All Topics / General Property / 50 SQ M <-- Minimum accepted by banks for apartments

Viewing 3 posts - 1 through 3 (of 3 total)
  • Profile photo of ajayayyarajayayyar
    Participant
    @ajayayyar
    Join Date: 2005
    Post Count: 176
    December 4, 2008 - 2:03 am

    Hi all,

    I have a question regarding the minimum square metres that banks generally accept for apartments in order to accept a loan.

    I have heard that 50 SQ M is generally the minimum accepted by banks. Is this 50 SQ M inclusive or exclusive of balcony? Reason I ask is that I am looking to invest in a property that is 48 SQ M internal, and 6 SQ M balcony, totalling 54 SQM. Will the bank see this as a 50 SQ M+ investment or below?

    Your comments are most appreciated.

    Regards,
    Ajay

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    December 4, 2008 - 8:59 am

    Hi Ajay

    I think it excludes balcony area.

    St George can do Besits as small as 25 square metres too.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    December 4, 2008 - 9:09 am

    48 Sq M you will not have too much of a problem in obtaining the right loan.

    Usually it is the internal living space that lenders look for when assessing whether they want to take on the security or not.

    Richard Taylor | Australia's leading private lender

Viewing 3 posts - 1 through 3 (of 3 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.