Company title- Instead of a strata title, an apartment might be on a company title, which means a company owns the block and each apartment is considered a share. Investing in a company title property means you become a shareholder in the company and do not own the land directly. Banks deem these harder to sell because new buyers are more likely to be put off by not owning their own land
Heritage listed- Banks believe heritage listed property is a bad security, because rules prevent owners from altering the property to add value and therefore makes it harder to sell
Hotel/motel conversion- Sometimes a hotel will be bought, closed down and converted into individual units. Lenders view them as tough to sell because they maintain their hotel feel
Leasehold- Sometimes a property comes without a title and a borrower actually buys it on a long-term lease from the government. An example of this is Woolloomooloo Wharf in Sydney, where the properties are over water instead of land, so there is no title. Despite the fact that the government leases are usually close to 100 years, many borrowers still prefer a freehold arrangement
Rural zoning- Out of town properties, such as farmhouses in rural locations, attract a smaller pool of buyers than those in residential zones. Most lenders will also only go to around 60% LVR, because it is too hard to get mortgage insurance.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
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