Waterloo mortgage broker
Waterloo mortgage broker
A mortgage broker
who knows Waterloo.
A suburb being rebuilt over the next decade and a half, where a great deal of what is sold has not been built yet. We compare 35+ lenders and it costs you nothing.
35+
Lenders
10+
Years experience
1,000+
Clients helped
$0
Cost to you
About Waterloo
What the 2017 market actually looks like
History of Waterloo
Industrial from the beginning, built around mills, tanneries and wool washing on the swampy ground south of the city, with workers cottages and terraces filling the streets between them. The public housing towers went up in the sixties and seventies. The metro station opened underneath the suburb far more recently.
Waterloo property market
Three things at once. New apartment towers through the Green Square end and around the metro, Victorian terraces and cottages in the conservation area to the north, and older red brick walk ups scattered between. The Waterloo South renewal will add several thousand more homes across the next ten to fifteen years.
Waterloo property prices
Apartments dominate and the range is wide, from older walk ups through to new towers with full amenity. What makes this market unusual is the volume of new supply still to come, which is worth factoring into a long view rather than assuming the pattern of the last few years simply continues.
Borrowing in Waterloo
A lot of what sells here is bought off the plan, and that changes the process substantially. You commit now and settle later, sometimes years later, and almost everything that matters, from the valuation to your own approval, happens at the far end rather than at the start. Understanding that sequence is most of the work.
Waterloo is one of the suburbs we cover across Sydney, and the one changing fastest.
Buying off
the plan?
You commit now and finance later. What can change in between is worth understanding before you sign.
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.
Long settlement
ahead of you?
Approvals expire and policies move. We keep the file live rather than starting again at the end.
Client stories
How we helped
Three real situations, and what actually happened in each one.
The number arrived years later.
They had bought off the plan and the valuation only happened when the building finished, well after they signed. Their own lender valued it below 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.
Policy shifted before completion.
Their lender changed its policy during the build and what had been indicated at signing no longer fitted. Nothing about their circumstances had changed. We moved quickly, took the same file to lenders whose policy still suited it, and placed the loan before settlement was called. On a long settlement that kind of change is more likely than most buyers expect.
Savings stayed where they were.
They wanted a second property and assumed a fresh deposit had to be saved. We reviewed the loan on the home they already owned, moved it to sharper pricing and released equity in the same application. That covered the deposit and the costs, so nothing came out of savings. Because the structure affects tax, they worked that side 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 Waterloo 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 Waterloo 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
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 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
Waterloo questions, answered
Why use a mortgage broker in Waterloo?
Because so much here is bought off the plan, and that puts a long gap between committing and settling in which a great deal can change. Add new towers, older walk ups and heritage terraces in one suburb and lender views vary enormously. We compare 35+ lenders at no cost to you, under a legal obligation called the Best Interests Duty.
What is different about buying off the plan?
You sign a contract and pay a deposit now, then settle when the building is complete, which may be a year or several years away. The valuation, the formal approval and your own circumstances are all assessed at that far end rather than at signing. Almost every off the plan problem comes from that gap rather than from the apartment itself.
Can I get finance approved before I sign?
You can get pre-approval based on your position, and it will not last until settlement on a long build. What that early conversation does is confirm the purchase is realistic and identify anything worth fixing while there is time. Formal approval comes closer to completion, which is why the file needs revisiting rather than filing away.
What happens if my approval expires during the build?
It generally will, since approvals run for a matter of months rather than years. It is refreshed with updated payslips, statements and identification closer to completion. The risk is not the expiry itself, it is a change in your circumstances or in lender policy during the gap, which is why the position is worth reviewing periodically rather than once.
What is a sunset clause?
A date in the contract by which the development must be completed and registered, after which either party may be able to end the contract. It exists because a build has no fixed end date at signing. Your solicitor will explain how the clause in your particular contract works and what protections apply, and it is worth understanding before you sign rather than later.
What if the finished apartment is not what I expected?
The contract sets out the plans, finishes and tolerances, and there is usually scope for minor variation. That is a question for your solicitor, who will explain what the contract permits and what recourse you have. From the lending side, what matters is that the completed apartment still values sensibly, which is assessed at the end.
What happens if the valuation comes in under the contract price?
The lender advances against its valuation rather than the price you agreed years earlier, so any shortfall is covered in cash at settlement. It is the single biggest off the plan risk. Different lenders use different panels and can reach different figures, so it is worth acting quickly rather than accepting the first number.
Can I use a deposit bond instead of cash?
Sometimes, where the vendor agrees. A deposit bond is a guarantee provided by an insurer in place of a cash deposit, with the cash paid at settlement instead. It suits buyers whose funds are tied up until then. It is not automatically accepted and it needs arranging in advance rather than raised at exchange.
