Gordon mortgage broker
Gordon mortgage broker
A mortgage broker
who knows Gordon.
The upper North Shore suburb building the most new apartments, where two and a half times more units sell than houses and off the plan brings its own set of problems. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Gordon
What the 2072 market actually looks like
History of Gordon
Named after a Scottish soldier, and one of the earlier settlements along the ridge. The railway arrived in 1890 and Gordon became the administrative centre of Ku-ring-gai, which it still is. Eryldene and Gordon Public School are among the heritage listed sites, and the schools, particularly Ravenswood, have shaped the area around the station for over a century.
Gordon property market
Two markets moving in different directions. Family homes on established blocks through the side streets, and a growing band of new apartment buildings along the Pacific Highway and around the station. In a typical year around a hundred and fifty units sell against about sixty houses, and unit values have been rising while house values have softened.
Gordon property prices
Houses have been reported in the high three million range and units under a million, which is one of the widest ratios on the North Shore. Houses spend about a month on market and units closer to fifty days. New apartment stock keeps arriving, with recent developments running to well over a hundred residences in a single project.
Borrowing in Gordon
Off the plan is the thing that catches people here. The bank values the apartment when it is finished, not when you sign, and approval given at signing does not carry through. Add lender caps inside a single new building and you have two questions that have nothing to do with your income and everything to do with timing.
Gordon is one of 32 suburbs we cover across the North Shore, and the one with the most new apartment stock arriving.
Bought off the plan
and settling soon?
The valuation happens at completion, not at signing. If there is a gap, it is better found now than in the final fortnight.
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.
Offered a rebate
by the developer?
Incentives can reduce what a valuer considers the real price. Worth understanding how before you sign anything.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Valued when it was finished.
They had bought off the plan and held approval with their own bank. When the building finished, that lender's valuation came in under the price and they had no way to cover the gap. They came to us with settlement approaching. We ordered valuations through several other lenders, and one came back supporting the purchase price. Same property, different panel, different number. They settled on time.
An incentive the valuer saw.
The developer had offered a rebate as part of the deal, which is common and which changes what a valuer treats as the real price. That showed up in the valuation and left a shortfall nobody had planned for. We worked through how each lender on the panel handles incentives and what has to be disclosed, then placed the loan where the structure was understood properly rather than discovered late.
One lender had no room left.
The obvious lender declined, and not because of them. Lenders cap how many apartments in a single development they will hold, and in a new building where many buyers use the same bank that cap fills quickly. Nothing about their income or deposit was in question. We identified which lenders still had room in that development, compared what each would advance, and placed the loan with one of them in time for settlement.
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 Gordon 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 Gordon plan
First home
Learn more
Next home
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Investment property
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Refinancing
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Construction loans
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Bridging loans
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Guarantor loans
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No LMI and waived LMI
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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 Gordon house prices that is a very large sum. The lists and the limits differ from one lender to the next, so it is worth checking where yours sits.
Home loans for
Doctors
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Home loans for
Dentists
Learn more
Home loans for
Accountants
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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
Gordon questions, answered
Why use a mortgage broker in Gordon?
Because this is the upper North Shore suburb with the most new apartment stock arriving, and off the plan brings problems that have nothing to do with your income. The valuation happens at completion rather than at signing, approval given years earlier can lapse, and lenders cap how many apartments they will hold in one building. Brokers also have a legal duty called the Best Interests Duty, which means we have to put you first.
What should I know about buying off the plan here?
The bank values the apartment when it is finished, not when you sign. If it values lower than the price you agreed, you cover the gap in cash at settlement. Approval given years earlier can also run out, and lender policy on the building can change while it is being built. The cooling off period on an off the plan contract in NSW is ten business days rather than five, which is a little more room than a standard purchase.
How does a developer rebate affect my valuation?
It can reduce what a valuer treats as the real purchase price. If a developer offers a rebate, a furniture package or rental guarantee as part of the deal, the valuer may consider the true price to be the contract figure less that incentive, and the lender advances against that lower number. Incentives usually have to be disclosed to the lender, and lenders handle them differently. Establish it before you sign rather than at settlement.
What is a sunset clause and does it matter for my loan?
