Smaller Property Size Considerations Available
Even with the increase in popularity of studio apartments, most Australian lenders consider these smaller properties to be high risk and are unwilling to approve your home loan application. If your apartment is smaller than 50 square metres, you may have a hard time finding a lender willing to approve you for a home loan because of the risk and fluctuating property value. However, Mortgage House understands the intricacies of these types of property and how in-demand they are, which is why we offer home loan options for smaller property sizes.
How We Can Help You Get Approved for a Small Property Home Loan
If you are purchasing a smaller property, our brokers will work with you to strengthen your home loan application, improving your chances of loan approval. We recommend having a minimum 20% deposit saved to increase your borrowing power and so you don’t have to pay lenders mortgage insurance. However, if this is not possible, we may have a low-deposit home loan option that will work for you. We may also be able to provide you with a guarantor loan if your parents are willing to use their property as security. In addition, if you have bad credit, you may be able to approve you for a home loan anyway and help you consolidate your debts. Once your credit improves, you can refinance your loan to get a more competitive rate.
While smaller properties are considered risky by most lenders, Mortgage House will work with you to find the perfect loan option for you.