Property under 50 Square Meters
Posted Monday, 06 June 2011 at 16:02 by Michael Chan
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As small as 30 Squ meters
"If you have equity in another property; .... you could borrow as small as 25 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 2012- many banks are changing their policy to suit the everyday investors/home owners and are now accepting units as small as 30 squ meters ( case by case)
1. Square meters of living space only
50 squ meters ----------- 95% LVR ( 5% deposit)
45 squ meters ----------- 95% LVR ( 5% deposit)
40 squ meters------------95% LVR ( 5% deposit)
35 squ meters------------80% LVR( 20% deposit)
30 squ meters -----------60% LVR ( 40% deposit)
20-30 squ meters ------ Case by Case
2. Total square meters INCLUSIVE of balcony, car space, court yard and storage cage
50 squ meters ----------- 95% LVR ( 5% deposit)
45 squ meters ----------- 80% LVR ( 15% deposit)
40 squ meters------------75% LVR ( 20% deposit)
35 squ meters------------65% LVR( 35% deposit)
30 squ meters ------------50% LVR ( 50% deposit)
20-30 squ meters ------ Case by Case
Note:
1. No student accommodation or service apartment for the above LVR mentioned ( for student and service accommodation contact us for suitable lenders)
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 not desire.
4. If you have equity in another property; you could borrow potentially borrow up to 110% of the property value.
ABN 57 142 142 407 | Australian Credit Licence 390573 | MFAA Approved Broker 58602 | COSL Member M0004711