hi everyone i think i found a very good deal. the median house price in the area is $240k, this property is a 3 bed that looks like it's in pretty good condition, the unimproved land value $47k and they're asking $90k for it. it's a town of 15,500 people and it's 132k direct line from newcastle. does this sound like a very good deal.
thanks for any thoughts,
Ben
Hi Ben
Certainly from a lending perspective the population is comforting and the relative distance to a major City is a positive.
As long as the property is sound and does not need too much work to it and can be rented and managed by a local agent certainly worth exploring further.
If you want me to run a free Residex report for you shoot me an email with the address and be happy to send you the report back. Might help in completing your due diligence.
Richard Taylor | Australia's leading private lender
HI Richard,
Is there a minimum population number that banks require?
I don't have much money and have been looking only in far back regional areas where population is only a couple of thousand people. Would banks not be interested with such low population?Also, I know just about all lenders charge LMI for LVR over 80%. Do you know of any lenders who can go higher than 80% before charging LMI?
Thanks.
JennyHi Jenny, you may find that the mortgage insurers may only lend at a very low LVR in your area. Sorry, but I may be wrong.
Hydra
Hi Jenny
Yes it all depends on the mortgage insurer, the lender and the location and zoning.
Normally much under a population of 5000 and you might struggle at the higher lvr.
Wont find any lender waive LMI in the small regional areas where the loan is over 80%.
Would need more hard data to advise you further.
Richard Taylor | Australia's leading private lender
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