Milsons Point mortgage broker
Milsons Point mortgage broker
A mortgage broker
who knows Milsons Point.
Twenty hectares, almost all of it apartments, where units can sit on the market for months and a pre-approval can expire before you find the right one. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Milsons Point
What the 2061 market actually looks like
History of Milsons Point
Named for James Milson, an early settler who farmed the land here in the 1820s. The Milson family holdings were resumed in the early 1920s for the Harbour Bridge and its approaches, which reshaped the whole point. Luna Park and the North Sydney Olympic Pool followed on the foreshore, and the towers came later along Alfred Street and Northcliff Street.
Milsons Point property market
One of the smallest suburbs in Sydney at roughly 0.2 square kilometres, and almost entirely apartments. In a typical twelve months there may be around sixty unit sales and only one house sale. Residents are mostly professionals in their thirties, often childless couples, and a little under half own rather than rent. Parks cover close to a third of the total area.
Milsons Point property prices
Apartment medians sit around the low two millions, with larger three bedroom apartments in the better buildings selling well above that. Rental yields sit under three per cent. Different sources report the median anywhere between around $2.1M and $3.3M depending on the mix of sales counted, which tells you how much the building matters here.
Borrowing in Milsons Point
Time is the unusual one. Units here can take two to six months to sell, so a search runs long and a pre-approval, which lasts around ninety days, can lapse before you find the right apartment. The other is the building, since lender caps inside a single tower and high density classifications decide how much can be advanced.
Milsons Point is one of 32 suburbs we cover across the North Shore, and the smallest by area on the entire list.
Been looking
for months?
Pre-approvals expire, usually around ninety days. If yours has lapsed or is close to it, we can sort that before you find the right place.
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.
Found one in a tower
you like?
Send us the address before you make an offer and we will email you a free RP Data property report, and tell you which lenders suit that building.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Ninety days was not enough.
Their pre-approval had expired while they were still looking, which happens more often here than people expect because so little suitable stock comes up. We renewed it, and used the occasion properly by re-testing their position across the panel rather than simply extending with the same lender. Rates and policies had moved in the meantime. The new approval was for a larger amount than the one that lapsed.
They bought before selling.
They found the apartment they wanted before their own had sold, and in a market where units can sit for months that was a real problem. We arranged bridging, which funds the new purchase while the old property is still on the market, so they bought first and sold afterwards without a deadline forcing the price down. It costs more while both loans run, and that was a few months rather than years.
One tower, one lender full.
The obvious lender declined, and not because of them. Lenders cap how many apartments in a single development they will hold, and in that building the cap had already been reached. Nothing about their income, deposit or credit was in question. We identified which lenders still had room in that tower and placed the loan with one of them. Same borrower, same apartment, a different answer.
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 Milsons 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 Milsons Point 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 the city is one stop across the Bridge. 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 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
Milsons Point questions, answered
Why use a mortgage broker in Milsons Point?
Because in a suburb of twenty hectares with almost nothing but apartments, the building decides more than you do. Lender caps inside a single tower, high density classifications and minimum sizes all sit in front of your income. And because searches here run long, so approvals lapse and need managing. Brokers also have a legal duty called the Best Interests Duty, which means we have to put you first.
How long does a pre-approval last?
Usually around ninety days, sometimes six months with certain lenders. That matters more here than in most suburbs, because units can take two to six months to sell and very little suitable stock comes up at once, so a genuine search often runs past the expiry. Letting it lapse is not a disaster. What causes trouble is finding the right apartment and discovering the approval died a month ago.
What happens when a pre-approval expires?
It can be renewed, and the lender will want current payslips and statements again since your position may have changed. Worth doing at that point rather than simply extending is re-testing across the panel, because rates and lending policies move over three months and the lender that suited you in January may not be the sharpest in April. A renewal is a chance to improve the number rather than just restore it.
Do multiple applications hurt my credit file?
Each formal application leaves an enquiry on your file, and a cluster of them in a short period can make a lender cautious, because it looks like you have been declined repeatedly. That is a reason to have one properly prepared application rather than several speculative ones. Renewing an expired pre-approval with the same lender is generally fine. Applying to four lenders hoping one says yes is the pattern that causes problems.
Can a lender be full in my building?
Yes, and it surprises almost everyone. Lenders cap how much exposure they will hold in a single development, commonly a set percentage of the total lots. In a tower where one lender has written a lot of the loans, that cap can already be reached, and they will decline regardless of how strong you are. Nothing about you is the problem. It simply means another lender has to write it, which is quick to sort if you know before you offer.
Is Milsons Point a high density postcode for lenders?
Several lenders treat it that way, and it is worth knowing before you make an offer. Where a lender classifies a building or a postcode as high density, it lends a smaller share of the value, which means a larger deposit than you planned for. Given how small this suburb is and how much of it is towers, that classification catches a lot of the stock. It is not uniform, which is exactly why the panel matters.
