Redfern mortgage broker
Redfern mortgage broker
A mortgage broker
who knows Redfern.
Where a lot of first home buyers stretch to reach the inner city, often with a parent putting equity behind the loan to make it work. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Redfern
What the 2016 market actually looks like
History of Redfern
Named after surgeon William Redfern, who held the original grant, and built out for the workers of the railway yards and the surrounding industry. It has been at the centre of Aboriginal community life in Sydney since the 1970s, and the terraces that housed generations of railway families still line most of the streets.
Redfern property market
Victorian terraces almost everywhere, in every state from original to fully renovated, alongside apartments in converted buildings and newer developments near the station. Stock turns over steadily and the range within a single street can be wide, since two terraces of the same width can be very different once you are inside.
Redfern property prices
Terraces sit well above apartments and the spread within the terrace market itself is broad, driven by condition and what has been done over the years. It is more accessible than the suburbs immediately north, which is precisely why so many first purchases happen here and why family help features so often.
Borrowing in Redfern
Two things come up repeatedly. Family guarantees, because the deposit gap for a terrace is large and parents are frequently asked to help close it. And the condition of the property, since a part renovated terrace with work of unknown provenance raises questions a modern apartment never does.
Redfern is one of the suburbs we cover across Sydney, and the one where family guarantees come up most often.
Parents helping
with the deposit?
A guarantee is not the only route and it is not a formality. Worth understanding properly before anyone signs.
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.
Buying a part
renovated terrace?
What has been done, and whether it was approved, matters to a lender. Send us the address before you exchange.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Nobody had asked to end it.
Her parents had guaranteed part of the loan when she bought, and nobody had gone back to it since. Once the property had moved in value and the balance had come down, her own borrowing sat comfortably below the point where the guarantee was needed. We arranged the release. No lender does this on its own, so it had sat there limiting what her parents could borrow.
No guarantee was required.
They came in expecting to ask a parent to guarantee the loan, because a ten per cent deposit was as far as they had got. We looked at what they did for a living and worked through which lenders treat that occupation differently. One removed the mortgage insurance entirely, so the loan went ahead without a guarantor and without a second property being involved at all.
Her parents came on board.
She could afford the repayments comfortably but not the deposit, and her parents wanted to help without handing over cash they might need later. We looked at both routes properly. In the end they went on the loan as co-borrowers, which meant their income counted and the whole loan sat against their names too. We made sure everybody understood that before anything was signed.
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 Redfern 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 Redfern 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
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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 can remove the need for family help entirely. 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
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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
Redfern questions, answered
Why use a mortgage broker in Redfern?
Because two things decide most applications here, and both are easy to get wrong. Family help needs setting up properly and there is more than one way to do it. And the terraces vary enormously in condition, which lenders respond to differently. We compare 35+ lenders at no cost to you, under a legal obligation called the Best Interests Duty.
How does a family guarantee actually work?
A relative offers part of the equity in their property as additional security behind your loan. The lender takes a mortgage over a defined portion of their property alongside yours. No money changes hands and the guarantor makes none of your repayments. What it does is let you borrow with a smaller deposit while avoiding lenders mortgage insurance.
Is the guarantee over their whole house?
It should not be. Most are limited guarantees covering a set amount rather than the entire property, which is the arrangement worth insisting on. An unlimited guarantee exposes far more than is necessary. The limited amount is usually calculated to bring your borrowing down to a level where mortgage insurance no longer applies, and nothing beyond that.
What does it cost the guarantor?
Not money, but borrowing capacity. While the guarantee stands, the pledged portion of their property is committed, which reduces what they can borrow themselves and can affect their own plans. That is the part people skip over, and it matters most where the guarantor may want to refinance, release equity or downsize in the next few years.
What happens if I miss repayments?
The lender pursues you first, and the guarantee only becomes relevant if the debt cannot be recovered from you and your property. In the worst case the guarantor is liable for the amount guaranteed. It is not a formality and it should not be presented as one. That is precisely why guarantors are required to obtain independent legal advice.
Do the guarantors need their own lawyer?
Yes. Lenders require guarantors to receive independent legal advice before signing, from a solicitor who is not acting for you. It exists to make sure the person taking on the obligation understands it separately from the person benefiting. We encourage families to treat it as a genuine conversation rather than a form to be completed.
When can the guarantee be released?
Once your own borrowing sits comfortably below the level where mortgage insurance would apply, whether through repayments or growth in the property value. The part almost everyone misses is that no lender does this automatically. It stays in place until someone asks, sometimes years after it stopped being necessary, quietly limiting the guarantor the whole time.
What are the alternatives to a guarantee?
A larger deposit is the obvious one. Beyond that, some occupations qualify for a mortgage insurance waiver with certain lenders, which removes the need entirely. A gifted deposit is another route. So is going on the loan as co-borrowers, though that is a bigger commitment than a guarantee, not a smaller one. It is worth comparing all of them.
How does a gifted deposit work?
