How long does a two‑unit amalgamation project normally take?

A full project from first contract to final refinanced single loan typically takes 12–24 months. You need time to settle both purchases, obtain strata and council approvals, complete works, address any defects and register a new strata plan. Build in contingency for delays with approvals, builders and lenders.

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Combining Two Green Square Units: Finance, Titles and Timing

Thinking of joining two Green Square or Zetland apartments into one larger home? Here’s how to structure the purchase, loans and titles, and what to line up with your broker, lawyer and strata before you start knocking down walls.

Published 18 Aug 2026Updated 27 Aug 2026Reviewed 21 Aug 20269 min read

Key Takeaway

Combining two units in Green Square usually involves buying both apartments with separate loans, obtaining strata and council approvals to amalgamate the lots, completing structural works, then refinancing to a single loan once a new strata plan is registered. Lenders typically advance 70–80% of the combined value, subject to serviceability and APRA’s 3% buffer, and some will not lend during major works. A staged finance‑plus‑title plan, agreed in writing with broker and solicitor, minimises valuation, legal and cashflow risk.

Combining Two Green Square Units: Finance, Titles and Timing

Turning two Green Square units into one larger apartment is doable, but only if you structure the finance and titles deliberately. The cleanest way is usually to buy both units (often on separate loans), secure strata and council approvals to amalgamate the lots, complete the works, then refinance into a single loan once the new, larger lot is registered and valued.

This guide walks through each decision so you can choose a structure and timeline you can act on this week.

Floorplan concept showing two Green Square units to be combined. Planning the join between two neighbouring Green Square apartments.

1. First decision: why combine two units at all?

For Green Square and Zetland owners, joining two apartments can solve a specific problem:

You want a family‑sized home without leaving the area.
You want a unique, higher‑end apartment that may rent or sell better later.
You bought one off‑the‑plan and can now pick up a neighbour at a discount.

Before you start, check this move fits your longer plan. If your real goal is a house in 10–15 years, you might be better mapping a series of simpler steps instead of a complex amalgamation – see /insights/10-15-year-property-plan-starting-green-square.

2. Core finance structures: one loan or many?

2.1 Three common ways to structure the lending

Every lender has nuances, but most Green Square borrowers end up with one of three patterns.

Structure	How it works	Pros	Cons	Best for
Separate loans per lot	Two standard loans, often same lender, each secured by its own unit	Simple at purchase, easy valuations	More fees, harder to manage long‑term	Staged works, lower risk appetite
Cross‑collateralised loan	One (or two linked) loans secured by both titles	Maximises combined equity, can boost borrowing power	Harder to refinance or sell one lot later	Owners comfortable staying long‑term
Buy one in cash / high deposit, gear the other	One low‑LVR loan, one unencumbered	Strong flexibility, easier future refinance	Higher cash outlay upfront	Higher‑income or cashed‑up buyers

For most clients, I prefer separate loans per lot initially, then a clean refinance to a single loan once the new combined lot is registered. It keeps your exit options open if something goes wrong.

2.2 How much can you borrow on two units?

Indicatively, lenders might allow 70–80% loan‑to‑value ratio (LVR) on each Green Square apartment, sometimes lower for small or investor‑heavy buildings. On a pair of $950,000 units:

Unit A: $950,000 value, 80% LVR → $760,000 loan
Unit B: $950,000 value, 80% LVR → $760,000 loan
Combined purchase: $1.9m, combined loans: $1.52m

At a 6.5% P&I rate over 30 years, that $1.52m total is around $9,622 per month in repayments. Lenders will also apply APRA’s ~3% buffer, so they test you as if rates were ~9.5–9.75%.

If you’re highly geared or self‑employed, aim to keep at least 3–6 months of total repayments and living costs in cash or offset after settlement, not just the 2–3 months of essentials suggested for first‑home buyers in /insights/can-you-afford-first-home-green-square-numbers-walkthrough.

3. Titles and approvals: what must happen, in what order?

3.1 Keep the titles separate at first In almost every case you’ll buy two existing strata lots, each with its own: - Folio (title) - Unit entitlement - Council rates and strata levies Initially, leave them this way. Lenders and valuers understand standard titles; they’re less comfortable financing incomplete amalgamations or unapproved floorplan changes. ### 3.2 Strata and council sign‑off Before you touch a wall, you’ll usually need: - Special by‑law and strata approval (75% vote) to alter common property or structural walls. - Engineering report to prove no…

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Frequently asked questions

Yes, but you must first secure the second unit on normal purchase terms with its own contract, valuation and loan approval. Once both settle in your name, you can seek strata and council approvals to join them. Don’t start structural work until all approvals are in place and you’ve confirmed your lender and insurer are comfortable with the plan.

Generally, stamp duty is payable on each original purchase, not on the later consolidation of lots. Extra duty can arise if you transfer interests between owners or change entities as part of the amalgamation. Your solicitor or conveyancer should map the duty outcomes before you buy, particularly if you use companies, trusts or multiple family members.

Many banks are cautious about funding structural works in apartments under a standard home loan. They will usually value the property in its current state and expect you to fund renovations from cash, equity in another property or a specific construction facility. Always get written confirmation from your lender or broker before committing to building contracts.

Opening a doorway or joining spaces without formal lot amalgamation can be cheaper and simpler, provided you have proper strata and building approvals. Amalgamating titles adds legal and surveying costs but creates one clean title for refinancing and resale. The decision depends on your budget, how long you plan to hold the property and your exit strategy.

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