Chinatown mortgage broker
Chinatown mortgage broker
A mortgage broker
who knows Chinatown.
Older walk-ups above shopfronts, newer towers behind them, and buildings where the ground floor is retail rather than residential. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Chinatown
What the Chinatown market actually looks like
History of Chinatown
Sydney has had three. The first grew around The Rocks in the 1860s, the second near Market Street, and the current one settled around Dixon Street from the 1920s. The paifang gates went up in 1980 when Dixon Street was closed to traffic, and the Chinese Garden of Friendship opened in 1988. It sits within the suburb of Haymarket.
Chinatown property market
Almost entirely apartments, in three distinct kinds of building. Older walk-ups and converted floors above the Dixon Street and Sussex Street shopfronts, mid rise blocks from the eighties and nineties, and newer towers around Darling Square and the Central station edge. Residents skew young, many are students or hospitality workers, and a large share of the housing is rented rather than owner occupied.
Chinatown property prices
Lower than the harbour end of the city, and spread widely by building age and apartment size. A compact older apartment above a restaurant and a new two bedroom in a recent tower sit within a few streets of each other. Strata levies vary considerably too, which affects the real cost of holding a property here as much as the price does.
Borrowing in Chinatown
Two things come up more here than in most of Sydney. Buildings that mix retail or commercial space with apartments above, and apartments on the smaller side. Both affect which lenders will look at a purchase and what they will advance, so the specific address matters more than the suburb figure ever will.
Chinatown is one of the areas we cover across Sydney, and sits inside the suburb of Haymarket.
Buying above
a shopfront?
Mixed use buildings are treated differently by different lenders. Worth checking the address before you commit rather than after.
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.
Is the apartment
on the small side?
Floor area affects which lenders will consider it. We will tell you where the address sits before you make an offer.
Client stories
How we helped
Three real situations, and what actually happened in each one.
Pre-approved before looking.
A first home buyer who had no idea where to start and was worried about wasting time at inspections. We walked through the whole process, prepared the application properly and had pre-approval through quickly, then sent property reports so they could look with a real figure rather than a guess. From that first conversation to holding the keys took about six weeks.
The unit stayed with them.
They assumed the apartment had to be sold to fund the next place. Once we ran the numbers it did not. We restructured the lending, used the equity they already held as the deposit on the new property, and kept the two loans on separate securities rather than tied together. Because holding a former home affects tax, they worked that side through with their accountant.
The cards were the blocker.
Their borrowing capacity came back well short and neither of them could work out why, because the cards had nothing owing on them. A lender assesses a credit card on its limit rather than its balance, on the basis the full amount could be drawn tomorrow. Between them the untouched limits were sizeable. Reducing and closing them lifted the figure without changing how they actually lived.
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 Chinatown 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 Chinatown 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, which matters where you are buying with a smaller deposit. 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
Chinatown questions, answered
Why use a mortgage broker in Chinatown?
Because the buildings here are varied and lenders react to that variation. Older stock above retail, small apartments and newer towers are all treated differently, and one bank will only ever tell you its own position. We compare 35+ lenders at no cost to you and manage the application through to settlement. Brokers also work under a legal obligation called the Best Interests Duty.
What deposit do I need to buy here?
Twenty per cent avoids lenders mortgage insurance, and on a Chinatown apartment that is a more reachable figure than most of inner Sydney. Buying with less is common where you pay the insurance instead. Certain occupations qualify for a waiver, and a family guarantee can reduce what is needed. If you already own, equity generally does the job of cash.
What is lenders mortgage insurance?
It is a premium you pay once, triggered when your loan is more than eighty per cent of what the property is worth. Despite the name it insures the lender, not you. Most people add it to the loan rather than paying it separately. You can sidestep it with a bigger deposit, through a waiver available to some occupations, with a family guarantee, or under the Australian Government 5% Deposit Scheme if you qualify.
Can I use the 5% Deposit Scheme here?
At the smaller apartment end it can genuinely work, since prices here sit below much of the inner city. 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 rather than a payment, there is a property price cap, and not every lender writes them.
How does a guarantor loan work?
A family member offers part of the equity in their property as extra security behind your loan. No money changes hands and they take on none of your repayments. Most are limited guarantees covering a defined portion rather than their whole home. Once your loan has come down far enough the guarantee can be released, though it stays in place until somebody asks.
Can I buy with a friend or sibling?
People do, particularly at this end of the market. A co-borrower goes on the title and the debt, so their income counts towards the assessment and the whole loan shows against them for anything they want to borrow later. How the title is held matters as well, and your solicitor will take you through that. Each of you is liable for the full loan, not half.
How long does pre-approval last?
Usually around ninety days, renewable with fresh payslips and statements. It tells you what a lender will consider based on your position, so you can look with a real number rather than an estimate. It is not approval on a particular apartment, because the building forms part of the assessment once there is a contract in place.
Do unused credit card limits reduce what I can borrow?
They do, and it catches almost everyone. A lender assesses a card on its limit rather than the balance, because the full amount could be drawn tomorrow. A card sitting at zero still reduces your capacity by a monthly figure worked back from that limit. Reducing or closing old cards before applying is one of the few genuinely quick improvements available.
What else brings my borrowing capacity down?
Existing loan repayments, ongoing commitments, dependants, and study or personal debts all count. Lenders also test whether you could repay at a rate well above the one you will actually be charged. It is worth going through the whole picture before applying, because small facilities you have forgotten about often make more difference than the rate you end up with.
Do strata levies affect the assessment?