Does all the new supply affect my valuation?
It can influence what a valuer sees, since a market absorbing several thousand new homes over a decade has plenty of comparable sales and a steady stream of new stock competing with resales. That is not a reason to avoid the suburb. It is a reason to take a long view rather than assuming recent growth simply repeats.
Should I worry about buying near a long construction project?
It is worth going in with your eyes open rather than worrying. The Waterloo South renewal runs across the next ten to fifteen years, which means noise, hoardings and changing streets for part of that time, and a substantially improved precinct at the end of it. How close a specific address sits to the works is worth checking.
Does it matter which building I buy in?
It can, 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 a compact apartment all differ between lenders and change over time. Send us the address before you sign and we will check the panel.
Do strata levies affect what I can borrow?
Yes, because levies count as an ongoing commitment in the assessment. In a new tower with pools, gyms and concierge those levies are substantial, and on a first year building the initial estimate can prove optimistic once the scheme is actually running. It belongs in your sums alongside the purchase price.
What should I look for once the strata records exist?
On a brand new building there is little history, which is its own limitation. Look at the levy estimates, the schedule of finishes and any defect or building bond arrangements that apply to new work. Your solicitor will explain what protections cover defects in a new development and how long they run.
How much deposit will I need?
Twenty per cent avoids lenders mortgage insurance, and on a Waterloo apartment that is more reachable than most of the inner city. Buying with less is common where you pay the insurance instead. On off the plan the contract deposit is a separate matter from the deposit that goes towards the loan at settlement.
What is lenders mortgage insurance?
A single premium triggered where borrowing exceeds eighty per cent of what the property is worth at settlement, insuring the lender rather than you. It is normally rolled into the loan. Avoiding it means a larger deposit, an occupational waiver through certain lenders, a family guarantee, or the Australian Government 5% Deposit Scheme where you qualify.
Can I use the 5% Deposit Scheme here?
Prices here more often sit under the scheme cap than elsewhere in the inner city, so it genuinely can work. 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, and the apartment still has to qualify.
How does a guarantor loan work?
A family member puts a portion of the equity in their own property up as extra security so the lender has more to rely on. Nothing leaves their account and the repayments remain yours. The pledge is normally capped at a set figure rather than covering the whole house, and it can be released once your loan has reduced sufficiently.
What reduces my borrowing capacity?
Credit card limits regardless of what you owe, existing loan repayments, ongoing commitments, study debts and dependants. On a long settlement it is worth keeping those steady rather than taking on anything new, since your position is reassessed at the end and a new car loan can undo an approval that would otherwise have held.
Can I use equity in another property to buy here?
Yes. You release equity from a property you already own 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, particularly if the new one will be an investment.
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 a new tower makes a meaningful difference.
Is a new apartment a good investment here?
It depends far more on the price you pay than on the building being new. A suburb adding thousands of homes over a decade gives tenants and buyers plenty of choice, which is worth weighing. Run the numbers on what a lender will actually count from the rent rather than on the yield printed in the brochure.
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. On an off the plan purchase it also gives you somewhere to build the settlement funds while keeping them working and available.
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 when settlement funds need to be available on a date you do not control.
Should I fix the rate before settlement?
Generally not before the loan actually settles, since a fixed rate locked in early can be lost or attract a fee if the settlement date moves, which on a construction project it frequently does. Once the loan is in place and the position is stable, fixing part of it is a more sensible conversation.
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. On a new apartment there is a second reason, since a building that has become established and had its early issues resolved can be viewed differently by lenders than it was at completion.
What does refinancing cost?
Typically a few hundred dollars through to around a thousand. The lender you leave charges to discharge, government fees apply to register the change, and the incoming lender sometimes adds settlement or valuation costs, though many waive them. On a fixed rate the break cost is the deciding figure and gets established first.
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 an off the plan purchase where the process stretches across years with occasional bursts of paperwork. If you would rather meet face to face we come to you.
Should I use my bank or a mortgage broker?
A bank offers its own loans, its own valuation panel and its own policy, and on a long settlement that policy may not be the same at the end as it was at the start. If it has moved against you, that is your problem rather than theirs. We compare 35+ lenders and keep the file live, at $0 cost to you.
Your Waterloo mortgage broker
Your home loan.
Made simple.
Free check. No pressure. 35+ lenders compared at $0 cost to you.
Waterloo sits between Redfern and Green Square. Redfern is north west and Zetland south east, with Moore Park east and Alexandria and Beaconsfield south west. Surry Hills lies north, with Chippendale, Darlington and Eveleigh north west and Erskineville west. Haymarket and Chinatown sit up towards the city. We cover all of them, so if your search shifts a suburb or two, you are not starting from scratch.