Cheers mate, now all i need is clearance from the bank, they initially told me 50 square meters is limit, this is 46, gonna speak to them (westpac) tomorrow, fingers crossed.
Hi Nick
Last time I enquired, WBC will do 70%LVR on dwellings less than 50 square metres
Other lenders have a range of LVR for smaller dwellings, but it is all about habitable floor space,so the 46 square metres MUST be internal space, not including car spaces and NOT including balconies.
Valuers do actually measure, and what the valuer says, goes.
If the property does not have a fixed wall bedroom, that is, the bedroom has sliding partition walls, then it will be classified as a Studio, and even fewer lenders will lend for those properties primarily as the insurers won't take the deals.
If you are looking for less than 80%LVR your deal won't be too much of a problem (except for Westpac).
By the way .... 10 square metres for a car park? Are you sure? Nearly every car park I have come across is at least 15 square metres, and even that is a very tight squeeze unless the car park is a car space ie outside in an open air car park.
West Footscray is 'hot' at the moment but buy too small and the shoe will always pinch the foot!
cheers
Kristine