Pyrmont mortgage broker
Pyrmont mortgage broker
A mortgage broker
who knows Pyrmont.
Among the most densely populated suburbs in the country, where resort style buildings carry levies large enough to change what a lender will advance. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Pyrmont
What the 2009 market actually looks like
History of Pyrmont
Quarried for the sandstone that built much of Sydney, then given over to wharves, wool stores and the CSR sugar refinery. The industry left through the seventies and eighties and the peninsula sat derelict before one of the largest urban renewal projects of the 1990s turned it into apartments. Jacksons Landing was built on the refinery site.
Pyrmont property market
Apartments almost entirely, with very little house stock. Master planned estates like Jacksons Landing and Darling Island sit alongside converted wool stores, warehouse conversions and newer towers. Many of the buildings come with resort style facilities, including pools, gyms and tennis courts, and a majority of residents rent rather than own.
Pyrmont property prices
One of the more expensive unit markets in Sydney, with a wide range across building age and outlook. Rents are low relative to price. The thing that catches buyers is not the purchase price but the holding cost, because quarterly levies in the amenity heavy buildings run to figures most people have not budgeted for.
Borrowing in Pyrmont
Levies do more work here than almost anywhere. A lender counts them as an ongoing commitment, so a building with pools, gyms, tennis courts and round the clock security reduces your borrowing capacity against a plainer building at the same price. Building condition is the other thread, since some older blocks carry defect histories that lenders take seriously.
Pyrmont is one of the suburbs we cover across Sydney, and the one where strata levies weigh most heavily on an assessment.
Levies higher than
you expected?
They come off your borrowing capacity, not just your bank account. Worth knowing the figure before you commit.
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.
Concerned about the
building itself?
Defect history and building condition affect lending. Send us the address and we will check it across the panel.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Their bank had no room left.
They had approval and found the apartment they wanted, then their lender declined for a reason that had nothing to do with them. It had already lent as much as it was prepared to inside that development. Their income and deposit were never in question. We moved the application to a lender with no exposure there and the purchase settled on the original date.
Valued years after signing.
They had bought off the plan and the valuation only happened when the building finished, well after they signed. Their own lender valued it under the contract price and would advance against its own figure, leaving a gap to cover in cash. We ordered valuations through several other lenders, because each uses a different panel, and one came back supporting the purchase price.
Equity covered both costs.
They wanted an apartment here and assumed a fresh deposit had to be saved first. We reviewed the loan on the property they already owned, moved it to sharper pricing and released equity in the same application. That equity covered both the deposit and the purchase costs, so nothing came out of savings. Because structure affects tax, they worked that through with their accountant.
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 Pyrmont 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 Pyrmont 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, which is worth checking before you set a deposit target. The lists and the limits differ from one lender to the next.
Home loans for
Doctors
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Home loans for
Dentists
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Home loans for
Accountants
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Home loans for
Lawyers
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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 is a maestro with a wealth of experience in home lending business, mixed with excellent people skills. His professional and supportive approach is a safe pair of hands to work with to get the required funds for your goal in the property market."
FAQ
Pyrmont questions, answered
Why use a mortgage broker in Pyrmont?
Because the building matters as much as you do. Levies, defect history, how much a lender already holds in a development and how it views high density all shape the answer, and none of it is visible from outside. One bank tells you its own position after you apply. We compare 35+ lenders at no cost to you, under a legal obligation called the Best Interests Duty.
Do strata levies really affect what I can borrow?
Yes, and here more than most places. Lenders count levies as an ongoing commitment in the same way as any other regular outgoing, so the money you pay each quarter directly reduces the loan you can support. In a building with pools, gyms, tennis courts and security, that figure is substantial and it applies for as long as you own the apartment.
Why are levies so high in these buildings?
Because somebody has to maintain what makes them appealing. Pools, gyms, tennis courts, lifts, gardens, security and concierge all cost money to run, and in a waterfront building the fabric itself is expensive to look after. The levies are not a sign of poor management. They are the running cost of the amenity you are buying into.
What is the difference between the administrative fund and the capital works fund?
The administrative fund covers day to day running costs like insurance, cleaning and utilities. The capital works fund is money set aside for major work down the track, such as lifts, roofs and facades. A low capital works fund in an older building is a warning sign, because the work still has to happen and it will come from somewhere.
What is a special levy?
A one off charge raised on owners when the capital works fund cannot cover something, often after a major repair or a defect finding. It can be significant and it falls due whether or not it suits you. The strata records will show whether any have been raised recently or are being discussed, which is exactly why they are worth reading.
What should I look for in the strata report?
The balance in the capital works fund against the age and complexity of the building, the ten year maintenance plan, any special levies raised or foreshadowed, and whether the scheme is in dispute or litigation. Minutes tell you what the owners are actually arguing about. Your solicitor reads it with you and flags anything worth pausing on.
