Finance on Apartments

[Surf More]

HI All...

Just doing some research on apartments and it seems like you need a minimum deposit of 50% for anything under 40 sqm. This can provide difficult if you are looking for a 1 bedroom apt, as you're looking around $60k...

I know it also depends on the level of equity one might have within your own personal home. I suppose my questions is:

- Are there any lenders that are lending anything near 75% or greater on apts that are 40sqm or less ?

-Are there any mortgage brokers who specialize in Apartment lends ?

I appreciate your help and tips....

Regards

Surfmore...

[freeloader]

Above sounds about right.

Additionally if you are an overseas investor your LVR needs to be 50%

[Stevegoodey]

The lending criteria has loosened slightly on apartments but seems to remain at about 50% on apartments under 40sqm.

Which is not all bad because it makes them harder to fund therefor less likely to sell therefor cheaper, but it does not affect their rental return and so they can be a nice investment.

Additionally there may not be anymore smaller apartments built particularly in Auckland because of council regs and so you could be on to a winner.
As long as you sort all the normal stuff like watertightness and Body Corp issues "oh" and avoid leasehold.

I've been working with Kris Pederson from propertyfs.co.nz he seems to have a good handle on who will lend money on what at the moment.