More than half of Hurlstone Park’s homes are separate houses, many with larger backyards, and over a third are owned outright.
With a construction loan or a top-up against your home, once council or complying development approval is in place. The lender wants a fixed-price contract and values the property with the granny flat finished.
Some lenders count part of the expected rent from it toward your borrowing, which can make the extra loan easier to service.
Hurlstone Park sits close to the NSW mix: 53.4% houses, 30.8% apartments and 32.3% rented, so most lenders treat an address here as standard.
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 (SAL11970).
Home equity calculator
For upgraders and investors, how much of your home could work as a deposit.
That usable equity could work as a deposit on an investment property or renovation, structured so your properties aren’t tied together unnecessarily.
Usable equity assumes lending to 80% of your home’s value against your current loan. Lender policy and serviceability decide the real figure.
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A granny flat is usually funded in one of two ways. A top-up against your home suits a smaller, fixed-price project. A construction loan releases money in stages as the build progresses, and is common for larger projects or where the builder works to a progress payment schedule.
Either way, the lender wants the approval in place, whether a development consent from council or a complying development certificate, along with a fixed-price building contract and plans. It then values the home as it will be once the granny flat is finished. Construction loan documents
Charles Touma, Mortgage Broker.
Hurlstone Park lies about nine kilometres south-west of the city, bounded by the Cooks River to the south, Garnet Street to the east, New Canterbury Road to the north, Canterbury Road to the north-west and Church Street to the west.
Its shops sit along Crinan Street and nearby Duntroon and Floss Streets, with more commercial areas on the main roads. Ewen Park, beside the Cooks River, is its largest park and home to the Hurlstone Park Wanderers soccer club.
A lender generally will not fund building work without the right approval. In New South Wales a secondary dwelling may be approved through a development application to council or, where the site meets the criteria, a complying development certificate.
Heritage controls, lot size and access can affect which path is available.
Getting the approval pathway clear first saves time, because the lender’s valuation and construction terms rely on approved plans. Construction loans explained.
With a construction loan, the builder is paid in stages, such as the slab, frame, lock-up, fixing and completion, and the lender may inspect before each payment. You usually pay interest only on the amount drawn so far, so repayments grow as the build progresses.
Items outside the contract, such as landscaping, driveways or connection fees, are commonly paid from your own funds, so allowing a buffer for them avoids a shortfall near the end. A build with a buffer.
If the granny flat will be rented out, some lenders count part of the expected rent as income once it is built, which can help with serviceability. Others are more cautious, particularly where the second dwelling shares the title and services with the main house.
If a family member will live there instead, there is no rent to count, and the loan is assessed on your own income. Being clear about the plan helps the lender assess it properly. How rental income is treated.
Stage one. Your project. What you want to build, who it is for and the likely budget. No documents are needed for this part.
Usually through a construction loan, which releases funds in stages, or a top-up against your home for a smaller fixed-price project. The lender needs the approval, plans and a fixed-price contract, and values the home as it will be once the granny flat is built.
Often, but not always by as much as it costs. A valuer estimates the finished value from the plans and contract, and the increase may be less than the build price. The loan is based on the valuation, so a realistic budget matters.
It can: some lenders count part of the expected rent once the granny flat is complete, which helps serviceability. Policies vary, particularly when it shares the title and services with the main house, so the choice of lender matters.
Yes: either a development application to council or a complying development certificate where the site meets the criteria. Heritage controls and site constraints affect which applies, and a lender will not fund the build without one.
It is the lender’s estimate of your property’s value once the building work is finished, based on the plans, specifications and contract. A construction loan is usually sized against that figure.
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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.
