Drummoyne lending is rarely small: waterfront apartments, bay-view houses and Victoria Road units all price differently, and above certain loan sizes lender policy quietly changes. Charles structures larger loans so the rules work for you.
Yes, though the rules change with the loan size. Push above the middle of the market and quiet thresholds appear: lenders trim their maximum loan-to-value ratio on larger loans, mortgage insurance becomes unavailable past certain limits and single valuations get review-checked.
None of it is a barrier; it is a routing problem, which lender’s thresholds fit your purchase, and that is what a panel of more than 70 lenders is for.
Apartments are just under six in ten homes here (57.1%, against 21.7% statewide). Small studios and older blocks with thin sinking funds narrow the lender list, which is worth knowing before you bid.
Separate housesTownhouses and semisApartments
apartments NSW 21.7%
separate houses NSW 65.6%
terraces and semis NSW 11.7%
rented NSW 32.6%
with a mortgage NSW 32.5%
private dwellings
Source: ABS Census 2021, Suburbs and Localities (SAL11296).
NSW first home buyer stamp duty
Assumes an eligible NSW first home buyer purchasing an existing home under the First Home Buyers Assistance Scheme (exempt to $800k, concession to $1m). Indicative only, check Revenue NSW for your exact position.
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I found Charles and Links Property Finance very prompt and professional to deal with. Made it all so easy.
Paperwork and finances were never my strong suit. He has made this process as simple and dummy proof for me as humanly possible. This is not the first time I use a mortgage broker, however it was the easiest and most pleasant.
I have had a number of dealings with Charles from Links Property Finance. He is very knowledgeable, thorough, and detailed with his advice. Importantly, he is very approachable and easy to deal with. His advice has been beneficial to myself and my acquaintances. I highly recommend him.
Bring the Drummoyne plan, the purchase, the build, the switch, and leave with the lending mapped: which lenders fit, what it costs monthly and what to do first. Free, no obligation.
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Most advertised policy is written for the middle of the market. Professional waivers still apply at several lenders, so the lender match decides how much deposit you need.
On larger loans a lender may cap the loan-to-value ratio at 80 per cent while advertising 95 per cent to smaller borrowers, decline mortgage insurance above a set amount and have a second valuer review the figure.
As three different markets in one postcode. Harbourfront apartments along St Georges Crescent, family homes towards Birkenhead Point and busy-road units on Victoria Road each have their own comparable sales, and the busy-road units trade at a real discount.
The peninsula has no railway station; ferries from Drummoyne wharf on Wolseley Street and buses along Victoria Road carry the demand that valuers see in the sales evidence.
Yes, two ways. A family guarantee pledges part of your equity as security for their loan without cash moving, released once their loan sits under 80 per cent. Or equity is released as cash for a documented gift.
Each is assessed on your own position as well as theirs, and the guarantee needs independent legal advice.
There is no single figure: each lender sets its own ceiling, and the maximum loan-to-value ratio usually falls as the loan rises, so it depends on your deposit and the lender. The difference across the panel can be large, which is why larger Drummoyne loans are placed rather than applied for.
Because the advertised figure is for the middle of the market. Above a set loan size, many lenders reduce the maximum ratio and some will not insure the loan at all.
Other lenders keep higher ratios on larger loans, so the cap is a matter of which lender, not a fixed rule.
They can. Fewer comparable sales and bigger differences between properties leave more room for judgement, so two valuers can land apart on the same harbourfront apartment. On a tight ratio that decides the deal, which is why the lender is chosen partly for its valuation panel.
A waiver of lenders mortgage insurance up to 90 per cent, sometimes 95, that several lenders offer registered professionals such as doctors, dentists, lawyers and accountants, usually with a minimum income. On a Drummoyne loan it can replace a large chunk of deposit, so eligibility is checked at the start.
Often, because a small rate difference on a large balance is real money: 0.25 per cent on $900,000 is about $188 a month.
A repricing request to your current lender is free and is tried first; if it will not move, the switching costs are modelled against the saving before any application.
General information only, not credit or financial advice. Lender policies and government scheme criteria differ and change over time. All lending is subject to individual assessment and approval.