It is the date by which the development must be completed and the title registered, after which either party may be able to end the contract. For finance it matters because your whole timeline hangs on it. A build that runs long can push settlement past your approval, past a fixed rate lock, and into a different lending environment altogether. Your conveyancer explains the contract terms, and we make sure the finance can survive the timetable.
How long do I have to settle once the building is finished?
Usually a short window after the title registers, commonly around fourteen or twenty one days, which is far less than people expect after waiting two years. That is not enough time to start a fresh application from nothing if your first lender declines. Formal approval on a completed apartment can generally only be arranged once the building exists, so the sensible order is to test your position across the panel as completion approaches.
Can a lender be full in my building?
Yes, and it happens most often in new developments where a lot of buyers use the same bank. Lenders cap how much exposure they will hold in a single development, commonly a set percentage of the total lots. Once that cap is reached they decline regardless of how strong you are. Nothing about you is the problem. It simply means another lender writes it, which is quick to sort if you know before settlement rather than during it.
Do lenders treat the new buildings near the station differently?
Several do. Where a lender classifies a building or a pocket as high density, it lends a smaller share of the value, which means a larger deposit than you planned for. Gordon has had a number of larger developments approved along the highway and around the station, and a building of well over a hundred apartments is more likely to attract that treatment than a small block. It is not uniform, so the specific address matters.
Are new apartments a safer buy than older ones?
Different rather than safer. A new building has no immediate maintenance backlog and comes with statutory warranty periods for defects, which an older block does not. What it lacks is history, so there is no track record of how the owners corporation runs or what the levies settle at once the developer hands over. On an older block you can read years of minutes. On a new one you are relying on the disclosure documents.
Is there a minimum apartment size lenders will accept?
Most set one, measured on internal living area rather than the whole title, so a balcony and a car space do not count towards it. Newer Gordon developments tend to include larger apartments aimed at downsizers and families, so this bites less here than in the older harbourside suburbs. It still matters on compact one bedders, where some lenders decline and others lend a much smaller share of the price.
Why are units rising while houses are not?
They are two different markets with different buyers. New apartment supply near the station has drawn downsizers and first home buyers into a price range that barely existed here a decade ago, while houses sit at a level that only a small pool can reach. For lending it means the valuation evidence differs completely between the two, and a suburb wide median tells you almost nothing about either.
Can I move from a Gordon unit to a Gordon house?
It is a very large step, because houses here sit at roughly four times what units do. Equity in the unit will not close that on its own, and the borrowing capacity needed is a different order entirely. Plenty of people who start in a Gordon apartment buy their house further west or north where the same money goes further. Worth working out the real number before you plan around it.
How much of the rent will a lender count?
Not all of it. Lenders count a portion of the expected rent as income, commonly around eighty per cent, to allow for vacancy, management and costs, and they differ on the exact figure. They also assess the new loan at a rate well above the actual one. On a new apartment, be careful with a developer's rental guarantee, since lenders generally assess the market rent rather than the guaranteed figure.
Are large loans assessed differently?
Not harder, but they are looked at more closely. Past certain loan sizes some lenders add extra checks, want more documentation, cap how much of the value they will lend, or apply internal limits. At Gordon house prices most buyers are in that territory. On the apartment side the loans are far smaller, so the question rarely arises, which is another way the two markets differ.
How much deposit do I need in Gordon?
A 20% deposit avoids lenders mortgage insurance. On a Gordon apartment that is a reachable figure for a lot of buyers, and on a house it is a very different number. Plenty of people get in with 5 or 10% and pay the insurance instead, some professions can skip it, and a family guarantor loan can cut the deposit further again. On off the plan, allow for the risk that the valuation lands under the price.
Can I buy my first home in Gordon with a 5% deposit?
At the apartment end, often yes, and Gordon is one of the better upper North Shore suburbs for it because unit prices sit at a level the scheme comfortably reaches. The Australian Government 5% Deposit 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, not a grant, and the building still has to suit the lender.
How does a guarantor loan work?
A family member, usually a parent, offers part of the equity in their property as extra security for your loan. They do not make your repayments and no cash changes hands. Most are set up as a limited guarantee, so only a defined portion of their home is at risk. On the upper North Shore the parent is often sitting on a house held for a long time, so the portion needed is a modest share of what they have.
