All Topics / Help Needed! / Finance on blocks of units – broker question

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  • Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    December 31, 2011 - 11:35 am

    Question for a broker …

    What are lenders after for a deposit on a block of units at the moment and how do the LMI lenders like these types of purchases? Its a block of 4 units – 2 bedders. One title… currently returning a 5% yield..

    Would interest rate be any different from a standard single dwelling loan?

    any  info appreciated

    Amanda

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    December 31, 2011 - 3:53 pm

    Hi Amanda

    Depending on the rest of the application you might get 90% lvr on a standard residential rate with the right lender.

    Anything more than 4 on a single Title normally constitutes Commercial lending so higher rate of interest and reduced LVR.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Mick CMick C
    Participant
    @shape
    Join Date: 2010
    Post Count: 1,099
    January 1, 2012 - 12:47 am

    Block of 4 under one title is still ok with Res lending- same discounted rate with the right lender.

    If it’s in a good location and there are comparative sales then up to 80-85% LVR is do-able.

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

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