I am investigating buying a block of units that could be good potiential. I have found 1 block of 5 units and another of 8 units.
Has anyone else bought a block of units?
Do you need to have a body corporate or as a single own is this needed?
Anyone dealt with finaning for a block of units?Any other comments?
ChrisAll post are IMHO.
I think this comes under ‘other comments’ ha ha…
There is a block of 4 units for auction at Bondi Beach this weekend. For details visit http://theblock.ninemsn.com.au/theblock/
I think they are overpriced!
Tas [
]Hi Chris
Lenders consider anymore than 4 – 6 units in the same block/complex as a commercial interest and therefore will not finance these through normal residential products.
The bigger lenders will generally accept more units. E.g. NAB will sometimes do 6 (which is the highest).
If its assessed as commercial then the rates will be around 7.3% to 7.6%. Plus application fees with commercial may be higher. The maximum LVR is normally 70% – 75% (the higher the LVR the higher the interest rate).
Just a few things from a lending perspective to consider.
Cheers
Stu
Property & Finance News
at http://www.prosolution.com.auI have a couple of blocks and you dont pay body corporate if you own the lot. 70% is the norm, but I recently found someone who will do 75%.
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