properties less than 50sqm

Viewing 4 posts - 1 through 4 (of 4 total)

Linar
Member
@linar
Join Date: 2004
Post Count: 567
November 2, 2006 - 10:41 am
Hi everyone
I am just about to buy a property with a square metreage according to the LTO of 63sqm, including a carpark. The actual living space is 45sqm. I already have a property in the same complex with a lender that I hate and am intending to refinance with another lender. The square metreage on that property is slightly less than the one I am about to buy. When I bought the first property I was able to get a 90% lend, paying LMI because it was more than 80% LVR.
I approached one of the large banks with this new purchase (along with another purchase underway and with the intention of transferring over the other property) and was told that because the living area was less than 50sqm, the bank would only lend 60% LVR.
Does anyone know of a bank that lends more than 80% on smaller properties? I don’t want to go through a mortgage broker (no offence to those of you reading this) because we have a substantial property portfolio and I want to deal directly with the lender and not have to go through a middle person.
I’d appreciate any leads.
Cheers
K
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
November 2, 2006 - 1:31 pm
K
There are many lenders who will lend over 80% LVR on properties with an internal square meterage of over 35 but in saying this it depends on many other factors.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner. Ph: 07 3720 1888
[email protected]
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Richard Taylor | Australia's leading private lender
JohnSmith
Member
@johnsmith
Join Date: 2006
Post Count: 93
November 2, 2006 - 3:04 pm
As Richard said there are quite a few that do it. Suggest your bank that holds your current portfolio, would be more than happy to help.
Regards
John
Inspired Finance
(02) 9944 7776
[email protected]
http://www.inspiredfinance.com.au
Stuart Wemyss
Member
@stuart-wemyss
Join Date: 2003
Post Count: 598
November 11, 2006 - 10:42 am
Hi Linar
Its been a while since I have answered a question here…
There are a few lenders that will do this. I know that NAB will consider it. St George will probably do it as well. There are a few. However, you have to have the knowledge to consider the lenders products, policies, etc.
Why don’t you contact a broker? It will save you a lot of time and ensure you get a good solution.
Cheers
Stu