"Mixed Use Zone" - bank lending appetite question

[Scaramanga]

Hi
I am interested in buying an IP.
Westpac has said they will lend up to 80% of the value of what I buy.
The place I like is zoned "Mixed Use Zone" - in West Melbourne for those interested. The place is indisputably residential (which is what I want), but the street and neighbourhood is mixed use.
The standard zoning for residential is Residential Zone One, I believe.
I am concerned that the bank will backtrack on the 80% of value commitment, if, say, there is concern around the zoning.
So, does anyone have any experience of borrowing against "Mixed Zone" properties?
Any leads appreciated.
Cheers,
Scaramanga

 

[Rolf Latham]

Hiya

if its current use is residential and you dont look like you will convert it, AND its not a shopfront, then I reckon youd have a good chance of an 80

Worst case, there are other lenders like NAB and CBA that can fill the void if it appears.

ta

rolf

 

[Scaramanga]

Thanks for this helpful response - cheers