might fix one part for certainty and leave another variable with an offset attached. It is also useful for keeping a consolidated debt on a shorter term than the rest. Lenders rarely raise it unprompted.
Should I roll other debts into the home loan?
It can help the monthly position considerably, since car and personal finance carry much higher rates. The catch is the term, because 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?
The question is whether the debt actually shrinks. Principal and interest chips away at the balance monthly and costs less by the end. Interest only suspends that, so repayments are lighter for a period and you owe exactly the same when it finishes, at which point the repayment climbs. It is far more common on investment borrowing. The tax angle there is one for 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. Fixed loans typically cap what you can pay ahead each year and charge beyond it. If you expect to pay more than the minimum, check that cap before fixing rather than discovering it 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 or once your loan has come down under eighty per cent of the value. Where the apartment is company title, confirm the incoming lender accepts it before starting.
What does refinancing cost?
Typically somewhere between a few hundred dollars and a thousand. The lender you leave 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. On a fixed rate the break cost decides it, so that gets worked out before anything else does.
Does the loan term reset when I refinance?
It will unless someone raises it, since a fresh thirty year term is the default. The monthly figure looks better while years of interest quietly return. Eight years into a loan means eight years handed back. Ask for the remaining term instead. It is never volunteered, so it has to be requested on each refinance.
Can I buy my next home before selling this one?
Yes, with two routes available. Bridging finance settles the new purchase while this one remains listed, and the sale clears the bridge. Alternatively you draw on equity you already hold to fund the purchase and sell when it suits you, which removes the pressure on the sale price. Your equity and whether your income carries both loans decide which is open.
Should I keep the apartment 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. Under company title the rules may restrict letting altogether, so check the constitution before you plan around rental income.
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. Levies then come off as an expense on top of that.
Can equity fund an investment purchase?
Yes, and it saves saving twice. Equity drawn from a property you already own covers the deposit and the costs on the next one, leaving your savings untouched. You finish with two loans, each secured by its own property, which is worth keeping that way. Ask your accountant to look over the structure before anything is put in place.
The building is company title or unusually old. Does that matter?
It can, considerably, and a general answer is no use here. Which lenders will fund a company title apartment, an older converted building or a very small apartment, and how much they will advance, differs between lenders and changes over time. Send us the building before you make an offer and we will check it across the panel for you.
Do we have to meet in person?
Not unless you want to. The whole process works over the phone or by video, with everything shared and signed electronically. If you would rather sit down together we come to you, including weekday evenings and weekends.
Your Elizabeth Bay mortgage broker
Your home loan.
Made simple.
Free check. No pressure. 35+ lenders compared at $0 cost to you.
Elizabeth Bay sits on the harbour side of the Kings Cross ridge. Potts Point and Rushcutters Bay are either side, with Woolloomooloo west below the hill and Darlinghurst south. The city runs west through Martin Place, Circular Quay and Wynyard, with Town Hall, World Square and Chinatown further south Surry Hills beyond and The Rocks north along the harbour. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.