My brother wants to purchase a 1 bedder unit in inner city < 38sqm (postcode 2000-2010). He wants to borrow 100% or at least 95% at the maximum. Most lenders need the unit to be at least 38sqm. Any suggestion which lenders to use? Thanks heaps.
CBA
Thanks Reedy. Forgot to mention that my brother has already maxed his exposure with NAB and CBA. Do you know any other lenders that can do it? Thanks again
The Big C is quiet liberal on their serviceability so if he has maxed his borrowing with them then maybe he can't afford it.
Full details would be needed to make a responsbile comment.
Richard Taylor | Australia's leading private lender
Thanks Richard. When I said he's maxed out, it's not his borrowing. He's a doctor with $400K/year earnings. He has another 4 properties, all borrowing at a higher %. He said CBA won't do it anymore at 90% because his total borrowing is above $1.5M with them. But if it's 80%, they're happy to do it. Same with NAB. He can keep buying, but only at 80%. The bank said something about the mortgage insurance won't do it as he is highly geared even though he can afford it. If it's 2 bedder, they're happy to lend him over 80%. They won't do it for 1 bedder less than 38sqm.
So I'm just wondering if there are any other lenders apart from CBA and NAB that would do 1 bedder < 38sqm and the loan is over 80%.
Thanks again
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