Furnished Flats

From: Gail H


Hi everyone,

My sister just bought a duplex that is partly furnished. The property would value up at the purchase price without taking furniture into account. Nevertheless, on hearing that it is furnished, the bank has said they'll only loan 65%. She would have bought it at the same price without the bloody furniture. Does anyone know a way around this? Rolf?

Gail
 
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Reply: 1
From: Jeremy Laws


Take the furniture out. Now unfurnished. Then put the furniture in. As if by magic - now partly furnished. Buying furniture (like DHA) is always a scam - banks must be learning!
 
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Reply: 1.1
From: En-lai Chan


Won't the bank get a valuation on the property anyway? If not, you could probably get a valuation yourself and if the value stacks up without the furniture, then you're fine.

Hope that helps.

Cheers,
En-lai
 
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Reply: 2
From: Rolf Latham


Hi Gail

Depends where it is. If you can show the goods and chattels to be worth less than say 3-5 % of the purchase price she should be able to do an 80 % Lend, otherwise dump the lender and look elsewhere quickly.

You can even do these at 95 % with say ANZ unless the deal is really tight or in a marginal area.

Perhaps she could try a mortgage broker :eek:)

Ta

Rolf
 
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Reply: 2.1
From: Dan Theman


You mentioned "a scam like DHA". What did you mean by this ?

Also what is people general view of DHA investments ?
 
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Reply: 2.1.1
From: Michael Croft


Hi Dan, go to the blue bar above and click Search; then search the archives for DHA and all (and probably more) will be revealed.

Michael Croft
 
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Reply: 2.1.1.1
From: Dan Theman


This site is just too usefull !
 
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