Finance for small apartments

Viewing 6 posts - 1 through 6 (of 6 total)

MattK
Member
@mattk
Join Date: 2003
Post Count: 1
June 6, 2003 - 5:03 am
Hi all,
Excellent site this one! This is my first post – hooray!
The non-hooray part is that my girlfriend and I have found a very cheap apartment that we want to buy to live in, but it is under 50sqm, and our current bank won’t finance it, despite our financial situation, which would appear to all and sundry to be quite solid. In fact, our bank said they would only lend – get this – 30% of the purchase price. I was under the impression that a small apartment such as this would frequire 20% deposit, which I have no issue with.
Does anyone know which banks would be willing to lend up to 80% of the purchase price?
Thanks all.
Matt.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 6, 2003 - 5:45 am
MattK
How small actually? if it is over 40sqm, then that is not too bad, but if it is under, then there is only a small number of lenders that are willing to llok at it.
Thanks for the referral Michael.
Terryw
[email protected]
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
MattK
Member
@mattk
Join Date: 2003
Post Count: 1
June 6, 2003 - 7:04 am
Thanks for the replies.
As it happens, it is listed as being 37sqm. I can hear you all thinking – “that’s right, that IS unlivable!” But after a couple of inspections, we believe it’d be OK for us.
Any ideas?
Cheers,
Matt.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 6, 2003 - 7:12 am
Yep. you probably don’t have much choice. Wide bay capricorn would probably be your only choice.
I can find out if you would like.
[email protected]
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
toddo27
Member
@toddo27
Join Date: 2003
Post Count: 12
June 6, 2003 - 3:35 pm
Matt,
Also try HSBC. They were promoting under 50M2 lends a few months back.
cheers
Todd
Hi all,
Excellent site this one! This is my first post – hooray!
The non-hooray part is that my girlfriend and I have found a very cheap apartment that we want to buy to live in, but it is under 50sqm, and our current bank won’t finance it, despite our financial situation, which would appear to all and sundry to be quite solid. In fact, our bank said they would only lend – get this – 30% of the purchase price. I was under the impression that a small apartment such as this would frequire 20% deposit, which I have no issue with.
Does anyone know which banks would be willing to lend up to 80% of the purchase price?
Thanks all.
Matt.
[/quote]
Todd O’Neill
http://www.meteorpartners.com
‘Move to the next level’
golfer
Member
@golfer
Join Date: 2002
Post Count: 27
June 7, 2003 - 5:00 am
Hi Matt
Might like to try either St George Bank or Rams.
We do a lot finance in Brisbane for small apartments. Hope this helps.
golfer