Banks wont lend for Small Studio

Discussion in 'Loans & Mortgage Brokers' started by MyDarlinghurst, 13th Jan, 2018.

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  1. MyDarlinghurst

    MyDarlinghurst Well-Known Member

    Joined:
    6th Oct, 2017
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    Location:
    Sydney NSW
    This post has 2 parts,one on the atrocious knowledge and service of MB'S AND other on Studio buying.

    I had my friend contact a broker advertised on here ,i thought they would be compatible as they are of the same culture but it seems the broker calls takes details talks about his own IP'S in Brisbane, then said he will ring back,then repeats the process.this has be ongoing since dec22nd.
    he rang again a few days ago asks a few questions then off again.telling my friend Brisbane is better than Sydney etc.and off he went again saying he will call back again.

    so i decided to take my friend to a major Bank ,the mobile lender is as clueless as they come and she pre approved his loan but then i ring up to query her on city studio buying, she doesnt know so looks it up and the minimum is 40sqm,unless you have a good depoisit.so that was a waste of time seeing her.

    now is there ANY mortgage brokers out there that CAN lend to buy a 21sqm studio in Kings Cross ,its 450k and my friend has 20% deposit
     
    MyDarlinghurst, 13th Jan, 2018
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
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    Location:
    Gold Coast (Australia Wide)
    I dont have any on my panel that would do that proprty with a full val and disclosure at that LVR

    But.


    Depending on the actual building, client profile and the purchase contract,an 80 % lend would surely be possible.


    ta
    rolf
     
    Rolf Latham, 13th Jan, 2018
    #2
  3. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

    Joined:
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    Location:
    Level 2 287 Collins St Melbourne VIC 3000
    There is one bank that may do it, get an upfront valuation then run it past credit before wasting time putting in an application.
     
    Simon Moore, 13th Jan, 2018
    #3
  4. BarneyRubble

    BarneyRubble Well-Known Member

    Joined:
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    Brisbane
    And if you do manage to get finance, negotiate hard. You (your friend even) is buying an asset with a restricted market.
     
    BarneyRubble, 13th Jan, 2018
    #4
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