Hi everyone, I’m very excited to find first IP, however I’m unsure about the nitty gritty’s of bank securities…Here’s the deal: Block of 4 flats with one title, my mortgage broker says it’s considered non-standard security and some banks may require 30% deposit…Can anyone tell me what Non-standard security means and or where I can find out more info? Also wondering if there’s anything else I have to becareful about in this situation. Thanks, Kel.[][confused2]
Hi meak
Yes to a cetain extent your broker is correct it can be treated as non standard security however in saying that merely means you are unlike to get mortgage insurance on the loan.
Dependant on the post code and as long as the property is located in a major town or city then you should get 80%.
Cheers Richard
[email protected]
http://www.yourstatefinance.comSpecialising in US & IP finance.
Richard Taylor | Australia's leading private lender
Hi Kel,
4 units on 1 Title….
Your MB should be able to get 80% LVR with ANZ, St George etc, cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Thanks for your replies Steven & Richard, I have talked more to my MB and have a much better understanding of it all now.
hi meak
my advice is swop broker there are any number on this forum don’t email me,
you will get better advice and he’s supposed to be working for you and should know.
a couple of brokers here have very good pencils and should be able to help you out ask a few.here to help
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