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From: Elwin Chin
I am interested in purchasing a property in Victoria. This property has a block of flats and they are all under one single title. I have approached some banks and a mortgage broker to obtain finance. The banks only willing to lend up to 70% because of the type of property (multiple dwellings on one title). I am buying this property under my family trust name. And I just spoken to my mortgage broker and he told me that not many financial institutions would lend the money to me if I structure the purchase that way. Is that true?
I would love to hear from anyone out there who has bought the same or similar type of property before. Any tips or traps are welcome.
cheers,
elwin
I am interested in purchasing a property in Victoria. This property has a block of flats and they are all under one single title. I have approached some banks and a mortgage broker to obtain finance. The banks only willing to lend up to 70% because of the type of property (multiple dwellings on one title). I am buying this property under my family trust name. And I just spoken to my mortgage broker and he told me that not many financial institutions would lend the money to me if I structure the purchase that way. Is that true?
I would love to hear from anyone out there who has bought the same or similar type of property before. Any tips or traps are welcome.
cheers,
elwin
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