Summer Hill’s village square, station and art-deco flats are the Inner West in miniature, and so are its lending questions: small old schemes and first-home budgets. Charles reads the deco blocks the way valuers do.
Yes. Art-deco and inter-war flats in tight markets are good security in a lender’s eyes; what changes is the due diligence. The records are thin, quick to read and important to have read before the offer.
A six-flat deco block is governed by the same strata law as a tower with a fraction of the owners to fund it, so reserves are smaller and one major work, a roof or a damp course, is a significant levy per lot.
Apartments are just over six in ten homes here (63.1%, against 21.7% statewide). Here the building is assessed almost as closely as the borrower, from the strata report to the size of the complex. Half of the homes in Summer Hill are rented, well above the state average. High rental demand here helps an investment loan, because lenders count part of the expected rent toward servicing.
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 (SAL13702).
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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As a first home buyer, I was pretty overwhelmed at the start, but Charles made everything much easier. He explained the process step by step and helped me understand my borrowing options. His professionalism and responsiveness were excellent.
Charles looked after us really well and his knowledge gave us the confidence to purchase our property. He wasn’t pushy and always ensured we felt comfortable with the repayments.
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.
Charles Touma, Mortgage Broker.
Decisions are personal and reserves are small. A six-flat block has the same obligations as a large building with six owners to fund them, so the strata report shows whether the roof, drainage and damp course have been dealt with or are coming.
Lenders do not shy away from small deco schemes; they want the records read, which is what Links does before the application.
Yes, for the valuation evidence: most apartment blocks sit near Summer Hill station, so recent sales and leases are easy for a valuer to compare.
Summer Hill station sits beside the village shops around Lackey Street, the Inner West Light Rail runs along the eastern edge with stops at Lewisham West and Taverners Hill, and buses on Parramatta Road and Liverpool Road cover the northern side.
No. A house or Torrens title semi is assessed on its land and condition with a building report, and larger loans bring each lender’s income limits into play. A flat is assessed on the building and the scheme.
Both are compared across lenders including ANZ, Westpac, Macquarie, ING and Resimac for the rules that fit.
Yes. Character stock in a tight market holds value and sells readily, which is what a lender wants from security. The attention goes to the building’s records instead: sinking fund, special levies, planned works and internal size, because a deco flat can be small by today’s lender rules.
Yes. The scheme applies to established homes under the $1.5 million Sydney cap for eligible first home buyers, with no income caps. The flat still has to meet the lender’s own rules on internal size and strata health, which is why the building is checked before you commit.
Not necessarily. Price it in. The strata report and a quote for the works tell you the levy per lot, which can be negotiated into the price or funded in the loan if the lender agrees. What you avoid is finding out after exchange.
Yes, for the rental evidence: the station and light rail corridor keep tenant demand steady and give the valuer comparable leases. The lender still counts about 80 per cent of the rent and prices investment loans above owner-occupier rates.
Some do. A few lenders want a minimum number of lots or a healthier sinking fund before lending on a very small scheme, while others treat a well-kept six-flat block like any other. Matching the block to a lender whose policy fits is done before the valuation is paid for.
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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.
