Hi Guys,
I have a friend who purchase a studio (more like student accomodation) off the plan in Carlton (Melb) in 2005 due to settle in Nov/Dec this year.
There are 8 floors, and each floor has 9 studio/bedsit rooms and a common lounge. The bedsits are quite small about 7m by 3m - so about 21 metres squared.
She has just started looking for finance, and has been told the maximum LVR she would be able to lend against it is about 60% - maybe 70% if she is lucky.
She needs an 80% lend to complete the purchase.
Any thoughts on this, has anyone ever bought one of these things before, how did you go with the finance and what LVR were you able to get.
In hindsight this is something she should have considered at the start, but hindsight is a beatiful thing, she is in a bit of a bind at the moment - any pointers.
Cheers
Tim
I have a friend who purchase a studio (more like student accomodation) off the plan in Carlton (Melb) in 2005 due to settle in Nov/Dec this year.
There are 8 floors, and each floor has 9 studio/bedsit rooms and a common lounge. The bedsits are quite small about 7m by 3m - so about 21 metres squared.
She has just started looking for finance, and has been told the maximum LVR she would be able to lend against it is about 60% - maybe 70% if she is lucky.
She needs an 80% lend to complete the purchase.
Any thoughts on this, has anyone ever bought one of these things before, how did you go with the finance and what LVR were you able to get.
In hindsight this is something she should have considered at the start, but hindsight is a beatiful thing, she is in a bit of a bind at the moment - any pointers.
Cheers
Tim