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 2011- 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)
Snapshot ( Living Space- Excludes car space etc) ** all done as case by case
50 Squ meters --- LVR max at 90%
Up to 45 Squ meters --- LVR max at 80%
Up to 40 Squ meters ---LVR max at 75-80%
Up to 35 Squ meters ---- LVR max at 65-75%
Up to 30 Squ meters ----LVR max at 60%
15-30 Squ meters ---- LVR max at 55%
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, toilet, bedroom ( lender dependent)
3. These LVR are location and building dependent as well; meaning there are certain buildings and postcode that the bank would consider only if certain conditions are met
4. If you have equity in another property; then depending how much equity you do have; you could borrow as small as 25 squ meters at 100% LVR finance.
*Update 8th Nov 2011*
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