[marwelMember@marwelJoin Date: 2004Post Count: 4]

April 16, 2004 - 6:05 am

Hey howard,

here’s my 20 cents on Victoria Tower, I’m actually getting finance right now for a client…Firstly some banks won’t lend on it at all – Adelaide Bank – as they last year had valuations come back at around $50k LESS than what was paid for them, and that’s apparently still the case…

Secondly, some banks have problems accepting rental guarantees – I’ve checked!!

Thirdly, some banks WILL lend on these style inner-city apartments, but will then only do so on VERY modest Loan to Valuation Ratios – AMP will only lend say 60% on many inner-city places…

So yeah, my gut feeling about the real INNER city Melbourne aparment market says “overpriced” and riddled with some problems getting good finance…

Hope that helps a bit !

Cheers, Marianne.

[marwelMember@marwelJoin Date: 2004Post Count: 4]

April 16, 2004 - 5:56 am

Thanks people for your responses, however, I was a tad disappointed (though somewhatconfirmed in my beliefs..) that only ONE person actually suggested PLACES…everyone else just said – it’s possible keep looking….

But I guess once you’re onto something you wouldn’t wanna share with anyone else or ???

…