Erskineville mortgage broker
Erskineville mortgage broker
A mortgage broker
who knows Erskineville.
A suburb that sells under the hammer most weekends, where there is no cooling off once the bidding stops and being ready beforehand is the whole game. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Erskineville
What the 2043 market actually looks like
History of Erskineville
Named in 1893 after Erskine Villa, the home of a Wesleyan minister, and built out for the market gardeners, brick makers and tanners who worked the surrounding industry. Roughly three quarters of the suburb now sits within a heritage conservation area, which is why the Victorian terraces and cottages that housed those workers are still lining the streets.
Erskineville property market
Two markets in a small area. Rows of Victorian terraces and cottages through the older streets, including the Ashmore precinct around the oval, and a large volume of newer apartments and townhouses built on the former industrial land of the Ashmore Estate. The median age is in the mid thirties, households average two people, and rental vacancy is very tight.
Erskineville property prices
Terraces sit well above apartments, and the gap is wide because the two markets are genuinely different rather than variations on a theme. Rents are strong and vacancy is low, which supports the apartment end. Much of what sells here goes to auction rather than by private treaty, so prices are set on the day.
Borrowing in Erskineville
Timing does most of the work. An auction is unconditional, so your finance needs to be settled before you raise your hand rather than after. Add a heritage terrace on one side of the suburb and a newer apartment building on the other, and the property itself can affect what a lender will do. Both are worth sorting well before a Saturday.
Erskineville is one of the suburbs we cover across Sydney, and the one where most properties sell under the hammer.
Bidding
this weekend?
There is no cooling off at auction. Everything that can be checked should be checked before you register.
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.
Terrace or
apartment?
The two ends of this suburb behave nothing alike. We will show you what each looks like against your position.
Client stories
How we helped
Three real situations, and what actually happened in each one.
They bid knowing the limit.
They had been to three auctions with only a rough idea of what they could spend, and had stopped bidding early each time in case they went too far. We went through the whole process properly and had pre-approval in place, then sent property reports so they knew what the homes were worth as well as what they could borrow. On the fourth they bid to a number they had actually tested.
A second panel, a new figure.
The valuation came back below what they had paid, and their lender would only advance against its own figure, leaving a gap to cover in cash. Since the purchase was unconditional there was no walking away. We took the property to other lenders, whose panels reached a different view, and one supported the price. Same house, different valuer, a different number.
Tested well above their rate.
They had paid the same loan without a late payment for years and were told they could not afford to refinance to a cheaper rate. Nothing about their spending was the issue. Lenders assess you at a rate well above the one you actually pay, and that buffer left them just short. We found a lender applying a smaller buffer on a like for like refinance and it went through.
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 Erskineville 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 Erskineville 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 at Erskineville terrace prices. 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
Erskineville questions, answered
Why use a mortgage broker in Erskineville?
Because so much sells at auction here, and an auction gives you no room to sort finance afterwards. Add a heritage terrace on one side of the suburb and a newer apartment on the other, and the property matters as well. We compare 35+ lenders at no cost to you before you bid, under a legal obligation called the Best Interests Duty.
Is there a cooling off period at auction?
No. In New South Wales there is no cooling off when you buy at auction, and the same applies if contracts are exchanged on the day a property is passed in. The moment the hammer falls you are bound, the deposit is payable, and you cannot withdraw because a loan was declined or a valuation came in low. That is why everything gets checked beforehand.
Is pre-approval enough before I bid?
It is the right starting point and it is not the whole picture. Pre-approval tells you what a lender will consider based on your position. What it does not cover is that particular property, and the valuation on it is a separate question. Before an auction it is worth talking to us about the specific address, not just your borrowing capacity.
What happens if the valuation comes in under what I paid?
The lender advances against its valuation rather than the price, so you cover the difference in cash at settlement. After an auction there is no way out of the contract, which is why a buffer matters. A different lender uses a different panel and can return a different figure, so it is worth acting quickly rather than accepting the first number.
What do I need on the day?
You need to be registered to bid, with identification, and you need the deposit available if you are successful, commonly ten per cent payable on the fall of the hammer. A deposit bond can sometimes stand in place of cash where the vendor agrees, which is worth arranging in advance rather than raising on the day.
Should I bid to my maximum borrowing capacity?
They are two different numbers and it is worth keeping them apart. Your borrowing capacity is what a lender will advance. Your bidding limit is what you are comfortable repaying, which is usually lower once you have looked at the repayment rather than the loan amount. Deciding that figure before the auction, calmly, is the point of doing the work early.
How much deposit will I need overall?
Twenty per cent avoids lenders mortgage insurance, and at terrace prices here that is a substantial figure while apartments sit lower. Many buyers proceed with five or ten per cent and pay the insurance instead. Some occupations qualify for a waiver and a family guarantee can reduce what is needed. Remember the contract deposit on the day is a separate matter.
What is lenders mortgage insurance?
