Mortgage Broker Burwood
Buying around Burwood usually means buying an apartment, and apartments are where lender policy gets fussy. Unit size, building height, strata history and postcode limits can all change what you can borrow. Charles Touma works out which lenders will actually say yes to the property you want.
Helping buyers, owners and investors in Burwood
Links Property Finance is a Sydney mortgage broker. We don't have a shopfront in Burwood, and we're not going to pretend otherwise. What we do is work with people buying, refinancing and investing across the Inner West, mostly by phone and video, and in person when it helps.
Burwood's market runs from apartments around the station and town centre out to freestanding homes in the surrounding streets. That range matters more than it sounds, because a lender that is comfortable with a house on a full block can be noticeably less comfortable with a two-bedroom unit in a large complex two streets away.
Why lender choice does the heavy lifting here
Every lender publishes a credit policy, and the policies differ most on exactly the things that decide a Burwood purchase: minimum apartment size, how many units in one building they'll fund, whether they'll go to a high loan-to-value ratio on high-density stock, and how they read a strata report.
Going to one bank means accepting one set of those rules. Comparing across a panel means finding the lender whose rules already fit the property, before you've paid for a valuation or, worse, committed at auction.
First home buyers in Burwood
Burwood units sit in the price range where the first home buyer schemes do the most work. Here's what's worth checking before you start looking.
Five per cent can be enough under the government scheme. Ten to twenty per cent opens more lenders and usually a sharper rate. Compare deposit sizes.
The Australian Government 5% Deposit Scheme has a Sydney property price cap of $1.5 million, no income caps and unlimited places. Most Burwood units sit well inside that cap.
Eligible first home buyers pay no transfer duty up to $800,000, with a concession between $800,000 and $1 million. Work out your figure.
Lenders assess you at a rate above the one you'll pay. Your credit cards and buy-now-pay-later limits count even when unused. Estimate your borrowing power.
Worth having before you inspect, not after you've found something. How pre-approval works.
A parent's equity can stand in for the cash deposit without them lending you money. Guarantor home loans explained.
Buying an apartment in Burwood: what lenders look at
This is the part that catches people out. The loan isn't only assessed on you, it's assessed on the property too.
Internal size
Many lenders want at least 50 square metres of internal living area, excluding balconies and car spaces, before they'll lend at a high loan-to-value ratio. Some will go smaller, some won't lend at all below a threshold. Studios and compact one-bedders are where this bites hardest, and it's a policy difference, not a valuation problem, so the fix is choosing the right lender rather than arguing the point.
Building size and postcode limits
Some lenders cap how much they will lend in a single complex, or apply tighter deposit requirements in postcodes they consider high-density. Policy varies, and it changes. It's checkable before you commit, which is the whole point of checking.
The strata report
A strata report shows the sinking fund balance, any special levies raised or foreshadowed, building defect history and current disputes. Lenders don't usually read it, but valuers do, and a building with known structural problems can come back valued below the contract price. Your conveyancer should order one before you exchange.
Valuation shortfall
If the bank's valuation comes in under what you agreed to pay, the lender lends against the lower figure and you make up the difference in cash. On an apartment purchase that gap is usually the difference between a smooth settlement and a scramble.
Refinancing a Burwood home loan
If you bought a unit a few years ago with a small deposit, two things have probably changed: you've paid the loan down, and the property may have moved in value. Both push your loan-to-value ratio down, and once you're under 80 per cent a different set of rates opens up, along with the option to stop paying lenders mortgage insurance on any future borrowing.
Worth reviewing when your fixed rate is ending, when your rate sits above what new customers are being offered, or when you want an offset account you don't currently have. Sometimes the right answer is a repricing call to your existing lender rather than a switch, and that costs nothing.
Investment lending in Burwood
Units near a major station and shopping centre tend to attract investors for the same reasons they attract tenants. Lenders assess an investment loan differently: rental income is usually only partly counted, often around 80 per cent, to allow for vacancy and costs, and investment rates generally sit above owner-occupier rates.
Interest-only can help cash flow in the early years, but it doesn't reduce the balance, and repayments step up when the interest-only period ends. Whether it suits you depends on your plans and your tax position, which is a conversation for your accountant as much as your broker.
Useful tools before you start looking
Borrowing power
What a lender might let you borrow, from your income and commitments.
OpenCan I afford this property?
Put in a Burwood asking price and see the deposit, duty, costs and repayments.
OpenNSW stamp duty
First home buyer exemption and concession, at any price.
OpenDeposit strategy
Five, ten or twenty per cent, and what each one changes.
OpenLVR and insurance cost
Your loan-to-value ratio, and the insurance premium a small deposit adds.
OpenRepayments
Monthly principal and interest at any loan size, rate and term.
OpenGet your free First Home Buyer Report
Answer a few questions about your income, savings and plans. You'll get a written report covering your deposit position, what a Burwood purchase would actually cost you, which government pathways may fit and what to do next. Free, no credit check.
Why people work with Links
Common questions about buying in Burwood
Do I need a mortgage broker in Burwood to buy in Burwood?
No. Home loans are written the same way anywhere in Australia, and almost all of the process now happens by phone, video and secure document upload. What matters is whether your broker knows the lender policies that affect the property you're buying, not how close their desk is to the station.
Why do some lenders treat apartments differently from houses?
Because their security is different. A lender holds the property as security for the loan, and a small apartment in a large complex is generally seen as harder to sell quickly and more exposed to building-specific problems than a freestanding house. That shows up as minimum size rules, deposit requirements and limits on how many units in one building a lender will fund. Policy varies between lenders and does change.
Can I use the 5% Deposit Scheme on a Burwood apartment?
Apartments are eligible property types under the Australian Government 5% Deposit Scheme, and the Sydney price cap of $1.5 million comfortably covers most Burwood units. Your eligibility still depends on the scheme criteria and on the lender being satisfied with both you and the specific property. Some lenders apply their own extra restrictions on high-density apartments even within the scheme.
What is a minimum apartment size requirement?
It's the smallest internal living area a lender will accept as security, usually measured excluding balconies, car spaces and storage. Many lenders sit around 50 square metres for a high loan-to-value ratio loan, with some willing to go lower and some declining smaller properties outright. It's worth checking before you make an offer on a studio or compact one-bedroom.
Should I get the strata report before or after I make an offer?
Before you exchange contracts, and ideally before you bid at auction, because an auction purchase is unconditional. A strata report can reveal special levies, defect history and a sinking fund that is too thin for the building's age. Those things affect what you'll pay to own the property and can affect the valuation your lender relies on.
How much deposit do I need for a unit around Burwood?
It depends on the price and the pathway. Under the government 5% Deposit Scheme, five per cent plus costs can be enough for eligible first home buyers. Outside the scheme, a deposit under 20 per cent generally means lenders mortgage insurance. A family guarantee is a third route. The deposit calculator shows the difference between each option on the same purchase price.
What does Links Property Finance charge?
There is no broker fee on most home loans. The lender pays a commission on settlement, and that commission is disclosed to you in writing before you apply. If a situation ever did warrant a fee, you would be told before any work started, not after.
Start with your buying position.
Five questions, no credit check, no sign-up. You'll see a realistic range, where your deposit sits and what the next step actually is.