Will Mortgage House Finance a Unit That Is 30m2 in Internal Liveable Space? (Yes)
Potential borrowers who are considering applying for a loan to finance an apartment or unit want to learn if Mortgage House will finance a unit that is 30m2 in internal liveable space. Yes, Mortgage House will finance a unit that is 30m2 in internal liveable space.
Mortgage House accepts units as small as 30 square meters in internal liveable space because we understand the value of smaller units. However, most traditional home loan providers will accept units with a minimum of 50 square meters in internal liveable space.
Most units with internal liveable space of 30 square meters are classified as studio apartments. Studio apartments are defined as units without walls separating the various living areas, meaning the living room, kitchen, and bedroom are one space with a defined bathroom area.
Traditional home loan providers are generally more strict on lending for units than non-traditional providers because of their status as high-risk. Units smaller than 50 square meters of internal liveable space are seen as high-risk because traditional providers believe these units are less desirable than larger units and can be harder to sell. Additionally, smaller units are generally located in high-density, higher-risk inner-city areas. Because of these reasons, it can be harder for potential borrowers to find a suitable home loan product that works with a smaller unit.
Mortgage House has various home loan product offerings for units with 30 square meters of internal liveable space. If you would like to learn more about our home loan offerings, reach out to the Mortgage House team of professional home loan providers for further information as well as specialized assistance and advice throughout the application process.