Should I worry about building defects?
It is worth understanding rather than fearing. Some buildings from certain periods have known defect histories, and where remediation is underway or disputed, both the strata records and the lender view of the building can be affected. The records will tell you what is known. If anything comes up, it is worth raising with us before you exchange.
Does it matter which building I buy in?
It can, considerably, and this is where a general answer is no use. How much a lender will advance, whether it is comfortable with a particular development, how much it already holds there, and how it treats defect history or building condition all differ between lenders and change over time. Send us the address before you offer and we will check the panel.
How much deposit will I need?
Twenty per cent avoids lenders mortgage insurance, and on a Pyrmont apartment that is a substantial figure. Many buyers proceed with five or ten per cent and pay the insurance instead. Where a lender treats a building or a pocket as high density, expect the deposit requirement to be higher, since they often advance a smaller share of the value.
What is lenders mortgage insurance?
A premium charged the once, triggered where borrowing exceeds eighty per cent of value, and it insures the lender against loss rather than covering you. It is usually capitalised onto the loan rather than paid separately. Avoid it with a larger deposit, an occupational waiver at certain lenders, a family guarantee, or the Australian Government 5% Deposit Scheme if you qualify.
Can I use the 5% Deposit Scheme here?
At the smaller apartment end it can occasionally work where the price sits under the scheme cap, though much of the stock here sits 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 building still has to be one a scheme lender will accept.
How does a guarantor loan work?
A relative offers up part of the equity sitting in their own property so the lender holds additional security. Their money stays where it is and your repayments remain yours entirely. The pledge is normally limited to a defined amount rather than the whole house, and it can be lifted once your borrowing has fallen sufficiently against the value of your apartment.
Is buying off the plan different here?
Materially. The valuation happens near completion rather than when you signed, so the market may have moved either way in between and any shortfall is yours to cover in cash. Approvals expire and need refreshing, sometimes more than once. In a large new building, the number of buyers using the same lender can also fill that lender capacity in the development.
What happens if the valuation comes in under the price?
The lender advances against its valuation rather than the price you agreed, so the difference is covered in cash at settlement. In a large development a valuer has plenty of comparable sales, which usually makes the figure predictable. A different lender uses a different panel and can return a different number, which is worth pursuing quickly.
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 apartment, because the building forms a meaningful part of the assessment once there is a contract.
Are the numbers good here for an investor?
Rents hold up, and the levies are the part that changes the arithmetic. A lender counts only a portion of the expected rent and then treats the levies as an expense on top, so the net position in an amenity heavy building looks quite different from the headline yield. It is worth building the numbers on that basis rather than on the rental appraisal.
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. Levies then come off as an expense, which in these buildings makes a meaningful difference to the final number.
Can I use equity in another property to buy here?
Yes, and it is the usual route for buyers who already own. You release equity from what you hold to cover the deposit and costs, so nothing comes out of savings. Two loans result, one secured by each property, and keeping them separate preserves your flexibility. Your accountant should review the structure before it is set up.
What reduces my borrowing capacity?
Credit card limits regardless of what you owe, existing loan repayments, ongoing commitments, study debts and dependants, and here the strata levies on top. Lenders also test whether you could repay at a rate well above the one you will pay. Clearing small facilities before applying often does more for the outcome than a sharper rate would.
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 owners setting money aside for a levy that falls quarterly rather than monthly.
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 if a special levy could land. Redraw generally sits on a simpler loan at a lower rate.
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. On an apartment there is a second reason, since a building that has become better established or had defect work completed can be viewed differently by lenders than it was at the time you bought.
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. Confirm the incoming lender has room in your building before starting.
Does the loan term reset when I refinance?
It does by default, since lenders write a fresh thirty year term unless somebody says otherwise. Your repayment eases and years of interest quietly reappear. Four years into a loan means four years given back for a smaller monthly figure. Ask for the term you have remaining. It is never volunteered, so the request has to come from you.
Do we have to meet in person?
Only if you want to. Phone, Zoom or Teams handles the whole thing, with documents shared and signed electronically, and it suits an off the plan purchase where the process stretches over a long settlement. Should you prefer meeting face to face, we come to you, evenings through the week and weekends included.
Should I use my bank or a mortgage broker?
A bank offers its own loans, its own valuation panel and its own view of your building. If it has already lent as much as it wants there, or takes a dim view of the development, that is your answer and you find out after applying and paying for a valuation. We compare 35+ lenders first, at $0 cost to you.
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Pyrmont sits on the peninsula between Darling Harbour and Blackwattle Bay. Ultimo adjoins it to the south and Barangaroo faces it across the water, with Millers Point, Dawes Point and The Rocks on the headland beyond. The city runs east through Wynyard, Martin Place and Circular Quay, with Town Hall, World Square, Haymarket and Chinatown to the south east. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.