Finance for property under 40 square meters
Posted Monday, 06 July 2015 at 17:02 by Shape Home Loans
Tagged: Home Buyer | First home buyer | Hint/Tip
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As small as 20 Squ meters
"If you have equity in another property; .... you could borrow as small as 20 squ meters at 100% LVR finance. "
Studio apartment? small units? With an aging population and increase in living cost; it's a fact of life that an increasing number of people are considering living and buying smaller apartments especially ones located near the CBD hub which offers lifestyle and good rental yield.
For many years now, the banks has always consider any apartment under the magically 50 square meters to be considered as "unique or unacceptable ".
Fast forward into 2015- many banks are changing their policy to suit the everyday investors/home owners and are now accepting units as small as 20 squ meters ( case by case).
Updated as of 2nd July 2015- Free standing loans- Max LVR
1. Square meters of living space only
50 squ meters ----------- Up to 95% LVR ( 5% deposit)
45 squ meters ----------- Up to 95% LVR ( 5% deposit)
40 squ meters------------Up to 90% LVR ( 10% deposit)
35 squ meters------------Up to 80% LVR( 20% deposit)
30 squ meters -----------Up to 75% LVR ( 25% deposit)
20-30 squ meters ------ Case by Case up generally 50-75% LVR ( 50-25% deposit)
2. Total square meters INCLUSIVE of balcony, car space, court yard and storage cage
50 squ meters ----------- Up to 95% LVR ( 5% deposit)
45 squ meters ----------- Up to 80% LVR ( 20% deposit)
40 squ meters------------ Up to 75% LVR ( 25% deposit)
35 squ meters------------ Up to 65% LVR( 35% deposit)
30 squ meters ------------ Up to 50% LVR ( 50% deposit)
20-30 squ meters ------ Up to Case by Case depending on how much is living space VS external space.
1. No student accommodation or service apartment for the above LVR ( for student and service accommodation contact us for suitable lenders and LVR)
2. Must be self contained- Own kitchen, laundry and toilet
3. These LVR are location and building dependent as well; meaning there are certain buildings and postcode that the bank may blacklist
4. If you have equity in another property OR your happy to cross securitize your properties; you could borrow potentially borrow up to 110% of the property value at any size.
ABN 57 142 142 407 | Australian Credit Licence 390573 | MFAA Approved Broker 58602 | COSL Member M0004711