What should I check in the strata report?
The balance of the capital works fund against the age of the building, any special levy struck or being discussed in the minutes, and whether there is a live dispute. On a harbourfront tower, look for anything about concrete, balcony repairs and window seals, because salt air brings that work forward. Also check the proportion of lots that are owner occupied, since lenders read it. Order it early rather than after exchange.
Do the levies affect what I can borrow?
Yes. A lender counts strata levies as an ongoing property cost alongside rates and insurance, so they come off your monthly capacity. In the better buildings here, with lifts, pools, gyms, concierge and harbourfront maintenance, quarterly levies can be a serious figure. Two apartments at the same price with different levies produce different borrowing outcomes, which is worth knowing before you fall for the one with the better facilities.
What happens if the valuation comes in under the price?
The lender lends against the valuation rather than the price, so you cover the gap in cash at settlement. A lender will not order that valuation until there is an exchanged contract, so the buffer has to exist before you sign. In a tower it is more likely than people expect, because a valuer leans on recent sales inside the same building and a few soft ones pull the number down. A different lender uses a different panel.
Should I sell first or buy first?
This is where the slow market bites. Selling first gives you certainty about your number, but you could then wait months for the right apartment and be renting meanwhile. Buying first means bridging finance funds the purchase before your sale settles, which costs more while both loans run but removes the deadline from your sale. In a suburb where units average months on market, that deadline is the thing worth avoiding.
How does bridging finance actually work?
The lender funds the new purchase while the old property is still on the market, so for a period you hold both. Interest usually accrues on the whole amount rather than being repaid monthly, and once your sale settles the proceeds clear the bridging portion, leaving the ongoing loan. Lenders set a maximum period, commonly six or twelve months, which needs care here because local selling times can use a good part of that.
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 figure. They also assess the new loan at a rate well above the actual one. With yields here under three per cent, the rent does far less work than the price suggests, so your own income carries most of the assessment.
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 Milsons Point apartment prices most buyers are in that territory, and where the building also carries a high density classification the two things compound. Knowing which lenders are comfortable with both saves weeks.
How much deposit do I need in Milsons Point?
A 20% deposit avoids lenders mortgage insurance, and at local apartment prices that is a substantial figure. Some professions can skip the insurance entirely, which at these loan sizes is worth checking before you budget for it. If you already own, equity usually does the job instead of cash. Where the building carries a high density cap, expect the lender to want more than the standard figure.
Can I buy my first home in Milsons Point with a 5% deposit?
Rarely, because the scheme has a property price cap and most Milsons Point apartments sit above it. 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%. If your role attracts a professional waiver, that route has no price cap attached, which makes it the more realistic path here.
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. One thing worth knowing here is that a guarantee does not rescue a building a lender will not fund, so the apartment still has to pass on its own.
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 you can afford because both incomes count. At these apartment prices that is a very large figure for a co-borrower to carry, which matters if they have plans of their own.
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. At Milsons Point loan sizes the effect is significant, because the saving scales with the balance, so an offset usually earns its keep even where the loan carries a package fee. Keeping a levy buffer in there means that money works until the quarter falls due.
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 you might keep this apartment and let it later, 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, which matters more at these balances. Breaking a fixed loan early can be expensive, and in a suburb where selling can take months, being locked in when you decide to move is worth thinking about before you choose the term.
Can I split the loan between fixed and variable?
Yes, and at these balances it is often the sensible answer. 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, including what you set aside for quarterly levies. Neither decision then has to be all or nothing.
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 a Milsons Point investment it is a real question, since at these yields the rent covers so little of the holding cost. The catch is that lenders assess an interest only loan on the repayment it reverts to, not what you pay now, so it eats into your next application. Work it through with your accountant.
When I refinance, does my loan term reset?
Only if you let it, and at these balances letting it is expensive. Most refinances default to a fresh thirty year term, which makes the monthly repayment look better while quietly adding years of interest on a very large loan. Ask for the remaining term instead, so a loan with twenty four years left stays a twenty four year loan. Nobody offers this, so it has to be asked for every time.
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. On a Milsons Point tower expect a full valuation rather than a desktop one, and check first whether the new lender has room in your building, since the same cap applies on a refinance.
I live in Milsons Point 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. Given the yields here, plenty of local owners buy an investment somewhere with a stronger return rather than a second apartment nearby.
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. Here that includes whether it still has room in your building, which is a question you cannot answer from outside and which has nothing to do with how strong you are. You usually find out after you have applied. A broker checks it against many lenders first. Buyvest compares 35+ lenders at $0 cost to you.
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Milsons Point sits at the northern end of the Bridge, so its neighbours are all within a few minutes. Kirribilli is next door and Lavender Bay and McMahons Point sit around the bay. North Sydney is up the hill, with Wollstonecraft, Crows Nest and St Leonards running up the line. East along Military Road are Neutral Bay, Cremorne and Mosman, and north sit Cammeray and Northbridge. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.