Every lender has their own terms and conditions, and this is intended only as a general guide to understanding this topic. Contact us to discuss your individual circumstances.
If you are considering buying a smaller apartment, lenders and mortgage insurance companies have restrictions on what sort of apartments and developments they will accept as security for loans. It may also be that the property is acceptable, but they might require a larger deposit from you.
When you are searching for the right property for you and you think you may have found it, ascertain the following details, and then talk to me about whether it might be acceptable……before you sign any contracts or pay any deposit:
Things to consider
✓How big is the apartment internally? Is it less than 50 square metres?
✓How big are the external spaces? Balcony, carspace, courtyard?
✓Does the apartment have a separate bedroom?
✓Does the apartment have it’s own laundry?
✓How may apartments in the development/block?
✓How many stories in the development?
✓What is the address of the property?
✓Are there shops, offices or businesses in the development?
✓Is it sold as student accommodation?
✓Are there serviced apartments in the development?
✓Is it a Strata title apartment?