Your Local Mortgage Broker Balaclava

A broker does the lender research for you. We start by understanding your income, savings, debts and the kind of Balaclava property you are looking at, then compare loans from more than 60 lenders to find ones that fit. We handle the paperwork, liaise with the lender and keep you updated until settlement. Because our office is in St Kilda, we know the local mix of older unit blocks, new apartments and period homes, and we can flag lender policies on smaller apartments or high-density buildings early, before they become a problem.

Your deposit is only part of the cash you need. Stamp duty is usually the biggest extra cost, and the amount depends on the price and on whether you qualify for a first home buyer exemption or concession. Because most Balaclava homes are apartments, ask for the owners corporation certificate early and budget for ongoing owners corporation fees and any special levies. Add conveyancing or legal fees, any lender application or valuation fees, and lenders mortgage insurance if your deposit is under 20% and you are not using a scheme such as the federal Home Guarantee Scheme. We set out these costs with you before you make an offer, so you know how much cash you need at settlement.

Balaclava gives buyers several price points in a small area. The housing ranges from 1960s and 70s flats to newer apartments and period cottages, so first home buyers, investors and upgraders can all find options that suit different budgets. Separate houses are a small share of the market, so they come up less often. Whatever you are considering, check the specific building and price: review the owners corporation records for levies or planned works, compare recent nearby sales and confirm the lender will accept the property before you commit.

Often, yes, but it depends on the lender and the property. Many lenders accept deposits from 5% to 10% for owner occupiers, usually with lenders mortgage insurance, and the federal Home Guarantee Scheme may help eligible first home buyers avoid that cost. Some lenders limit lending on very small apartments, studios or units in large complexes, and older blocks can carry special levies for maintenance. We check the floor area, building size and owners corporation records against each lender's policy so you know where you stand before you bid.

It is worth reviewing. If you bought your unit several years ago, your loan balance may have reduced and your property value may have changed, which can affect the options available. A review compares your current rate, fees and features against what other lenders offer, and considers whether you want an offset account, to release equity for renovations, or to keep the unit as an investment when you upgrade. We calculate switching costs and any break fees so you can see whether moving lenders actually leaves you ahead.

Once we have your documents, many lenders return a pre-approval within a few business days, although times vary between lenders and can stretch during busy periods. Having payslips, bank statements, ID and details of any debts ready speeds things up. Pre-approval is usually valid for around three to six months, depending on the lender. It is worth getting it sorted before you start inspecting in Balaclava, because apartments in popular blocks can sell quickly at auction and you will want to know your limit.