Forest Lodge mortgage broker
Forest Lodge mortgage broker
A mortgage broker
who knows Forest Lodge.
Victorian terraces stepping down the hill, many of them carved into two or three strata lots, which is a very different proposition from a normal apartment. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Forest Lodge
What the 2037 market actually looks like
History of Forest Lodge
Named for the house that stood on the ridge, and built out through the Victorian era as rows of single and double storey terraces following the contours of the hill. The Harold Park paceway and tram depot occupied the valley for a century, and the depot now stands as Tramsheds with apartments and parkland around it.
Forest Lodge property market
Terraces dominate, from workers rows on the steep streets to grander houses on the higher ground, alongside the newer apartments at Harold Park. A notable share of the terraces have been strata subdivided into two or three separate lots, so a one bedroom apartment here is often part of a house rather than part of a block. Proximity to the university shapes the rental market.
Forest Lodge property prices
Terraces sit well into the millions while the strata units carved out of them and the Harold Park apartments sit far below. Rents are low relative to what the houses cost. Only a few dozen houses trade in a year and they can take some weeks to sell, so the market moves at a steadier pace than the numbers alone suggest.
Borrowing in Forest Lodge
The strata scheme matters as much as the apartment. Where a terrace has been split into two or three lots, there is no strata manager in the usual sense, the fund behind it may be minimal, and one repair falls across very few owners. Lenders take different views of small schemes, so the specific building is worth checking early.
Forest Lodge is one of the suburbs we cover across Sydney, and the one where small strata schemes come up most.
Buying a unit that
is part of a terrace?
Small strata schemes are treated differently by different lenders. Send us the address 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.
Self employed and
buying locally?
Your tax return rarely shows what you can service. What each lender adds back differs, and that difference is often the loan.
Client stories
How we helped
Three real situations, and what actually happened in each one.
He bought out her share of it.
A separation meant one of them was keeping the terrace and paying out the other share, and the loan had to stand on a single income. That is the real test in these situations rather than the paperwork. We established what was achievable before anything was agreed between them, so the settlement rested on a figure a lender would approve rather than one that had to be revisited later.
Add-backs told the real story.
A self employed buyer whose tax return showed a modest figure at the bottom, which is exactly what their bank assessed them on. It was not what they genuinely had available. We worked through the add-backs, the items that reduced the taxable figure without costing cash, and took the position to lenders whose policy recognises them. What each allows differs, and that difference was the loan.
Bridging held the gap open.
They found the house they wanted before the existing one had sold, and were being nudged towards a soft offer so the dates would line up. Bridging finance funded the purchase while the old property stayed on the market, so they held both for a period and cleared the bridge when the sale settled. They sold on their own terms rather than to somebody else timetable.
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 Forest Lodge 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 Forest Lodge 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 Forest Lodge terrace prices that is a large sum. 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
Forest Lodge questions, answered
Why use a mortgage broker in Forest Lodge?
Because a good number of the apartments here are lots carved out of terraces rather than units in a block, and lenders view small strata schemes quite differently from one another. Add older houses and a market where few properties trade, and one bank gives you a narrow view. We compare 35+ lenders at no cost to you, under a legal obligation called the Best Interests Duty.
What is a small strata scheme?
A strata scheme with only a handful of lots, sometimes just two or three, which is what you get when a terrace or a small building is subdivided. Legally it works the same way as a large scheme, with a body corporate, levies and shared common property. In practice it operates far more informally, often without a professional strata manager.
Why do lenders care how many lots there are?
Because the risk sits with the owners. In a two lot scheme, a roof replacement is shared between two households rather than fifty, and there is rarely a substantial fund behind it. Lenders differ on how small a scheme they will accept and how much they will advance, so the number of lots is worth knowing before you get attached to a property.
What should I check in a small scheme?
Whether the scheme actually functions, which means minutes, records of levies collected and evidence that shared maintenance has been dealt with rather than argued about. Look at what is in the fund against what the building will need. Your solicitor obtains the records, and in a small scheme they tell you as much about the neighbours as about the building.
Who manages a two lot scheme?
Usually the owners themselves, without a professional strata manager. That keeps levies down and it means the administration only works if everybody cooperates. Where relations between owners have broken down, or where records have simply not been kept, both the lending and the eventual resale become harder. It is worth understanding before you buy rather than after.
Are special levies a bigger risk in a small scheme?
They can be, because the same repair bill is divided among far fewer people. A facade or a roof on a hundred year old terrace is a real cost, and in a two lot scheme half of it is yours. That is not a reason to avoid these properties, and it is a reason to look properly at what the building has ahead of it.
Do strata levies affect what I can borrow?
Yes, because levies are counted as an ongoing commitment in the assessment. In a small scheme the levies are often modest, which helps, though that can also mean nothing is being set aside. Either way, the declared figure goes into the assessment and the forward maintenance goes into your own thinking.
How much deposit will I need?
