Borrowing on leasehold property

Discussion in 'Property Finance' started by Sharalee, 7th Feb, 2019.

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  1. Sharalee

    Sharalee Member

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    We own and occupy a leasehold unit on a resort and would like to buy another one as a passive income.
    Banks won't lend so I was hoping someone knows of a lender who will look at leasehold property loans.
     
  2. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    Many lenders will lend for leasehold, I have done some with Westpac, ANZ and AMP and more
     
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  3. Scott No Mates

    Scott No Mates Well-Known Member

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    That's true however expect to pay the bank's legal costs in reviewing the lease
     
  4. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    I can't recall any of the lender charging extra fees for reviewing the lease.
     
  5. Sharalee

    Sharalee Member

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    This is great news Terry thank you.
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    I tried several years ago (things may have changed), head lease, sub-lease arrangements. Wasn't going to be cheap so we went down a different path.
     
  7. Shady

    Shady Well-Known Member

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    A good chunk of harbour front property in Sydney is leasehold, bit different to a unit in a resort but still plenty of lenders.
    Not to mention all of Canberra is leasehold
     
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  8. Terry_w

    Terry_w Mortgage broker licenced 4 tax/legal advice Business Member

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    They may not want to lend because it is a resort too.
     
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