Millers Point mortgage broker
Millers Point mortgage broker
A mortgage broker
who knows Millers Point.
A quarter of a square kilometre with one of the densest concentrations of heritage listed buildings in the state, where owning a terrace comes with obligations written into the contract. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Millers Point
What the 2000 market actually looks like
History of Millers Point
One of the oldest continuously occupied parts of the city, built around the wharves from the earliest years of the colony. The government resumed the whole area after the plague outbreak of 1900 and rebuilt it, and much of the housing stayed in public hands until the state sold the terraces from 2014 onwards. The Walsh Bay wharves went up between 1912 and 1921.
Millers Point property market
Georgian and Victorian terraces along Kent Street, Argyle Place and Lower Fort Street, alongside converted wharf apartments at Walsh Bay and a small number of newer buildings. The suburb is tiny, with fewer than two thousand residents, and almost every building carries a heritage listing. Most of the terraces reached the open market only in the last decade.
Millers Point property prices
At the upper end of the Sydney market, and volatile in the published figures because so few properties trade in any year. Terraces and wharf apartments sit a long way apart. Many of the houses came to market in original condition and were bought as restoration projects, which is reflected in what people paid and what they spent afterwards.
Millers Point property obligations
Contracts for heritage listed properties here include a Conservation Management Plan endorsed by the Heritage Council, and owners are required to maintain and restore the property in line with it. That is not a formality. It shapes what work is permitted, how it must be done and what it costs, which in turn shapes how the borrowing needs to be set up.
Millers Point is one of the suburbs we cover across Sydney, and the one where heritage obligations sit in the contract itself.
Restoring a
heritage terrace?
Approved plans, specialist trades and a longer timeline. The finance needs building around all three, not the other way round.
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.
Read the conservation
plan yet?
It comes with the contract and it sets your obligations as owner. Worth understanding before you exchange, not after.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Room above the contract price.
We built headroom above the fixed price contract before the work started, because on a house of this age something always turns up once the walls are open. A lender will not simply increase a loan mid build without a fresh assessment. As it happened they used very little of it and we reduced the lending at the end, so they only ever paid interest on what was drawn.
The second valuation stood up.
The first valuation came back below what they had agreed to pay, and their bank would only advance against its own figure. In a suburb where a handful of properties trade in a year and every terrace is different, there is far more judgement involved than in a standard market. We took the property to other lenders, whose panels reached a different view, and one supported the price.
Bridging kept the option open.
They found the terrace they wanted well before the current property had sold, and stock here appears rarely enough that waiting was not sensible. 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 timetable rather than under pressure.
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 Millers Point 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 Millers Point plan
First home
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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
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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 Millers Point prices that is a very large sum. The lists and the limits differ from one lender to the next.
Home loans for
Doctors
Learn more
Home loans for
Dentists
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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
Millers Point questions, answered
Why use a mortgage broker in Millers Point?
Because almost every property here is heritage listed, most of the terraces need work, and the loans are large. Lenders differ considerably on all three, and a single bank tells you its own position only after you have applied. We compare 35+ lenders at no cost to you, under a legal obligation called the Best Interests Duty.
What is a Conservation Management Plan?
It is a document endorsed by the Heritage Council setting out what is significant about a property and how it should be looked after. For heritage listed properties here it is included in the contract for sale, so you receive it before you buy. It describes what can be changed, what must be retained and how work should be approached.
What obligations does it place on me as owner?
Owners of heritage protected properties are required to carry out maintenance, restoration and any development in accordance with the plan. In practice that means the building has to be looked after to a standard, and work has to follow the approach the plan sets out rather than whatever you would prefer. Your solicitor will take you through the specific document before you exchange.
Does that make renovating more expensive?
Generally yes, and it is better understood upfront than discovered midway. Materials often have to match, specialist trades are involved, approvals take longer, and some things simply cannot be changed. That does not stop the work happening. It means the budget and the loan need building around a realistic figure rather than a standard renovation estimate.
How should restoration work be funded?
Cosmetic work can often be handled by increasing an existing loan. Anything structural or significant generally calls for a construction loan, which releases funds in stages against approved plans and a fixed price contract. Because approvals take longer here, the sequence matters: council and heritage approval first, then the contract, then the borrowing built around it.
Should I build a buffer above the builder quote?
On a house of this age, without question. Once you open up a nineteenth century terrace, things appear that nobody could have priced beforehand, and a lender will not simply lift the loan mid build without reassessing. Headroom built into the facility at the start costs nothing if unused, since interest applies only to what is drawn, and saves a great deal if needed.
Why do valuations vary so much here?
Because each lender uses its own panel, and with so few sales in a year and no two terraces alike, there is a great deal of judgement involved. A valuer widens the search and adjusts for condition, size and position. Two valuers can land some distance apart on the same house, and the lender advances against its own figure.
What happens if a valuation comes in low?
On a purchase you cover the difference in cash at settlement, because the lender lends against its valuation rather than the price. On an equity release it simply means less is available than planned. Either way another lender using a different panel can reach a different number, which is worth pursuing while there is still time.
Does a large loan get assessed differently?
The logic is the same, with more scrutiny of income and more documentation. Where income includes bonuses, share based payments or company distributions, lenders differ considerably in how much they will count. Getting that presented properly at the start usually matters more to the outcome than the rate on offer.
How much deposit would I need here?
Twenty per cent avoids lenders mortgage insurance, and at these prices that is a very large figure. Some occupations qualify for a waiver, which at this end of the market is a meaningful saving. Most buyers here already own property, so equity generally does the work rather than cash, and the restoration budget sits on top of all of it.
