All Topics / General Property / Purchasing Units – Why is downpayment so high?

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  • Profile photo of ajayayyarajayayyar
    Participant
    @ajayayyar
    Join Date: 2005
    Post Count: 176
    October 18, 2008 - 4:24 am

    Hi all – any particular reason why downpayment for puchasing units/apartments are high, particularly if there are lower than 50 sq metres?

    I am investigating this option and wanted to understand why this was the case.

    Cheers
    Ajay

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    October 18, 2008 - 6:31 am

    Ajay

    Think you can drop that size down to around 30 square metres but it all comes to supply and demand if the lender ever has to reposess.

    As long as it has 1 bedroom you should be ok.

    Richard Taylor | Australia's leading private lender

    Profile photo of ajayayyarajayayyar
    Participant
    @ajayayyar
    Join Date: 2005
    Post Count: 176
    October 18, 2008 - 7:19 am

    Thanks Richard. So basically, I assume that the bank believes that the number of square metres will impact how easy it is to resell the property?

    Cheers

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