Apartment Advice and Lending

[freeloader]

Hi,

I'm looking at buying an apartment in Auckland. As you know there are alot of undervalue out there but all below 40sqm. My bank won't let me touch anything less than that. I was eyeing a 39sqm 1 bedroom.

How is everyone getting funds to buy smaller apartments? Is there any second tier lending who might relax their rules?

[k1w1]

No offence, freeloader, but that sounds smaller than those cells made from shipping containers we're hearing so much about in the press.

How can you fit a bedroom, living & eating area and kitchen in that much space? It must be built like the inside of a boat - every nook and cranny used to perfection.

[Green Fish]

Am not quite sure what "undervalue" might mean, but shop around all the banks. The policy re "shoebox" apartments is illogical and it won't last.

[CJ]

The policy re "shoebox" apartments is illogical and it won't last.

Illogical yes. Wont last???

How about getting an unethical valuer to include the carpark area (have heard this has been done).

Best option is to talk to a broker as they will know all the criteria. Or try and find one that is 40.1sqm

[freeloader]

I think you're right Greenfish. It is really illogical. Especially since all the two beddies are over 40sqm. I consider a one bed at 39sqm small imagine a two bedroom for 40sqm.

Who would want to live in four bedroom for 45sqm?