Matt M.
Kenthurst, NSW
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A number of mates are property developers in around Sydney. We have over the next couple of years up to 100 house and land packages coming onto the market and hoping we can steer customers towards a lender/lenders/brokers to obtain finance and we can sell the properties. We don’t want to be involved in the finance but with the Royal Commission, banks and brokers issues, we’d like to get some advice on who we should talk to. Is it now just the majors are there any nonbanks who will look at house and land packages or is it mortgage brokers?
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Hi Matt,
I believe that the challenge that you may have around Sydney is simply valuations. Particularly apartments.
Every lender is still open for business and if the client can afford the property and meet policy criteria they are still being approved everyday.
If however, the borrower has $200,000 deposit for a $1,000,000 purchase and the bank values the property at $850,000 then they are less likely to be able to buy the property.
I am a broker in Melbourne and have clients all over the country
Cheers
Scott