Your Local Mortgage Broker Elwood

Rather than approaching banks one at a time, you tell us once about your finances and goals, and we search loans from more than 60 lenders on your behalf. We explain the trade-offs between rates, fees and features, prepare the application and manage it through to settlement. Being based in neighbouring St Kilda, we see a lot of Elwood apartment purchases and understand how lenders view older blocks, strata buildings and the smaller number of houses, which helps us steer you towards lenders whose policies suit your property.

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 Elwood 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.

Elwood suits buyers who want an established bayside suburb with character housing. Many apartments are in low-rise interwar and mid-century buildings rather than large towers, while houses and townhouses make up a much smaller share of the market and can take longer to find. That gives first home buyers and investors a range of apartment options, while upgraders often need patience to secure the right house. Every purchase still needs its own due diligence on the building, the owners corporation and the price.

Elwood's older apartment blocks are popular, but they come with a few lending considerations. Lenders look at the size of the unit, the condition of the building and the owners corporation's finances, so it pays to review the owners corporation certificate for special levies or planned works such as roof, render or plumbing repairs. Some older units have smaller floor areas than certain lenders accept. Heritage overlays can also limit renovation plans. We match the property to lenders comfortable with it and check valuations before you are locked in.

Most people use the equity in their current apartment. The two common paths are selling first and then buying, or buying first using a bridging loan that covers the overlap until your flat sells. Each has pros and cons around timing, cost and risk. Some owners keep the apartment as an investment and borrow against it instead. Because houses make up only a small share of Elwood's dwellings, the search can take time, so we suggest working out your borrowing power and preferred strategy before the right house appears.

No. You do not need to visit a branch at all. We can meet you at our St Kilda office, nearby in Elwood, or by phone and video, and most documents can be shared securely online. We lodge the application with the lender you choose, follow it up and arrange the signing of loan documents. Going through a broker also means you are not limited to one bank's products, since we compare options across a panel of more than 60 lenders before recommending anything.