Can I still buy a place in Gladstone, QLD if I apply for a LVR 90% loan? It seems that taking out such a loan limits me to buy part of a serviced apartment complex, student accommodation, hotel complex, rural areas, apartments less than 50 square meters etc….
i just bought a property in Gunnedah on 90% LVR settled last month
cheers
Sonya
Music to my ears!
Cheers Sonya.
Yes 90% or 95% should still be available although i was reading earlier that the mortgage QBE is starting to get a little nervous these days in a lot of the post codes areas.
Richard Taylor | Australia's leading private lender
The population of Gladstone is over 45,000 people. Bank don’t tend to lend more than 80% LVR on towns with under 10,000 people. So with a town of 45,000 you should be fine for a 90-95% LVR.
May I ask…is the property positive cash flowed?
Ryan McLean
http://CashFlowInvestor.com.au
Positive Cash Flow Properties Are Just A Click AwayRyan McLean | On Property
http://onproperty.com.au
Email MeJust to clarify Ryans last comment.
Banks and Mortgage Insurers DO lend and provide cover on towns of under 10,000 population where the lvr is 80% +.
Misconception put around that is not true.
In certain post coded areas the mortgage insurers may wish to limit their exposure but population alone is not the sole criteria.
Richard Taylor | Australia's leading private lender
Thank you all for your reply.
ryan – I'm calculating that it won't be positive cashflow however I am holding out as negative gearing (maybe neutral if I'm lucky) until the go ahead is given for lng projects in that area. How soon the property becomes positive cashflow is something I can't answer and I take this as purely a gamble.
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