Parramatta and Westmead have some of the highest concentrations of apartments in Western Sydney. That's great for choice and transport, but it means lender policy can make or break a purchase. Two buyers with the same income can get very different answers depending on the building they choose.
Unit size
Many lenders set minimum internal living areas. Studios and very small one-bedroom units may attract a lower maximum loan, a requirement for a bigger deposit, or a decline. Always check the floor plan measurements, not just the advertised total including balcony and car space.
High-density postcodes and buildings
Some lenders limit how much they'll lend in postcodes or buildings with lots of apartments. The effect is usually a lower maximum loan-to-value ratio, which means a larger deposit. It's a key reason to compare lenders, not just rates.
Off-the-plan purchases
If you buy off the plan, the lender values the unit close to settlement, sometimes years after you signed. If similar units have sold for less in the meantime, you may need to cover a shortfall. Plan a buffer and keep your pre-approval current as settlement approaches.
Strata reports and levies
Ask your conveyancer for a thorough strata report. Look for major defects, special levies, the capital works fund balance and any building rectification. High levies also reduce how much you can borrow, because lenders include them in your expenses.
Health workers and shift income
Westmead's hospital precinct means many buyers here earn penalty rates, allowances and overtime. Lenders treat this income very differently: some count most of it, others heavily discount it. The right lender can add significantly to your borrowing power.
Buying as an investment?
Rental demand near transport and hospitals is strong, but lender policy for investment units can be stricter. See our investment loans page and our guide to using equity to buy an investment property.
Check a building before you commit
Free, no-obligation chat with Ram Lakshmanan. No credit check to start.