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I understand that for a unit < 50 sqm, lender would only want to lend out up to 80% only.
I am very hesitant to use my liquid money to pay out the 20%.
Do I have any other option/s to pay this 20% deposit?
I have researched SMSF and it seems it's no go for me.
Why do it then
If you can find one that's 51sqm (still very small) you'll be in a much better position to finance, refinance and resell. Keep in mind that banks and valuers consider internal area only which is the floor area excluding walls and balconies.
Someone I know bought a '50sqm' OTP apartment only to find out at settlement time that the 6sqm balcony was a part of the 50sqm calculation and so were all walls. His bank said they would finance it but only at 70% lvr (which he wasn't expecting / prepared for).