As the Swaffield Apartments are 46m2 they fall into standard lending security in a number of New Zealand Banks.
The banks will lend up to 85% on owner occupied apartments and 70% if these apartments are residential rentals*.
An example for Owner Occupiers:
Purchase Price: $550,000 $450,000
Equity Required: $82,500 $67,500
( This can be from personal Savings, Kiwisaver, Gift or parental support)
Loan Amount: $467,500 $382,500
Interest Rate: 2.5% (lowest)
Term: 30 years
Repayment: $430 per week $350 per week
Combined or single Income Required to meet bank criteria:
(*NB Rental Property advice will need to be dealt with by Angela Peters whose details are below)
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Construction to be completed September 2020