advice on finance for holiday accommodation

[Toby]

My wife and I are looking at purchasing a freestanding townhouse in a strata holiday resort complex in south west WA.

The marketing agent for the developer has suggested that because the resort is zoned tourism it is considered a commercial property and banks will lend less than they would on residential property ie only 70% LVR.

Can anyone confirm if this is correct and can you obtain a low/no doc loan for this type of property? Also, can anyone suggest which are the better lenders for this type of loan?

Cheers

 

[The Y-man]

The marketing agent for the developer has suggested that because the resort is zoned tourism it is considered a commercial property and banks will lend less than they would on residential property ie only 70% LVR.

I'm glad they told you before, and not after, you have signed on the dotted line.

The real dodgey marketers feign surprise after your bank gives you the bad news....

You said freestanding, so a reasonable size?

Cheers,

The Y-man

 

[Toby]

I'm glad they told you before, and not after, you have signed on the dotted line.

The real dodgey marketers feign surprise after your bank gives you the bad news....

You said freestanding, so a reasonable size?

Cheers,

The Y-man

G'day Y-man,

This guy doesn't seem to be too dodgy although from my experience there is a bit of dodgyness in all property marketers.

We intend to do our due diligence on this one before we sign anything!

The building is 2 x 2, 83.7m2.

Cheers

Toby

 

[Pushka]

We purchased a holiday apartment financed by NAB and they treated it as a normal Investment loan.