When you’re looking to buy property beware of the 1 bedroom apartment problem.
The minimum “liveable” floor area for most lenders is 40 square metres. Some banks won’t lend below the minimum and other banks will only lend up to 80% of the value.
So what does “liveable” floor area mean? It means the internal floor area of the apartment, like kitchen, bathroom, bedroom and living room. You need to exclude the balcony, car space and outdoor areas.
If you’re looking to buy 1 bedroom apartment, you need to ask the Real Estate Agent for the Strata Plan which will show the “liveable” floor area.
At Craig Tracey Lending we understand 1 bedroom apartments and are happy to help you. Click here for more information: What we do