Folks!
I couldn’t find a previous post on the subject of obtaining finance for a property in a small town.
I was just informed by a lender that it will be difficult to get finance for a property in a town smaller than 15,000. Unless I am willing/able to get a circa 50% LVR loan.
Is this the case? If not, where do I find a mortgage lender willing to finance a property in such a town, and at a competitive rate?
Any advice would be much appreciated!
MarkP
I don’t think that lender was very accurate – I suspect they were just describing their own policy.
Dare I say that you find a decent broker with a number of lenders they access?
You can easily see what postcodes might cause you problems by using the postcode wizard at
http://www.pmigroup.com.au/LocationWizard.asp
All the best
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I am with Simon i think the lender may have been telling you his lending policy.
Use the PMI post code locator and you will see they policy is far from that.
I have financed many a deal in the depths of NSW & Qld where the town certainly has less than a 15000 residents.
Cheers
Richard Taylor
Residential & Commercial Finance Broker.
Licensed Financial Planner.
Ph: 07 3720 1888
[email protected]Richard Taylor | Australia's leading private lender
Mark,
For normal residential lending, one of the big four will lend to any postcode in Australia, (provided the security fits their acceptable type) even mortgage insured stuff, and provided you keep it within their ‘delegated underwriting authority’, a good broker can help you with this. Meaning you can borrow up to 95%, 96.5% even with Mortgage Insurance capitalized.
For future reference use a good broker, I find banks don’t even know their own policies half the time….
Good luck!
Liz
Mortgage Lender
The opinions expressed in this public forum should not be construed as professional advice of any nature.
1300 780 826Thanks for the advice folks. Will pursue finance elsewhere..and will forward the PMI link to the lender discussed..
Much appreciated.
MarkP
What banks/building societies/credit unions are in the town or nearby. Try some of these
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