Your Local Mortgage Broker South Melbourne

Think of us as your guide through the lending market. After learning about your budget, deposit and goals, we compare loans from 60+ lenders and narrow them down to a few that make sense for a South Melbourne purchase. Apartments make up most of the housing here, and lenders differ on things like minimum size and building type, so that local knowledge saves time and avoids surprises. We then handle the application, chase approvals and coordinate with your conveyancer right through to settlement.

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 South Melbourne 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.

South Melbourne offers inner city convenience in a compact, established suburb. It is roughly 3 km from the CBD and is served by tram routes 1, 12, 58 and 96, so many trips can be made without a car. South Melbourne Market and the Clarendon Street shops are everyday destinations, and Albert Park Lake is on the doorstep. The 2021 Census showed 54.9% of homes were rented, which tells investors there is a large rental population, although vacancy rates and returns change over time. Always assess the specific property and building before committing.

Start with the building itself. Ask for the owners corporation records to understand fees, any special levies and past repairs, and arrange a strata report if you can. Lenders look at the apartment's internal size, the number of units in the building and its location, and some will ask for a bigger deposit or decline small studios. Car parking and storage can affect resale appeal. With 58.6% of South Melbourne dwellings being flats or apartments at the 2021 Census, buyers have plenty of choice, so compare a few buildings before you commit.

Both options are possible, but they work very differently. Buying in your own name can give more flexibility with loan features and using equity later, while SMSF loans are limited recourse borrowing arrangements with stricter rules, larger deposit requirements and fewer lenders. The property must also meet the sole purpose test, so you cannot live in it or rent it to relatives. We can compare lenders for either structure, but the decision itself should be made with advice from your accountant or a licensed financial adviser, because super and tax rules apply.

There is no need to visit a branch. As your broker, EverLend deals directly with lenders, so you can apply without queuing at a counter or booking a bank appointment. Most of the process happens online, from uploading payslips to signing loan documents electronically. If you would like to meet face to face, our St Kilda office is close to South Melbourne, and we are equally happy to talk by phone or video call. Comparing more than 60 lenders also gives you a wider choice than any single bank can offer.