A single premium that applies once your loan passes eighty per cent of what the property is worth, and it insures the lender rather than you. It is normally added to the loan rather than paid separately. You avoid it with a larger deposit, an occupational waiver through certain lenders, a family guarantee, or the Australian Government 5% Deposit Scheme if you meet the criteria.
Can I use the 5% Deposit Scheme here?
At the apartment end it can work where the price sits under the scheme property cap, while terraces here sit 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 applies to a home you will live in rather than an investment.
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.
Why would a lender say I cannot afford what I already pay?
Because they do not assess you on your actual repayment. Lenders test whether you could repay at a rate meaningfully above the one you are charged, and they apply the same treatment to your existing commitments. It is the most common reason a perfectly capable borrower comes back short, and it says nothing about how you manage money.
If I fail that test, can I still move to a cheaper rate?
Possibly. Some lenders apply a reduced buffer where you are moving a like for like loan with nothing extra drawn and a clean repayment record, on the reasoning that a lower rate cannot leave you worse off. Not every lender offers this and the conditions differ, so it is worth having checked rather than assumed either way.
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 you at a rate well above the one you will pay. Clearing or reducing facilities you no longer use before applying often does more for the outcome than a marginally better rate.
How long does pre-approval last?
Around ninety days as a rule, renewable with updated payslips and statements. In a suburb where the good properties go to auction within a few weeks of listing, there is no time to begin an application after you find something. Each formal application also leaves a record on your credit file, so preparing one properly beats lodging several.
Are heritage terraces treated differently?
Roughly three quarters of the suburb sits in a heritage conservation area, which affects what you can do to a property rather than the loan itself. What lenders respond to is condition, size and whether any work has been properly approved. On an older terrace, the building inspection and your solicitor searches matter more than the heritage label does.
Do strata levies affect what I can borrow?
Yes, because levies count as an ongoing commitment. In the newer apartment buildings with amenity those levies can be substantial, and in an older converted block the forward maintenance is the item to watch. Either way it reduces borrowing capacity, so the figure belongs in your sums alongside the purchase price.
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 annual fee, so it depends on what you typically hold.
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 money back.
Should I fix the rate?
Fixing locks your repayment in for an agreed stretch, which is worth having if a steady figure matters to you, and the cost is that a falling market passes you by. Variable tracks the market and usually keeps the offset and free extra repayments. Fixed loans normally cap what you can pay ahead, and leaving early or selling during the term can bring break costs.
Can I split the loan?
Yes, and most lenders allow it at no 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 also lets you keep a renovation portion on its own shorter term. Lenders rarely raise it unprompted.
Interest only or principal and interest?
It comes down to whether the balance moves. Principal and interest brings it down month by month and works out cheaper across the loan. Interest only holds it still for a set period, so repayments are easier for a while and the debt is untouched at the end, when the repayment steps up. Investment loans use it far more often, and the tax side is your accountant call.
Can I make extra repayments?
Variable loans generally let you pay ahead as much as you like, and it compounds because the interest falls from the day the money lands. Fixed loans usually set an annual cap with a fee once you go past it. Where paying down quickly is part of the plan, that cap deserves a look before you fix rather than after.
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 circumstances change, or once your loan has come down under eighty per cent of the value.
What does refinancing cost?
Usually between a few hundred dollars and a thousand once everything is added up. There is a discharge fee from the lender you leave, government charges for registering the change, and occasionally settlement or valuation fees from the incoming one. On a fixed rate the break cost is the deciding number, so we establish that at the outset.
Does the loan term reset when I refinance?
It will unless somebody raises it, since lenders default to a fresh thirty year term. Your monthly figure improves and years of interest quietly come back. Six years into a loan means six years given away. Ask for the remaining term. It is never offered, so it needs raising on each refinance you do.
Can I buy my next home before selling this one?
Yes, and in an auction market it removes a good deal of pressure. 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 to fund the purchase and sell afterwards without a deadline.
Should I keep this place 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. Vacancy here is very low, which helps. Keeping a former home changes its tax position, so speak with your accountant first.
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. On a terrace at these prices the rent covers a modest share of the repayment.
The property is a heritage terrace or in a newer development. Does that matter?
It can, and a general answer is no use. How a lender treats an older terrace with work done to it, a compact apartment or a particular development, and how much it will advance, all differ between lenders and change over time. Send us the address before the auction and we will check it across the panel for you.
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. When an auction is a week away, being able to get on a call the same afternoon matters more than an appointment next fortnight.
Should I use my bank or a mortgage broker?
A bank offers its own loans, its own valuation panel and its own rules. If the property does not suit them, or their valuer comes in short after an unconditional purchase, that is your problem rather than theirs. We check it across 35+ lenders first, at $0 cost to you.
Your Erskineville mortgage broker
Your home loan.
Made simple.
Free check. No pressure. 35+ lenders compared at $0 cost to you.
Erskineville sits in the inner south between Newtown and the old industrial belt. Newtown is west and Eveleigh and Darlington north, with Alexandria and Beaconsfield east and St Peters south west. Redfern and Chippendale run towards the city, with Waterloo, Zetland and Rosebery south east and Camperdown north west. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.