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  • Profile photo of dlanddland
    Member
    @dland
    Join Date: 2012
    Post Count: 6
    June 3, 2012 - 1:07 pm

    Hi All
    Looking to buy IP a set of 5 units on one block all strata titled, Currently +CP in Qld. Buying property for holding value as its very close to CBD.
    My question is ,does anyone know of any lenders that will lend on over 3 units. Most of the main stream lenders will only finance 3 units or under in a complex.
    Although a couple have agreed to look at the deal , property will be securitised againt an investment account.
    Any ideas of any lenders that will look at things outside normal policy.

    Thanks in advance.

    Profile photo of Tracey BTracey B
    Participant
    @tracey-b
    Join Date: 2009
    Post Count: 158
    June 3, 2012 - 2:47 pm

    I believe that NAB have been doing up to 7 recently.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 3, 2012 - 9:57 pm

    Hate to say NAB will only do 3 under the 1 Title.

    There are a couple of lenders who would do 5 but probably max lvr 70% but certainly going to depend on location.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Tracey BTracey B
    Participant
    @tracey-b
    Join Date: 2009
    Post Count: 158
    June 3, 2012 - 10:35 pm

    Hi Richard

    Does the existing strata-titling make any difference to the NAB?

    Thanks, Tracey.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 3, 2012 - 11:41 pm

    Yes if the building is strata titled then most lenders would do more than 4.

    Might have to do them as separate loans.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    June 4, 2012 - 2:16 am

    Watch out for aggregation of stamp duty – prob assessed for stamp duty purposes as if it is one purchase even if you have separate contracts for each unit.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of dlanddland
    Member
    @dland
    Join Date: 2012
    Post Count: 6
    June 4, 2012 - 11:24 am

    Thanks for your replies guys, much appreciated.

    FYI
    Property is in Brisbane CBD
    Tried NAB , will only do three units under residential but will do commercial if we want to go down that path. 
    Trying to save on interest units are strata and under 5 contracts but being purchased by two trusts.
    The idea was to split the purchase beetween two purchasers thus keeping it a residential deal. 100% finance with a term deposit to cover security 70% – 80% LVR
    CBA would look at it but no promises ,   NAB would do under commercial as I said.
    Got the nod from BOQ  5.95% fixed three years .
    See how it goes.

    Thanks
    David

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 5, 2012 - 2:04 am

    David no reason whatsoever why you wont get it done as a resi deal that way.

    Done a lot of them in Brisbane like that.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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