This article appeared today in the SMH. It suggests that NRAS properties, serviced apartments and student accomodation are getting harder to finance.
http://www.smh.com.au/business/property/bank-blacklist-puts-floor-under-risk-20110911-1k455.html
Studios, on the other hand seem to become more acceptable as security.
Has anyone experienced this with NRAS properties?
Yes I saw that article. Looked into it, but haven’t gone further.
That would defeat the purpose of the scheme if the banks wont finance it.hello,
I saw that articel also. I am also keen to understand the pros and cons of NRAS better. if the banks don't lend that is generally not a good sign.
It’s really only CBA and NAB and some another banks that don’t have a policy “yet” for NRSA purchase, however another banks including St George, Westpac, first mac and ANZ just to name few who will still do it….so i won’t say it’s the the end for NRSA it just haven’t “picked up yet”
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
NRAS at 90% has been doable since inception of the scheme.
Serviced apartments and student accomadation are a different kettle of fish but if the rest of the deal is of the right quality miracles can be worked.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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