Mortgage loan for low value regional properties?

I’ve always been mildly curious, but now one has come up that I’m actually considering - at what price point do most lenders say “not worth our time”?

I’m looking at a 40k-ish house in a small regional town and suspect I wouldn’t be able to get a loan.

Or is there a chance or some other option here? I don’t really want to use any other security.

 

Most lenders $50K to $100K minimum, some $30K Some $10K but that's generally for equity release/splits, anything under $50K will be real tough

Equity release against another property and don't cross secure them?

What attracts you to that type of property?

 

It's not another church is it??

 

I've written a loan than was $10k in total, it was a very long time ago. Off the top of my head I think I agree with Lindsay, $50k is about the minimum.

In this case, if you can, do a $40k equity release on an existing property and pay cash for the new one.

 

The smallest loan I have ever written was a top up for about $2,000 with ANZ.
20 years ago I was doing some loans for $50k properties.

 

Aha, nah, to be honest, its helping a close friend with a somewhat unusual plan for short stay renovation on a regional cheapie.

Yeah I thought $40k would be pushing it. Thanks to the broker brain trust here.