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Finance for 45sqm apartment

Discussion in 'Property Finance' started by Waterboy, 27th Sep, 2015.

  1. Waterboy

    Waterboy Well-Known Member

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    Aside from the Big 4 Banks, their subsidiaries and ING Direct, which lenders will provide finance to this property type?

    Has its own internal kitchen, bath and laundry. 80% LVR.
     
  2. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

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    You have covered a lot of the lenders - the only ones not covered and that will do 45sqm @ 80% would be Teachers Mututal, Macquarie and ME Bank.

    What's the issue with not using a lender like CBA or Westpac? Is it servicing?
     
  3. House

    House Well-Known Member Premium Member

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    Is it a 1br, studio or student type IP?
     
  4. Richard Taylor

    Richard Taylor Mortgage Broker & Brisbane Buyers Agent

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    I can think of another few lenders who wouldn't have an issue with a 45 sq M internal unit so certainly not limited to the obvious.

    All depends on what you are after when it comes to a particular lender.
    Cheers


    Richard
     
  5. Waterboy

    Waterboy Well-Known Member

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    Inner West Sydney, it has a separate bed area but I think under NSW rules it can't be described as 1br if less than 50sqm. Not student type, just a usual strata unit.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Hi waterboy

    Why the aversion towards the lenders you've listed in your original post? They will likely provide the best chance of getting this done.

    Cheers

    Jamie
     
  7. Waterboy

    Waterboy Well-Known Member

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    Well actually I'm thinking of NAB's 250000 miles promo! That's 2 return trips to Europe :D

    Just thought maybe there are cheaper rates available out there.
     
  8. euro73

    euro73 Well-Known Member Business Member

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    If the combined internal, external and parking area on title exceeds 50M2 - NAB will do 90% ( provided you can pass servicing and credit scoring at NAB)

    Unlike other lenders, whose size policies are determined by internal M2) NAB's policy is determined by TOTAL area. ( internal + balcony + parking )
     
  9. Waterboy

    Waterboy Well-Known Member

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    Not interested in paying LMI ;)
    Thanks for the responses.