Finance for <50m2 unit

[Propertunity]

One for the brokers. We have a client interested in purchasing a 1 bedder in inner CBD location. Size is only 49m2 but that includes the car space.

Is he limited to an 80% lend from a handful of lenders? What's the chances of getting a 95-97% LVR?

Thanks in advance.

 

[Terry_w]

Generally over 40msq is doable (living area) but it depends on whether it is high rise and/or restricted post code area.

 

[Rolf Latham]

IP loan or PPOR ?

separate laundry ?

ta
rolf

 

[Propertunity]

IP. Shared laundry (not internal).
35m2 internal. 14m2 car space.

 

[Rolf Latham]

IP. Shared laundry (not internal).
35m2 internal. 14m2 car space.

all that suggests an older style 6 to 18 pack, so HD or concentration risk wouldnt be an issue

any IP> 90 isnt easy, this one more so.

If their broker can find them a lender that relies on contract , they may be able to get to a 90 % incl MI

Homeside may do it 90 % + on a good day, but borrower would need a really good credit score

Also, some of the lenders of last resort may look at it .....but always come with a sting .

ta
rolf

 

[Redom]

all that suggests an older style 6 to 18 pack, so HD or concentration risk wouldnt be an issue

any IP> 90 isnt easy, this one more so.

If their broker can find them a lender that relies on contract , they may be able to get to a 90 % incl MI

Homeside may do it 90 % + on a good day, but borrower would need a really good credit score

Also, some of the lenders of last resort may look at it .....but always come with a sting .

ta
rolf

Tough one. Give Homeside (NAB) a shot - need 50sqm but they include other spaces (garage, externals). Its just under, but may get lucky.

Cheers,
Redom

 

[Propertunity]

Thanks to all who replied!

 

[Qlds007]

Alan, if not try Wide Bay Cap.

They have just done a couple similar for me recently.

You will have to submit the earth and then some more but as long as you have plenty of time they will get there.

Cheers

 

[Redom]

Alan, if not try Wide Bay Cap.

They have just done a couple similar for me recently.

You will have to submit the earth and then some more but as long as you have plenty of time they will get there.

Cheers

Richard, just wondering, what LVR did you manage to get them to?

 

[Qlds007]

90% on that one as it was all that was needed.

I know they go to 95% but haven't tried them for the small stuff for a while.

Cheers