Finance over contract value for off-the-plan properties

Hi All,

For off-the-plan property contracts which were exchanged over 1 year ago, which lenders will lend to investors according to the actual value of the property upon settlement (as opposed the usual max value as contract value)?

Also, any ideas what LVRs these lenders willing to give to investors?

Thank you

 

90% Investment loans are fine, can possibly go to 95% but file would need to be very strong and pass credit scoring (CBA).

ANZ, Macq will take OTP val price, not contract price.

CBA can do, have had some luck in the past - although the process has duplication and is a little strange, will need to order val, send to credit and request a new val at a higher price be accepted, reorder and then accepted on exception.

Dragon had a recent policy change, will do it at 80% for PPOR but not IP.

Cheers,
Redom

 

ANZ all the way - think they only require 6 months

Macquarie too - but they're more rigid if the property is in a large development in a capital city.

ING might too from memory.

Cheers

Jamie

 

Had one approved last week where client was borrowing 105% of purchase price which was only around 78% of valuation.

OTP in NSW started in 2012 and client was very happy the developer took 3 years to complete it.

4.18% variable compared to the 4.74% we had expected at the original 90% lvr.

Cheers


Richard

 

Nab as well

 

Just settled on a CBA loan for a property bought off-the-plan nearly 2yrs ago. Valuation came back more than the purchase price (roughly 30-40k over). Bank was happy to lend 80% of the valuation.