Finance on smaller block of units

Discussion in 'Property Finance' started by ritchie77, 19th Jun, 2015.

  1. Qlds007

    Qlds007 Broker,full time investor

    Joined:
    3rd Mar, 2005
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    2,512
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    Ozwide
    I have just sold one of my many units blocks being 18 units inline in Brisbane.

    Not that i had a mortgage on the property but Anz Commercial fund all of our deals at resi rates.

    For your standard mum & dad investor looking at a buy and hold SGB or CBA are your lenders of choice as Shahin mentioned.

    St George are certainly still in this space,did a 4 pack with them during the week.

    Cheers
     
  2. ritchie77

    ritchie77 Member

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    Location:
    Sydney, NSW
    Thanks guys and congrats Richard on cashing in!

    Will look further into the SGB comments as I seemed to hit a stumbling block however will re-visit and reach out if any further questions...
     
  3. ritchie77

    ritchie77 Member

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    Location:
    Sydney, NSW
    Hi Richard, what are the approximate LVR's and interest rates going on these deals at the moment,,,,, in particular for a 4 block in the $1.5M region? (ie what did you get from SGB).
     
  4. Mick C

    Mick C Mortgage Broker

    Joined:
    26th Jan, 2011
    Messages:
    2,048
    Location:
    Sydney, NSW
    Block of 4 at 1.5M -- 80% LVR ~4.20% - 4.39% Variable rate

    Block of 4 at 1.5M -- 70-% LVR ~4.15% - 4.30% Variable rate

    Range of banks including some credit union + your STG ( STG rate will be in the middle)
     
  5. Watson1

    Watson1 Member

    Joined:
    1st Feb, 2015
    Messages:
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    Location:
    Melbourne
    Cant comment of four, but we did 3 at 70% LVR with BoM/STG just recently.

    1 mill existing debt under personal names for owner occupied and 600k under company (not under advantage package/pro pack).

    We obtained a 1.30% discount which equates to 4.15% under BoM across all loans.

    I would say that for 1.5m you would obtain 1.30%. Also, BoM/STG dont price on LVR so im pretty sure you would see obtain a 1.30%. BoM did change their pricing for investment loans last week, but so far we have seen much of a change in terms of owner occupied vs investment when seeking a pricing discretion.