Buying a Tenanted Apartment in Kensington: Finance Checklist

If you are considering a tenanted apartment in Kensington, prepare the rental information alongside your own financial records. A clear application explains the existing tenancy, the income evidence available and what you intend to do with the property after settlement.

Brampton Finance helps borrowers compare suitable investment loans and prepare applications. This checklist focuses on finance preparation; your solicitor or conveyancer and property manager should advise on the lease, contract and tenancy arrangements.

Confirm the existing tenancy details

Obtain the available lease, rent information and relevant managing-agent records. Ask your legal adviser to explain the tenancy information included in the sale contract, including anything that needs clarification before you commit.

Record the lease dates, current rent and how the property is managed. Identify differences between the advertisement, agent’s summary and documents, and ask the appropriate adviser to resolve them rather than relying on an assumed rental figure.

Prepare evidence for the proposed lender

Provide the rental records available and ask your broker what evidence the proposed lender requires. Distinguish rent currently received from a rental appraisal or an expected future increase.

Do not assume the advertised rent will be accepted in full for a borrowing assessment. Ask how the proposed lender would assess the rental income and what supporting information is still needed.

Budget for the apartment beyond the rent

Allow for management fees, strata levies, rates, insurance, maintenance and periods without rent. Ask about known repairs or planned building works, and include any identified costs separately from routine expenses.

Use the Rushcutters Bay strata-cost checklist to organise building-record enquiries, and the Elizabeth Bay apartment checklist for ownership, size and parking details.

Explain your intended use after settlement

Tell your broker whether you intend to retain the tenancy, move in later or undertake work. Have your legal adviser explain how the existing tenancy affects your plans before relying on a particular move-in or renovation date.

Discuss suitable investment lending for the actual proposal. If you expect the use to change, explain that timing early and ask what further information or loan review may be needed. Obtain appropriate tax advice rather than assuming a particular tax outcome.

Prepare your own contribution and commitments

List the deposit, transaction costs, requested loan and cash buffer. Provide current income evidence, living expenses, credit limits and statements for existing loans. Include commitments on other properties and any proposed release of funds.

The Clovelly West deposit checklist and application document checklist help organise those records.

Review any pre-approval conditions before committing; conditional pre-approval does not guarantee final approval. Explore the Eastern Suburbs finance guides or discuss your Kensington apartment purchase on 02 9389 1077. We act as your broker; the selected lender makes the credit decision. General information only. Finance is subject to assessment and approval.