What is lenders mortgage insurance?
A single charge that applies when the loan sits above eighty per cent of the property value, insuring the lender against loss rather than protecting you. It is normally capitalised onto the loan. A twenty per cent deposit sidesteps it, and so can an occupational waiver through certain lenders, a family guarantee, or the Australian Government 5% Deposit Scheme for those who qualify.
Would the 5% Deposit Scheme apply here?
Realistically not, since prices in this pocket sit well above 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%. It is genuinely useful elsewhere in the city where apartments are cheaper, and we can point you there.
Do wharf apartments work differently from terraces?
They are a different security altogether. A converted wharf apartment sits in a strata scheme with substantial shared structure to maintain, while a terrace is a freehold house with its own obligations under the conservation plan. Lenders respond to each differently, so which of the two you are buying changes the conversation from the first question.
Do strata levies affect what I can borrow?
Yes, because levies count as an ongoing commitment in the assessment. In a converted heritage building with significant fabric and waterfront elements to maintain, those levies can be considerable. It reduces borrowing capacity in the same way any other commitment does, so the figure belongs in your sums alongside the price.
What should I look for in the strata records?
The capital works fund against the age and complexity of the building, the forward maintenance plan, any special levies raised or foreshadowed, and any litigation on foot. In a heritage structure over water, the fabric and the substructure are where the money goes. Your solicitor reads it with you 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. It is not approval on a particular property, and here the property carries a great deal of weight, so raise an address with us as soon as one is in view.
What is an offset account?
A transaction account linked to the loan, where the balance is deducted before interest is calculated. Money held there reduces the interest charged while staying fully available. On a large balance the effect is considerable, and it suits anyone holding funds aside for restoration work that will be spent in stages.
Offset or redraw?
Offset money remains in your own account and is never paid into the loan. Redraw money has already gone in as extra repayments and comes back out under rules the lender can change. Offset gives certainty of access, which matters when funds are earmarked for building work. Redraw generally sits on a simpler loan at a lower rate.
Should I fix the rate?
A fixed rate holds the repayment steady for an agreed period and you forgo the benefit if rates fall. Variable follows the market and usually keeps an offset and unlimited extra repayments. Fixed loans commonly restrict extra repayments and can carry break costs on early exit. Fixing partway through a restoration is rarely sensible, since the borrowing is still moving.
Can I fix part and leave part variable?
Yes, through a split, and most lenders allow it without an extra charge. Fixing a portion gives certainty over part of the repayment while the variable portion keeps an offset and free extra repayments. Where part of the borrowing relates to restoration work you intend to pay down, keeping that separate is genuinely useful.
Interest only or principal and interest?
Principal and interest reduces the debt and costs less across the loan. Interest only keeps the repayment lower for a period while the balance stays where it is, so nothing is repaid and the repayment rises at the end of the period. It appears far more on investment lending, where the tax position is your accountant area.
Can I make extra repayments?
On a variable loan, generally without limit, and on a large balance the compounding is significant because every extra dollar reduces the interest from that day. Fixed loans typically cap what you can pay ahead each year with a fee beyond it. If you intend to pay down after a restoration, check that cap before fixing.
When is refinancing worth looking at?
Whenever a couple of years have gone by without comparing, because on a large balance a modest rate difference is meaningful money each year. It is also worth reviewing once a restoration is complete and the property has been revalued, since that can change both the pricing available and how much equity is accessible.
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 get checked before anything else, since at this loan size they can outweigh the benefit.
Does the loan term reset when I refinance?
By default it does, since a fresh thirty year term is what lenders write unless somebody objects. The repayment eases and years of interest quietly return, undoing progress you have already made. Ask instead for the term you have left. It is never suggested, so raising it falls to you on every refinance.
Can I buy before I sell?
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 to fund the purchase and sell afterwards. Stock here appears rarely, so being able to act when something does is worth a great deal.
How much equity can I use?
The working figure is around eighty per cent of current value less the balance owing, with mortgage insurance generally reappearing beyond that. Here the valuation itself is the variable worth pinning down rather than assuming, because comparable sales are scarce and every property differs. Once that is settled, servicing rather than equity is usually what caps the amount.
Can equity fund another purchase?
Yes. Rather than saving a fresh deposit, you release equity from a property you already own to cover the deposit and costs on the next one, so nothing comes out of savings. Two loans result, one secured by each property, and keeping them separate preserves your options. Your accountant should review the structure first.
The property is heritage listed. Does that change the lending?
It can, and a general answer is no use here. How a lender treats a State Heritage listed terrace, a converted wharf apartment or a property with a conservation plan attached, how much it will advance and how it funds work on one, all differ between lenders and change over time. Send us the address before you exchange 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 a restoration where the process runs over months. 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, its own valuation panel and its own view of a heritage listed property needing work. Where valuations vary as much as they do here and the property is unusual, one panel is a narrow sample and you pay for it before seeing the number. We compare 35+ lenders first, at $0 cost to you.
Your Millers Point mortgage broker
Your home loan.
Made simple.
Free check. No pressure. 35+ lenders compared at $0 cost to you.
Millers Point sits on the western side of the harbour headland. Barangaroo is immediately south and Dawes Point and The Rocks north east, with Circular Quay beyond. Wynyard and Martin Place sit in the city behind, with Town Hall further south and Pyrmont across the water. Over the bridge are Milsons Point, McMahons Point, Kirribilli and Lavender Bay. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.