A relative gives you money towards the deposit with no expectation of repayment, and lenders generally require a signed letter confirming exactly that. Where the funds are recent, some lenders also want to see savings history alongside them. It is simpler than a guarantee for everyone involved, provided the family is genuinely comfortable with the money leaving.
Should parents go on the loan as co-borrowers instead?
It is a heavier commitment rather than a lighter one. A co-borrower is on the title and on the debt, so their income counts towards the assessment and the entire loan shows against them for anything they want to borrow afterwards. It can be the right answer where income rather than deposit is the constraint, and everyone should understand it fully first.
How much deposit will I need without family help?
Twenty per cent avoids lenders mortgage insurance, and at Redfern terrace prices that is a substantial figure while apartments sit lower. Buying with five or ten per cent and paying the insurance is common and often sensible. Some occupations qualify for a waiver, which is worth confirming before you assume family help is the only route.
What is lenders mortgage insurance?
One premium, paid once, that kicks in where the loan passes eighty per cent of the property value. It insures the lender against loss and does nothing for the borrower directly, which surprises people given the name. It is normally capitalised onto the loan. A bigger deposit removes it, and so can an occupational waiver, a family guarantee, or the Australian Government 5% Deposit Scheme.
Can I use the 5% Deposit Scheme here?
At the apartment end it can work where the price sits under the scheme cap, while terraces here generally sit 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%. It applies to a home you will live in rather than an investment.
Can I buy with a friend or sibling?
People do, and it is worth understanding what it commits you to. A co-borrower is on the title and the debt, so their income counts and the whole loan shows against each of you afterwards. How the title is held matters equally, and your solicitor will explain the options. Each of you is liable for the full loan rather than half.
The terrace has been renovated. Does that matter?
It can, and it depends on whether the work was approved. Where an extension, a second storey or structural change was done without consent, it may not appear on the council record and that can affect both the valuation and whether a lender will proceed. Your solicitor makes the searches. Send us the address and we will check the lending side.
What should a building inspection tell me here?
More than whether it looks tidy. On a terrace, read what the report says about the roof, damp, drainage, wiring, movement in the structure and the condition of party walls shared with the neighbours. A lender may not require the report and you certainly need it, because the valuer is not inspecting on your behalf.
Can I fund renovation work at the same time as buying?
Often yes. Cosmetic work can usually be handled by borrowing a little more against the purchase, while structural work generally calls for a construction loan releasing funds in stages against approved plans and a fixed price contract. Which route applies depends on how far the work goes, and it is better arranged upfront than bolted on later.
How long does pre-approval last?
Around ninety days as a rule, renewable with updated payslips and statements. Where a guarantee is involved, allow more time at the start than you would otherwise, since the guarantor documentation and their independent legal advice both take time and cannot be rushed at the last minute.
What reduces my borrowing capacity?
Credit card limits regardless of what you owe, existing loan repayments, ongoing commitments, study debts and dependants. Lenders also test whether you could repay at a rate well above the one you will actually pay. Clearing small facilities before applying often does more for the outcome than a marginally sharper rate.
What happens if the valuation comes in under the price?
The lender advances against its valuation rather than the price you agreed, so any gap is covered in cash at settlement. Where a guarantee is involved, a lower valuation can also increase the amount that needs guaranteeing, which affects the guarantor as well as you. Another lender using a different panel can reach a different figure.
Do strata levies affect what I can borrow?
Yes, because levies count as an ongoing commitment in the assessment. In a converted building the levies may look modest while the forward maintenance is significant. Either way they reduce borrowing capacity, so the figure belongs in your sums alongside the purchase price rather than surfacing after settlement.
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. For someone working towards releasing a family guarantee, building a balance in offset while also paying down the loan is a sensible combination.
When is refinancing worth looking at?
Whenever a couple of years have gone by without comparing, and particularly where a guarantee is still in place, since a refinance is often the point at which it can be removed. It is also worth a look when a fixed term ends or once your loan has come down under eighty per cent of the value.
What does refinancing cost?
Between a few hundred dollars and about a thousand covers most cases. Expect a discharge fee from your existing lender, government charges to register the change, and occasionally a settlement or valuation fee from the incoming one, although plenty waive them. Where a fixed rate is involved, the break cost decides it and gets calculated first.
Does the loan term reset when I refinance?
It resets unless somebody raises it, since thirty fresh years is the standard. The monthly figure improves while years of interest quietly return, undoing progress already made. Ask for whatever term you have left. No lender volunteers this, so the request has to come from you on every refinance you do.
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. Where a guarantee is involved we usually speak with the parents separately as well, since they are taking on the obligation and deserve their own conversation rather than a summary passed along.
Should I use my bank or a mortgage broker?
A bank offers its own loans under its own rules, including how it structures guarantees and whether it offers an occupational waiver that might remove the need for one. If it does not, nobody there has to mention that another lender does. We compare 35+ lenders first, at $0 cost to you.
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Redfern sits between the city and the inner south. Waterloo is south and Darlington and Eveleigh west, with Chippendale north and Surry Hills north east. Alexandria and Zetland run south east, with Erskineville south west and Moore Park east. The city sits north through Haymarket, Chinatown and Ultimo. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.