1 Bedroom apartments, how hard to arrange finance for?

[hematite]

Looking at getting a positively geared 1 bedroom apartment and firstly want to see how the numbers stack up.

Im aware that some lenders wont lend for apartments <50sqm. How hard is it to get a 90% loan on a 1 bd in Perth?

I could afford the P&I repayments outright, but this would be rented straight away.

 

[Rolf Latham]

Hi Iron

Much depends on the actual property, is it high rise, innercity CBD etc, furnished etc

In general, its possible, probably down to 40sqm

ta

rolf

 

[jonmardell]

some lenders make it easy by releasing the address of projects and approved LVRs. What is the address of the building you are looking at? as hematite mentioned we would need some more details.

 

[hematite]

Hi Iron

Much depends on the actual property, is it high rise, innercity CBD etc, furnished etc

In general, its possible, probably down to 40sqm

ta

rolf

Thanks Rolf. That is right, I spoke with BW and they dont like city apartments. Or less than 50sqm. It would be on the West Coast in Mosman Park.

some lenders make it easy by releasing the address of projects and approved LVRs. What is the address of the building you are looking at? as hematite mentioned we would need some more details.

Ah that's handy. Im looking in the Mosman Park area at a few apartments. It's more of a scoping thing at the moment as I am just finalising purchasing another property.

 

[Rolf Latham]

Thanks Rolf. That is right, I spoke with BW and they dont like city apartments. Or less than 50sqm. It would be on the West Coast in Mosman Park.

BWA are NO GOOD for higher density stuff in any case, QBE their LMI provider are even worse.

You will be able to get it away via a broker I reckon

t
rolf

 

[Aaron_C]

Getting finance for that won't be a problem for that size.

 

[Shahin_Afarin]

Finance aside is there a reason why you are buying a 1 bedder and more importantly a unit of that size? There is a reason most lenders either don't touch the security or have restrictions in place - it is a high risk IP. Have you considered going a little further out and grabbing a decent sized 2 bedder?

 

[hematite]

Finance aside is there a reason why you are buying a 1 bedder and more importantly a unit of that size? There is a reason most lenders either don't touch the security or have restrictions in place - it is a high risk IP. Have you considered going a little further out and grabbing a decent sized 2 bedder?

Thanks for the advice, I will take this into account and see what 2bd stock is around the area. Just scoping atm.

 

[ris4rob]

is there any lenders that will go down to 80% lvr for an apartment under 35squares??

 

[Aaron_C]

is there any lenders that will go down to 80% lvr for an apartment under 35squares??

Depends on where and whether there are any car parks and balconies.

 

[ris4rob]

Depends on where and whether there are any car parks and balconies.

Brisbane City 1x Car park 1x balcony

 

[Aaron_C]

Brisbane City 1x Car park 1x balcony

Possible. Best to consult someone to get the finance for you.

 

[ris4rob]

Cheers Aaron

 

[jonmardell]

is there any lenders that will go down to 80% lvr for an apartment under 35squares??

there is a few, mainly the requirement is to have a kitchen.

 

[Bradsdad]

Getting finance for that won't be a problem for that size.

A bit confused. I have seen anywhere that OP has mentioned the size.

 

[Bradsdad]

Possible. Best to consult someone to get the finance for you.

Under 35m2 is pretty broad. Is it 16m2, 21m2......