What is the difference between a guarantor and a co-borrower?
A guarantor supports the loan with their property but is not on the title or the debt. A co-borrower is on both, so the whole loan shows on their credit file and counts against whatever they want to borrow next. Co-borrowing lifts what the buyer can afford because both incomes count. For a Gordon parent who may want to downsize into one of the new apartments themselves, that difference decides whether they can.
Does the heritage listing on some properties affect my loan?
Not for a straightforward purchase. Where it matters is renovating, since Gordon has several heritage listed sites and parts of the older residential streets carry controls. A construction loan is written against approved plans and a fixed price contract, so a longer council process holds up the drawdown rather than the other way round. The period character is generally part of the value here rather than a deduction from it.
What is an offset account and is it worth having?
An offset is a transaction account linked to your loan. Every dollar in it reduces the balance interest is charged on, without being locked away. On a Gordon house loan the effect is significant because the saving scales with the balance. On an apartment loan, check the package fee against the balance you actually hold, since on a modest loan a basic product with no fee can be the better answer.
Offset or redraw. What is the difference?
Redraw means paying extra off the loan and taking it back later. Offset means the money sits beside the loan in its own account. The interest effect is similar. What differs is access and treatment, because redraw can be restricted by the lender and money you redraw counts as new borrowing rather than your own savings returning. If a Gordon apartment is likely to be kept and let when you move up, offset is the cleaner structure. Your accountant can explain why.
Should I fix my rate or stay variable?
Fixed gives certainty for a set period, usually one to five years. Variable gives flexibility, an offset account and unlimited extra repayments. Most fixed loans do not come with a usable offset. If you are settling on an off the plan purchase, be careful about locking a rate too early, since a build that runs long can see a rate lock expire before settlement and the fee is not always refundable.
Can I split the loan between fixed and variable?
Yes, and it is a sensible middle ground on a house loan here. You fix a portion for repayment certainty and leave the rest variable so the offset still works against it. A good rule is to leave at least as much variable as the balance you typically hold in offset. On a smaller apartment loan check whether the lender charges per split, since that changes the arithmetic on a modest balance.
Interest only or principal and interest?
On a home you live in, principal and interest is almost always the answer, because interest only means you owe the same at the end of the period as at the start. On an investment apartment here it is a genuine question given how many are bought that way. The catch is that lenders assess an interest only loan on the repayment it reverts to, not what you pay now, so it cuts into your next application. Worth working through with your accountant.
When I refinance, does my loan term reset?
Only if you let it. Most refinances default to a fresh thirty year term, which makes the monthly repayment look better and quietly adds years of interest. Ask for the remaining term instead, so a loan with twenty five years left stays a twenty five year loan. Nobody offers this, so it has to be asked for. On a house sized Gordon loan the cost of accepting the reset is considerable.
How much does it cost to refinance a home loan?
Usually 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 new lender may charge a settlement or valuation fee, though plenty waive them. If your apartment is in a newer development, check whether the incoming lender still has room in that building before starting, since the same cap applies on a refinance as on a purchase.
I live in Gordon but want to buy elsewhere. Does that matter?
Far less than people expect. A lender assesses you, then it assesses the property you are buying. Where you currently live barely features. What does matter is the postcode and property type you are buying into, because lender restrictions attach to the security rather than to your address. Plenty of Gordon owners use equity in the family home to buy an investment somewhere with a stronger yield.
Should I use my bank or a mortgage broker?
A bank can only offer its own loans, its own valuation panel and its own rules. On an off the plan settlement that is a real risk, because if their valuation falls short or their cap in your building is full, you are starting again with weeks to go. A broker checks it across many lenders while there is still time. Buyvest compares 35+ lenders at $0 cost to you.
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Gordon sits at the middle of the upper North Shore line, so its neighbours run both ways. Killara and Pymble are either side, with Lindfield and Roseville south towards Chatswood, and Turramurra and Wahroonga continuing north. St Ives sits east across the ridge, and Willoughby and Artarmon further down the line. West of the line sit Epping and Lane Cove. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.