St George 40 sqm studio loan?

Hello, does any one know what St George's policy is please?

Will they accept as collateral a 41 sqm studio apartment in inner west Sydney?

Owner Occupied P&I, can pay more than 20% deposit so no LMI.

Thanks so much

(Sorry Mods, newbie here. Please move to Finance thanks.)

 

St George's policy is a minimum size of 40sqm but this excludes the balcony.

Anything under 40sm is an exception to policy and will require credit manager approval - this would be subject to the approval strength of the application.

As a side note and for other punters - if the LVR is 80% or less than CBA has one of the best policies in this space in that they dont have a minimum size rule provided the property is fully self contained - i.e. it has a bathroom and kitchen.

 

grazie mille

 

You need to check with the broker as STG restrict lending for specific buildings and normal lending policy may not apply.

 

Very true across a lot of the lenders now. Thankfully the scenario doesn't sound too bad, that after a quick check even if STG won't take it, there will be other mainstream lenders who will work with this.

 

Your other go to lender is NAB. Provided total ( internal living area, balcony + parking ) is 50M2, they'll go to 95% for P&I PPOR.