Costly mistakes to avoid when buying
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Costly mistakes to avoid when buying
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Some banks won t lend for certain properties, locations, zoning or title types if the purchase is with less than a 20 per cent deposit. You need to understand what banks don t like. Attributes that could result in banks knocking back a loan application included flood or fire risk or micro-apartments with a floor area below 50sqm. There are a number of important steps that need to be taken. Lenders also viewed areas with an oversupply of housing as a red flag as it raised the risk of prices falling and the property becoming worth less than the purchase price. Oversupply was a particularly common problem in high-density areas with a glut of new apartments up for sale, Ms Bakos said.