37 sqm unit with large courtyard — finance

Discussion in 'Property Finance' started by AliceEC, 22nd Nov, 2018.

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  1. AliceEC

    AliceEC New Member

    Joined:
    22nd Nov, 2018
    Posts:
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    Location:
    Melbourne
    I'd like to purchase a small one-bedroom unit with a large courtyard. It's one of 8 in an established 60s block in a desirable area in inner-city Melbourne. The internal space measures 37 sqm but it has a large private courtyard — included on the title — of 25-30 sqm.

    I have a 20% deposit so the LVR would be 80%.

    I'm running into the problem that many lenders won't consider external spaces in their calculations, though in this case it adds substantial value to the property. Which lenders would consider this type of loan?
     
  2. euro73

    euro73 Well-Known Member Business Member

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    18th Jun, 2015
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    3,587
    Location:
    The beautiful Hills District, Sydney Australia
    CBA. NAB .

    CBA will do almost any unit size, to be frank....

    NAB will do anything with a gtotal of 50M2 or more. So the 37M2 internal space isnt a problem in this instance because you have the 25-30M2 courtyard on title as well.

    You'll obviously need to meet their other criteria- servicing, postcode/density restrictions etc... but provided thats all OK, a unit of this size should be fairly straightforward to set with either of them.

    There are some others who may consider it at 60 or 70% LVR as well...
     
    Last edited: 23rd Nov, 2018
  3. AliceEC

    AliceEC New Member

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    22nd Nov, 2018
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    Location:
    Melbourne
    Great, thanks!
     
  4. euro73

    euro73 Well-Known Member Business Member

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    Location:
    The beautiful Hills District, Sydney Australia
    That'll be $5000 + GST please :)
     
  5. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
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    Location:
    Gold Coast
    At 80 % LVR, many lenders that dont want sub 50/40 will do this as long as they dont need a full val....

    may will rely on contract for that style of property and location


    ta
    rolf