Buying an apartment? – What banks don’t tell you

Something buyers and investors may not be aware of is some banks are now imposing lending limits on an apartment building by apartment building basis. Once those banks reach their limit in one building or strata scheme, they will not approve any further loans in that building. We have had a number of buyer clients declined finance by certain major banks when looking to buy apartments for this reason. Our recommendation when buying is to engage a mortgage broker to shop your business across more than one bank. This ensures there is there is more competition for your business, and helps avoid problems arising at the last minute if particular banks lending limits arise.

– Jeff Beere, Director Beere Property

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