Your Local Mortgage Broker Prahran

A broker does the lender legwork for you. We start by understanding your income, deposit and plans, then compare home loans from more than 60 lenders to find ones that suit your situation. For Prahran buyers that often means checking which lenders accept smaller apartments, how they treat strata buildings and what deposit they need. We prepare and lodge the application, deal with the lender's questions and keep you updated through valuation, approval and settlement. Because we work across Chapel Street and the surrounding streets every week, we can also flag issues such as building size or unit type before they slow your application down.

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 Prahran 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.

Prahran combines transport, shopping and parks in a compact area. It is about 5 km from the CBD, has its own station on the Sandringham line and is served by five tram routes, including route 78 along Chapel Street and route 6 along High Street. Chapel Street and Greville Street provide shops and dining, Prahran Market is just over Commercial Road, and Orrong Romanis Reserve and Victoria Gardens offer open space. For investors, the 2021 Census showed 54.2% of households renting, so there is an established rental market. As with any purchase, the right property depends on your goals and budget.

It can be possible, but it depends on the lender and the property. Some lenders accept a 5% deposit with lenders mortgage insurance, and eligible first home buyers may be able to use the federal Home Guarantee Scheme to avoid that insurance. The catch with inner city apartments is that many lenders set minimum internal sizes, and some limit lending in large or high density buildings. A studio or compact one bedroom unit may need a bigger deposit with certain lenders. We check the floor area, the building and your eligibility first, so you know which lenders are realistic before you make an offer.

Both are common here, and the choice usually comes down to budget, space and ongoing costs. A Victorian or Edwardian terrace generally gives you land and fewer shared rules, but period homes can come with maintenance and heritage considerations. An apartment may cost less to buy and suit a lock and leave lifestyle, though you will pay owners corporation fees and lenders look more closely at size and building type. From a lending point of view, the deposit, valuation approach and insurance can differ between the two. We can run your numbers for both so you can compare what each option means for repayments.

Once we have your documents, many lenders return a conditional pre-approval within a few business days, though timeframes vary between lenders and get longer in busy periods or for self employed applicants. Having payslips, bank statements, identification and details of any debts ready helps us move quickly. Pre-approval is worth having before you start bidding on Prahran apartments or terraces, because it gives you a working budget. Keep in mind it is not a final approval: the lender will still need to value the specific property and confirm your circumstances before formal approval is issued.