Did you know?
Sometimes your lifestyle dictates that inner city or apartment life is a more suitable option in terms of where you live. Whether buying for yourself or as an investor apartment finance can be a little different.
While 90% of financing an apartment is the same as any other mortgage it is the different 10% that trips potential purchasers up. Whether you are buying an existing property or buying off the plan things can work a little differently.
We’re in this together!
We can also help you if your apartment is close to the CBD or under 50 m2. Some lenders have postcode restrictions and some have size restrictions. If you are under 40 m2 then you may be limited to a maximum 80% loan.
Each lender will have their very own policy on apartments so we will pay to use a funder that is comfortable with these specialised properties.
If you are struggling to find a property we can introduce you to buyers advocates who specializes in apartments and developments.
Why Lendable?
Lendable is your first stop for home finance. And as an experienced finance broker, we know the best offers around right now (including cash back offers $$$). We’ll show you what’s possible.
Apartment Financing FAQs & Resources:
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Do you receive any grants for buying an apartment?
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If the property has not been occupied and you are a First Home Buyer you may qualify to receive the a First Home Owners Grant in some states.
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How much will the bank lend me?
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All dependant on the banks! If the apartment is inner city and the bank does not want added exposure to the area they may reduce the amount they will lend or not even lend at all.
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What does off the plan mean?
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Buying off the plan is when you sign a contract to buy an apartment that is yet to be built or is in the process of being built.
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What’s the benefit?
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Because you are buying directly off the developer you may get the property at a cheaper price. If the apartment is the last one in a complex they may want the asset off their books.
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Do you pay stamp duty on apartments?
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Yes it is just like a normal property purchase, however if the property is new and you are a First Home Buyer you may receive concessions.
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Happy Lendees
Incredibly friendly
I want to personally thank you for all your help, I wouldn’t have managed it without you. From our first meeting you made me feel comfortable working with you and your organization, at all times I felt I could trust you and you had my best interests at heart. Thanks for everything.
Over the moon
I’m emailing to let you know we received our keys today, and just wanted to say how grateful Monique and I are for all your help/advice you have given us. We can’t even describe how happy we are with the end result.
Tireless efforts
We can not thank you enough for your tireless efforts in helping to get this over the line and settled. What you did for us yesterday amazes us and we are so grateful.
Borrow sooner. Buy smarter. Build better.
Lendable puts first home buyers in control of their situation. We’ll work with whatever your financial situation is to get a better deal from your lender.
