06 Mar 2022

Residential Property in Commercial/Industrial Zoning: The Basics

Residential Property in Commercial

Australia has a rich history that dates back to the late 1700s. Thus, some homes have seen several generations. When zoning laws went into effect, it caused some disruption in properties that didn’t have an official designation with the corresponding government entity. That’s why it’s possible to find a residential property in commercial/industrial zoning.

The zoning causes an issue for individuals who want to buy it and finance it. Residential mortgages receive the best home loan interest rates. Loans to purchase commercial properties have higher rates. Therefore, the zoning status for the home plays an important role for the lender.

Mortgage House has experience working with homebuyers who find properties with odd zoning statutes. Our loan specialists take a look at the details of the property and evaluate them accordingly. In some cases, it’s possible to fund the property as a residential home even though it sits in a commercial zone. In other instances, it’s necessary to finance it as a commercial property. 

Keep in mind that speaking with the correct authority can ensure that the home receives residential status. Nonetheless, our Mortgage House team works with homebuyers to find the solutions that make the most fiscal sense in several circumstances. If something doesn’t work out, you’ll find other properties that don’t have funky zoning issues on the Australian market. 

Residential Property in Commercial/Industrial Zoning

Homebuyers interested in purchasing a residential property in commercial/industrial zoning can obtain financing. Loan specialists at Mortgage House can examine the circumstances and provide possible loan terms and guidelines. Contact our team today.

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