stratum title max loan
- Thread starter savoys
- Start date
Obtaining finance for a strata title unit as far as LVR is concerned has not changed. A few lenders still doing 95% although mostly 90% max now and any lender will do 80%. So the type of property (strata) is not the issue. UNLESS it is a studio <50m2 then you could have an issue.
Where in Vic that you buy could be an issue. MIs have issues with some postcodes (as do lenders) but usually in these regional/remote areas you don't get too much strata title anyway.
The other issue that affects what LVR you can get will be YOU - your credit file, your employment etc.
Ahhh my apologies I thought you were misquoting strata 
Must be a Victorian thing just like Moiety title is an SA thing? I never stop learning here.
There is a post on it here: http://www.somersoft.com/forums/showthread.php?t=47514
Looks like it could be an issue. I will defer to any VIC MBs on the forum here.
These guys though - don't seem to find it an issue to finance them:
http://www.homeloanexperts.com.au/property-types/stratum-titles/
Make your own enquiries as usual.
Must be a Victorian thing just like Moiety title is an SA thing? I never stop learning here.
There is a post on it here: http://www.somersoft.com/forums/showthread.php?t=47514
Looks like it could be an issue. I will defer to any VIC MBs on the forum here.
These guys though - don't seem to find it an issue to finance them:
http://www.homeloanexperts.com.au/property-types/stratum-titles/
Make your own enquiries as usual.
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Common property is the difference between strata & stratum
Savoys, there isn't a huge difference between strata and stratum. Both titles provide ownership of the lot (ie unit/apartment/flat, car parks, storage facilities) to you, the difference being with regards to the common property.
Under strata, you have an undivided equal share of the common property. With stratum you own shares in the service company which manages all issues, maintenance with regards to the common property.
Company share, is where you simply own a share in the company which owns the entire property. This is where you would have more issues with.
Savoys, there isn't a huge difference between strata and stratum. Both titles provide ownership of the lot (ie unit/apartment/flat, car parks, storage facilities) to you, the difference being with regards to the common property.
Under strata, you have an undivided equal share of the common property. With stratum you own shares in the service company which manages all issues, maintenance with regards to the common property.
Company share, is where you simply own a share in the company which owns the entire property. This is where you would have more issues with.
That's surprising, because in the past I have been told differently. Of course that info is over 12 months old. Did you check with a bank or banks or a MB?
Hi Savoys
With stratum title you own the 'air space' above the ground as defined within the measurements of the title.
Freehold titles used to describe the limits of ownership as being something like 'to a depth of 5 yards and to a height of 5 yards', but stratum titles have no depth.
RAMS will lend to 80%
Homeside say Where a first registered mortgage is unable to be taken (e.g. Stratum or Company Title) we are unable to accept that property as security.
Westpac indicate a maximum of 70%LVR on a case by case basis
CBA don't mention stratum titles so they may accept same as a suitable security under normal lending policy
Are you looking for full doc or low doc?
Is this for investment or will you be owner occupying?
Hope this helps
Kristine
With stratum title you own the 'air space' above the ground as defined within the measurements of the title.
Freehold titles used to describe the limits of ownership as being something like 'to a depth of 5 yards and to a height of 5 yards', but stratum titles have no depth.
RAMS will lend to 80%
Homeside say Where a first registered mortgage is unable to be taken (e.g. Stratum or Company Title) we are unable to accept that property as security.
Westpac indicate a maximum of 70%LVR on a case by case basis
CBA don't mention stratum titles so they may accept same as a suitable security under normal lending policy
Are you looking for full doc or low doc?
Is this for investment or will you be owner occupying?
Hope this helps
Kristine
CBA do mention the following as policy................
Stratum Title 80% (no LMI)85% (with LMI) Stratum estate/title in Victoria is an early form of subdivision of buildings in which the land is defined by both vertical and horizontal dimensions. It generally relates to a subdivision of a block of flats.
Just picking up this older thread and was wondering whether the banks have tightened their policy towards stratum title over the past few months at all? ie is 80% LVR still OK
