All Topics / Help Needed! / Small unit

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of Chris89Chris89
    Participant
    @chris89
    Join Date: 2011
    Post Count: 49
    February 13, 2012 - 11:13 pm

    Hi guys,

    I remember looking at a thread on this forum regarding small units, I wasn't able to find one though.

    Is there problems getting finance for small units? Or any other issues with buying a small unit. The one in question is;

    Building Size:51.00 m² (5 squares) approx

    Land Size:67 m² (approx)

    This unit is position very well, so my only worries are to do with the size of the unit and if there would be any problems being able to rent them. The unit has 1 bdr, 1 bath room and  1 car spot in a building of 5 units.

    Any help or the link of a thread that goes into detail about the pluses and negatives of small units.

    Thanks everyone for your help!


     

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539
    February 13, 2012 - 11:37 pm

    Is it in a building of serviced apartments, with a tenant such as Quest Apartments?

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
    Email Me | Phone Me

    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    February 14, 2012 - 12:13 am

    Generally speaking – above 50m2 broadens your scope of lenders.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Chris89Chris89
    Participant
    @chris89
    Join Date: 2011
    Post Count: 49
    February 14, 2012 - 12:58 am

    Nope, they aren't serviced apartments JacM.

    Thanks Jamie, do you see any negatives from from this sized unit? Or anyone else for that matter :)

    Thanks for your responses guys!

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 14, 2012 - 1:40 am

    Internally anything over 35 Sq M you should be fine.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Chris89Chris89
    Participant
    @chris89
    Join Date: 2011
    Post Count: 49
    February 14, 2012 - 5:54 am

    Thanks Richard :)

    Profile photo of CatalystCatalyst
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    @catalyst
    Join Date: 2008
    Post Count: 1,404
    February 14, 2012 - 6:15 am

    Bit hard to say whether it will be easy to rent without knowing where it is.

    If it's in Sydney near the CBD no there will be no worries. Some places are 28sq.
    Other areas of course will differ.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    February 14, 2012 - 7:55 am

    Must admit i a not aware of any traditional lender that will finance normal ratios on a 28 sq M unit.

    Just had 1 back that was only 32 Sq M internally at 17 lenders declined it with 1 saying they would do 70% only.
    This was CBD Melbourne.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of laminarialeslaminariales
    Participant
    @laminariales
    Join Date: 2012
    Post Count: 9
    February 14, 2012 - 11:58 am

    Based on my recent experience, CBA will go to 90% on buildings over 40sqm… At 51sqm I think you’d be fine with anyone.

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