All Topics / Finance / Help! My new purchase off the plan unit becomes less than 50sqm

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  • Profile photo of AvaAva
    Participant
    @kyrene
    Join Date: 2015
    Post Count: 2
    November 13, 2015 - 9:27 pm

    The apartment on the draft floor plan was 50sqm.
    I have got a pre approval from bank already.
    But it turned out to be 48sqm.
    Do you think the bank will accept it?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    November 14, 2015 - 9:57 am

    Most lenders should be able to do over 45sqm.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    November 14, 2015 - 3:29 pm

    Yes depends on the lender and the loan to valuation.

    Over 80% and the odd lender might squirm abit.

    Course being an OTP purchase you might find that the valuation is greater than the purchase price and you can use that to reduce the lvr..

    Cheers

    Yours in Finance
    0-40 Properties in a decade, Ask me how.

    Richard Taylor | Australia's leading private lender

    Profile photo of AvaAva
    Participant
    @kyrene
    Join Date: 2015
    Post Count: 2
    November 14, 2015 - 5:21 pm

    Thank you. I feel better.

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