Twenty per cent avoids lenders mortgage insurance, and at terrace prices here that is substantial while strata units sit far lower. Many buyers proceed with five or ten per cent and pay the insurance instead. Some occupations qualify for a waiver, and where a small strata scheme is involved lenders that will proceed sometimes advance less, so allow for that.
What is lenders mortgage insurance?
A charge that lands once when your loan goes past eighty per cent of the property value, and the cover it buys protects the lender, not the borrower. Most people roll it into the loan rather than finding it in cash. It disappears with a larger deposit, and there are three other routes around it: an occupational waiver, a family guarantee, or the Australian Government 5% Deposit Scheme if you qualify.
Can I use the 5% Deposit Scheme here?
At the strata unit end it can work where the price sits under the scheme property cap, while 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%. The property still has to be one a scheme lender will accept.
How does a guarantor loan work?
A relative pledges a slice of the equity in their own property so the lender has additional security. Nothing leaves their bank account and your repayments remain yours alone. The pledge is normally capped at a defined amount rather than covering the whole house, and it can be lifted once your borrowing has fallen far enough against the value of your place.
Can I get a home loan if I am self employed?
Yes, and how it is presented makes a considerable difference. Most lenders want two years of tax returns and financials, some accept one year, and a few work from business bank statements. Lenders add back items that reduced your taxable figure without costing cash, and what each allows differs, so two lenders can read the same return and reach very different incomes.
What are add-backs?
Amounts subtracted in your accounts that never actually left your pocket during the year, commonly depreciation, one off expenses and additional superannuation contributions. Lenders add them back to work out what you genuinely have available to service a loan. Identifying and evidencing them properly is often the difference between an approval and a decline.
Can I keep the terrace after a separation?
Often, and the question that settles it is whether the loan stands on your income alone. That is worth establishing before anything is agreed between you, because a settlement built on a figure no lender will approve has to be reworked later. The other party also needs releasing from the existing loan, which is a refinance rather than a form.
How does buying out the other party work?
You refinance into your sole name for enough to clear the existing loan and pay out their share of the equity. The lender assesses you alone, including any ongoing obligations you have taken on. Where a formal agreement or court order sets out the arrangement, lenders generally want to see it, so having that documented first makes the process smoother.
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 property, and here the strata scheme behind an apartment is exactly where questions arise once a contract exists.
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, and it suits self employed borrowers whose income arrives unevenly. 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 your cash flow moves around. 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 a predictable outgoing while income varies. 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 on early exit.
Can I split the loan?
Yes, and it seldom costs anything. Splitting carves the borrowing into separate pieces, each able to run on its own rate or term, so part can sit fixed while the rest stays variable with an offset attached. Anyone whose income lands unevenly tends to find the arrangement useful. Lenders almost never suggest it, so the request has to come from you.
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 your income arrives in lumps and you intend to put some against the loan, check that cap before fixing.
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 when your income arrangements have changed enough that a different lender would read them more favourably.
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. Where the property sits in a small strata scheme, confirm the incoming lender accepts it before starting.
Does the loan term reset when I refinance?
Yes, unless you tell them otherwise, since thirty fresh years is the standard setting. The repayment softens and a pile of interest quietly reappears. Five years into a loan means five years thrown away. Ask for the balance of your existing term. It will not be offered, so it needs saying every single time you refinance.
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. Houses here can take some weeks to sell, so removing that deadline is worth having.
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. Rental demand here is steady given the university nearby. Keeping a former home changes its tax position, so speak with your accountant.
How much of the rent will a lender count?
Less than the agent appraisal suggests. Lenders trim expected rent to allow for empty weeks, management and upkeep, with each applying its own reduction, then test the loan at a rate above what you will pay. Levies are deducted as well. Against terrace prices around here, the rent ends up covering only a slice of the repayment.
Can equity fund an investment purchase?
It can, and it saves you assembling a second deposit from scratch. You draw on equity in a property you already hold to meet the deposit and costs elsewhere, leaving savings alone. Two separate loans result, one against each property, which is how they should stay. Run the structure past your accountant before it is locked in.
The unit is part of a terrace or in a very small scheme. Does that matter?
It can, considerably, and this is where a general answer is no use. How a lender treats a two or three lot scheme, a strata subdivided terrace or a self managed scheme, and how much it will advance, differs between lenders and changes over time. Send us the address before you make an offer and we will check the panel.
Do we have to meet in person?
Only if you would like to. Phone, Zoom or Teams handles all of it, with paperwork sent and signed electronically, and a great many of our clients never meet us in person at all. Should you prefer sitting down together, we travel to you, weekday evenings and weekends included.
Your Forest Lodge mortgage broker
Your home loan.
Made simple.
Free check. No pressure. 35+ lenders compared at $0 cost to you.
Forest Lodge sits between the university and the inner west. Camperdown is south and Newtown beyond it, with Darlington and Eveleigh south east and Erskineville further on. Ultimo and Pyrmont run north towards the water, with Chippendale, Haymarket and Chinatown towards the city. Balmain lies north west and Redfern east. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.