Sob story of the day...

[grip]

It has been a condition in my own low deposit pre approval, and in family and friends, interested if there is a way around that?

Banks impose tougher conditions on apartments. But didn't think they would reject units outright. Can you tell us what the specific condition is?

[mercury111]

In my situation we were talking about a 5% or a 10% deposit, and was told the conditions we needed to buy in were a stand alone, pre 1999, with no more than a $5000 (structural) do up. When I asked more about the stand alone, I was told that units and apartments are generally a straight out no, but duplexs are considered.
.

[Maccachic]

The specified the year? Think you need a broker.

[mercury111]

The specified the year? Think you need a broker.

Maybe I do! :-) Admittedly year was a verbal guideline, not a condition per se. But the Unit/Apartment thing seems to be pretty standard amongst friends and siblings, with a range of brokers/banks.

[grip]

I've been using Jeff at ilender. He's pretty good. In fact just met with him this afternoon to discuss debt structures.
Just give him a call. http://www.ilender.co.nz/about

[Leftette]

That "no units" thing sounds idiotic. If Len gets his way you'll have little else to choose from!

[speights boy]

Correct.
I would be getting an accurate meaning of the term unit from the bank.
Do they mean of block of 6 flats for example?

I find it very strange they are not a fan of the good ol' block of 2 or 3, 1970s / 80s brick and tile unit.
Still very popular around the place with buyers.

[mercury111]

Thank you. Agreed, it seems an affordable way to start with a low deposit.

[PTILoveYou]

The reality of the modern world is that the Haves always have more than the Have-nots.

For people buying at 10% deposit or less, unfortunately they have to play by the rules, bank's rules, and unfortunately they will get charged higher rates than less-risk home buyers or investors.