Hi folks
I'm new hear and looking for some help/advice.
I bought a unit off the plan which is due for completion in November. The unit is in a new 3 level development in a good seaside suburb in Melbourne.
The unit is small 31sq + car park (12.5sq) and balcony (15sq). I have 20% deposit including the FHOG.
My broker tells me that he can get me finance but needs 30% deposit which i don't have. I can possibly obtain the additional 10% through a family pledge but this is not my preffered option and i'd only consider this as a last resort.
Are there any lenders who will give me 80% finance on this unit and if not are there any other options that i can look into.
Thanks in advance.
Kopano
Does the unit have a separate kitchen and laundry ?
If so it maybe possible
Richard Taylor | Australia's leading private lender
Hi Kopano,
The unit size is a real killer and banks have come right back in terms of what they will offer on these apartment sizes. Does it have a separate bedroom?
I know depending on the valuation and strength of the overall deal then I'd be putting the deal up with St George but even then they'd reduce the LVR…Sorry I can't be of more assistance but the pledge might be the best way to get the 80% financing.
Good luck.
Thanks Qlds007, The unit does have kitchen and a laundry but i'm not sure but what you mean 'seperate? The laundry is in the bathroom and the kitchenette is in the meals area.
Thanks LH, the unit does have a seperate bedroom. Valuation has been completed from the plans and is $350k
Financed a few recently in Melbourne at that sort of size but would need to see the floor plan.
Lender i have is very funny about such things.
Richard Taylor | Australia's leading private lender
CBA. As long as it is not a serviced apartment or student accomidation.
Min size 18sq… Have the policy in front of me…
Thanks Banker. The unit it not a student apartment or student accomodation. I'll look into the CBA.
St George may do it too.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terryw I'll look into St G also.
Why not just use a broker
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry – I have the option of broker channel or referring direct (paid less via direct). I’ve now pretty much given the broker channels the flick.
The guys I use direct get things approved – in some cases approve them when I’m on the phone. It’s simply a different set of rules via broker channels at the moment – different credit teams and far tighter on policy.I would say yhe best option is to research, find the lender that will assist and most importantly find a good contact within that bank / chances of getting what you want are far greater.
Banker, I started going direct as well. I agree that it is much easier -It was so hard dealing with the broker channel. – But now am no longer in finance.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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