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From: Mojo Jojo
My family recently bought a warehouse that had been converted into a townhouse in North Melbourne. They have rung 3 separate Mortgage Brokers and all have said that it will take alot longer to find finance for this property.
The reasons they have given are;
alot of the financial institutions are not quite sure how to handle warehouse conversions
the fact that its in a multizone area (commercial and residential)
possibly needing mortgage insurance, even when the bank thinks its OK, the insurers don't like warehouse conversions
in multizone areas
I find it all abit hard to understand, with that with the rush for inner city living, these institutions haven't got their act together with regards to warehouse living.
Can anyone shed anymore light on this? Especially with what the problem is with multizone areas.
thanks
My family recently bought a warehouse that had been converted into a townhouse in North Melbourne. They have rung 3 separate Mortgage Brokers and all have said that it will take alot longer to find finance for this property.
The reasons they have given are;
alot of the financial institutions are not quite sure how to handle warehouse conversions
the fact that its in a multizone area (commercial and residential)
possibly needing mortgage insurance, even when the bank thinks its OK, the insurers don't like warehouse conversions
in multizone areas
I find it all abit hard to understand, with that with the rush for inner city living, these institutions haven't got their act together with regards to warehouse living.
Can anyone shed anymore light on this? Especially with what the problem is with multizone areas.
thanks
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