Hi all,
Im looking at 4 x 2 bed units on one title in Sydney and would like to know if I will need to apply for a comercial loan to purchase this property or will the bank let me use a normal home loan ?
thanks in advance..
happy investing…
A quick phone call to your friendly mortgage broker or bank manager should answer that question.
But I'll put my money on commercial lending for this one, unless they're on two separate titles, then you'll probably be fine and could mortgage with two separate banks.
Vicky
No 4 units would not require a Commercial lend with a couple of lenders so you should be okay.
Of course will depend on numerous other factors.
Richard Taylor | Australia's leading private lender
How can you get 2 lenders if the block of units is on one title..
I thought that it is only possible if you strata titled the units
Interesting… new experience !!!You cant.
I think Vicky was referring to the fact that it was only possible if they were strata titled.
Richard Taylor | Australia's leading private lender
Yes, that's right Richard, I was referring to them being on strata titles.
Good to hear the banks in Oz are OK with four on one title still. They've got a bit toxic on that idea over the ditch!!
Vicky
Hey guys
Thanks for your advice..
I think you may be able to get 80% LVR with commercial lending i.e. 1-2% above the residential rates.
I am not sure whether if you have an equity in your PPOR, you can get a cheaper rates i.e. residential instead of commercial.
I hate to say this… cross-collateralised the properties
can bring down the rates??????Anyone has idea?
Wont get an 80% lend too easily these days most lenders want to reduce exposure to nearer 70% but would get this deal residentially.
Richard Taylor | Australia's leading private lender
can bring down the rates??????You must be logged in to reply to this topic. If you don't have an account, you can register here.