Yes. Levies are counted as an ongoing commitment, so two apartments at the same price can produce different borrowing outcomes if one building carries much higher levies. In older buildings the levies may be modest but the forward maintenance can be significant, so it is worth looking at the strata report with your solicitor before you are committed.
What is an offset account?
It is a normal transaction account that sits alongside your loan. Whatever is in it gets subtracted from the loan balance when the lender works out interest, so a larger balance means a smaller interest bill, and the money is still yours to spend. Loans with this feature occasionally cost a little more in rate or fees, so it earns its keep only if you keep something in it.
Offset or redraw?
The difference is where the money lives. With offset it stays in your account and you can move it whenever you like. With redraw it has gone into the loan as an extra repayment and coming back out is subject to the lender rules, which they can tighten. If you might need the money, offset. If you will not, redraw usually sits on a cheaper loan.
Should I fix the rate?
Fixing sets your repayment for an agreed period, which helps if your income is variable or you want certainty early on. You forgo the benefit if rates fall. Variable follows the market and normally keeps an offset and unrestricted extra repayments available. Fixed loans commonly cap extra repayments and can carry break costs if you exit early.
Can I fix part of the loan?
Yes, through a split, and most lenders allow it at no additional cost. Fixing one portion gives certainty over part of the repayment while the variable portion keeps an offset and free extra repayments. It also lets you hold a portion on a shorter term. Lenders rarely suggest it, so it is worth raising yourself.
Interest only or principal and interest?
The difference is whether the debt shrinks. Principal and interest chips away at the balance every month and costs you less by the end. Interest only pauses that, so repayments are lighter for a while and the amount owing is exactly the same when the period runs out, at which point the repayment jumps. You see it far more on investment loans. Talk to your accountant about the tax angle there.
Can I make extra repayments?
On a variable loan, usually without limit, and it compounds because every extra dollar reduces the interest charged from that day. Fixed loans normally cap what you can pay ahead each year and charge once you exceed it. If you expect to pay more than the minimum, check that limit before fixing rather than afterwards.
What happens if the valuation comes in under the price?
The lender lends against the valuation rather than the contract price, so any shortfall is covered in cash at settlement. In apartment buildings it happens more often than with houses, because a valuer has many similar sales to compare against and little room for optimism. A different lender uses a different panel and can return a different figure.
When is refinancing worth looking at?
The usual trigger is time. Two years without checking is enough for a gap to open, because lenders save their better pricing for people walking in the door rather than people already there. Other moments worth a look are a fixed period ending and your loan dropping below eighty per cent of value. If the comparison says stay, that is what we will tell you.
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 first so the comparison is an honest one.
Does the loan term reset when I refinance?
It does unless you ask otherwise, because refinances default to a fresh thirty year term. That makes the monthly repayment look smaller while quietly adding years of interest, handing back progress you have already made. Ask for the remaining term instead. No lender offers this unprompted, so it needs requesting every time.
Can I buy my next home before I sell this one?
Yes, and there are two ways to do it. Bridging finance lets you settle the new place while the old one is still listed, then the sale pays the bridge out. The alternative is drawing equity from what you own to fund the purchase and selling when it suits you. Which one works depends on how much equity you have and whether your income covers both loans meanwhile.
Should I keep the apartment and rent it out?
Worth pricing against selling rather than deciding on instinct. The questions are whether your income supports both loans once part of the rent counts, and whether equity can be released without a sale. This is a strong rental area, though levies are an ongoing cost. Keeping a former home also changes its tax treatment, so speak with your accountant first.
How much equity can I use?
Broadly eighty per cent of what the apartment is worth today, less what you still owe, with lenders mortgage insurance generally returning past that. On an apartment the figure depends heavily on when you bought and on how the building has held its value. What your income supports usually sets the practical limit rather than the equity itself.
Can equity fund an investment purchase?
Yes. Rather than saving a second deposit, you release equity from a property you already own to cover the deposit and costs on the investment, so nothing comes out of savings. Two loans result, one secured by each property, and keeping them separate preserves your flexibility later. Have your accountant review the structure before it is set up.
How much of the rent will a lender count?
Less than the rental appraisal shows. Lenders shade the expected rent down to allow for empty weeks, agent fees and upkeep, and each one shades it differently. They then run the loan at a rate higher than you will be paying. Levies come off as an expense as well, which is the part that makes an apartment assess differently from a house at the same price.
The building has shops underneath. Does that matter?
It can, and this is not something to answer with a general rule. How a lender treats a building that mixes retail or commercial space with apartments, how much they will advance, and how they view a smaller floor area all differ between lenders and change over time. Send us the address before you make an offer and we will check it across 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. If you would rather meet face to face we come to you, including evenings and weekends, which suits people working hospitality or shift hours.
What does a digital appointment involve?
A conversation about where you are and what you want to do, then payslips or financials, statements and identification sent through securely. We compare the panel and come back with the numbers and the options. On an apartment we check the specific building against lender policy before recommending anything. Weekday evenings until nine and weekends.
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, and with an apartment those rules cover the building as well as you. If something about it does not suit them the answer is no, and you generally find that out after applying and paying for a valuation. We compare 35+ lenders first, at $0 cost to you.
Your Chinatown mortgage broker
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Free check. No pressure. 35+ lenders compared at $0 cost to you.
Chinatown sits within Haymarket at the southern end of the city, with the rest of the centre a short walk north. Sydney surrounds it and Barangaroo lies north west on the harbour. Newtown and Marrickville run south west, with Balmain across Darling Harbour and Mascot south towards the airport. Across the bridge sit Milsons Point, Kirribilli, McMahons Point North Sydney and Lavender Bay. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.