I too made enquiries regarding finance for this type of purchase and was sent the following reply from posproperty.com

“you may experience funding difficulties with purchasing this property. As this property is classified as “niche market” in other words outside the square of standard residential property, not all lenders look favourably on assisting with providing purchase funding.This is generally as a result of historical evidence available to them and may be associated with the physical size of a unit, the management structure, the re-sale market, or where they have previously been unsuccessful in recouping funds.

We suggest that parties interested in the purchase of any niche market property make their own enquiries with their own associated lender and ascertain their lenders criteria in relation to both purchase funding and acceptable security for niche market property.Prospective purchasers with established loans should also seek their lenders acceptable security policy in relation to acceptable security”

Another company I made enquiries with said they would refer prospective buyers to two banks that would understand this type of investment.

On a sour note I read in our local paper this week an article about Pensioners within these complexes struggling to live on $20 per week after 85% of pension and 100% of rent assistance is paid to complex management.

Is this really a socially responsible investment as advertised?

Kiara