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Bellfield is small and has changed more than almost anywhere else in Banyule. The former housing commission land has been redeveloped into new townhouses and apartments, sitting alongside the older homes that remain. It is compact, close to Ivanhoe and Heidelberg, and increasingly popular with first home buyers.
Because so much of the current stock in Bellfield is new or near-new, a large share of the purchases we see involve off the plan or recently completed townhouses. That brings a specific set of lending issues that do not apply to an established home.
The main one is timing. An off the plan approval is not a guarantee that finance will be there at settlement, sometimes two years later. Lenders reassess at completion, against your circumstances and the property’s value at that point rather than the price you agreed. If either has moved, the gap is yours to cover. We would always rather explain that at the start.
There is also the question of lender exposure. Most lenders limit how many properties they will finance in a single development, and in a compact suburb with several new complexes, that ceiling can be reached. Checking early avoids an unpleasant discovery.
Approval now does not guarantee finance at settlement. We explain the risks plainly and plan around them.
Lenders cap how much they will lend in one complex. We check whether the building still has room before you commit.
Bellfield’s newer stock often suits the first home schemes. We work out which apply to the property you are looking at.
Whatever stage you are at, there is a path through it. Pick the one that sounds like you.
The main one is that finance is reassessed at completion, not at signing. If your income has changed, if lending rules have tightened, or if the property values below the price you agreed, you may need to make up the difference in cash. Settlement dates can also move. None of these make off the plan a bad idea, but they are worth going in with your eyes open.
The lender lends against the lower of the contract price or valuation, so you would need to cover the shortfall yourself. This is the single most common problem with off the plan purchases in a flat or falling market. Keeping a buffer, and having us re-check your position well before settlement, is the practical protection.
Not in a way that will still be valid. Pre-approvals typically last three to six months, so an approval now will have lapsed long before a distant settlement. What you can do is have your position properly assessed before signing the contract, so you know it is realistic, then apply formally in the months before completion.
Yes, most do. A common limit is around twenty to thirty per cent of the total units in a complex, though it varies. In a smaller development that ceiling can be reached quickly. If it has been, you will need a different lender, which is straightforward if you find out early and awkward if you find out at settlement.
Book a free consultation and we will walk you through your options, what you can borrow, and what it will cost.
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Lydian Financial Services Victoria
Suite 1/103 Grimshaw Street, Greensborough VIC 3088, Australia
Level 12, 15 Collins Street Melbourne VIC 3000, Australia
Copyright © LYDIAN FINANCIAL SERVICES PTY LTD 2026. All Right Reserved.