Is Community Title Acceptable as Security by Mortgage House?
Community title is a type of land title that is becoming increasingly popular in Australia. It allows for multiple dwelling units to be built on one parcel of land, with each unit having its own title.
The benefits of community title are that it allows for more density and therefore more efficient use of land. It can also create a sense of community and belonging, as residents have a shared interest in the upkeep of common areas.
However, one potential downside of community title is that it may be more difficult to obtain finance against. This is because lenders may view it as more risky, as there is the potential for multiple owners to default on their mortgage.
Despite this, there are some lenders like Mortgage House who are willing to accept community title as security for a loan. This is usually done on a case-by-case basis and will depend on factors such as the location of the property and the financial history of the owners.
If you are considering purchasing a property with community title, it is important to speak to a mortgage provider to find out which lenders may be willing to lend to you.