Smaller 1- bedroom apartments and studios over 40-50sq meters can still be financed by a standard lender if certain basic criteria are met.
Some lenders will include the following as part of the size calculation.
- Car space
- Balcony
- Storage unit/space
- Internal stairs
- External laundry (not shared)
Finance for units between 45 – 50 square meters
| Lender A (Tier 1 Bank- Major) | Lender B (Tier 2 Bank- Medium/ credit union) | |
| Max LVR | 90-95% | 95% |
| Interest only allowed |  | |
| 100% offset account | | |
| Studio apartment allowed (ie No bedroom) | | |
| Non-genuine savings allowed | up to 90% LVR | up to 95% LVR |
| Car space and Balcony included into calculations |  | |
| Refinance and cash out allowed | | |
Finance for units between 40 – 45 square meters
| Lender A (Tier 1 Bank- Major) | Lender B (Tier 2 Bank- Medium/ credit union) | |
| Max LVR | 90% | 80% |
| Interest only allowed | | |
| 100% offset account | | |
| Studio apartment allowed ( ie No bedroom) | | |
| Non-genuine savings allowed | | Up to 80% LVR |
| Car space and Balcony included into calculations | | |
| Refinance and cash out allowed | | Limited amount allowed |
Finance for units between 35- 40 square meters
| Lender A ( Tier 1 Bank- Major) | Lender B (Tier 2 Bank- Medium/ credit union) | |
| Max LVR | 80% | 70% |
| Interest only allowed | | |
| 100% offset account | | |
| Studio apartment allowed ( ie No bedroom) | | |
| Non-genuine savings allowed | | |
| Car space and Balcony included into calculations | | |
| Refinance and cash out allowed | | |
Finance for units between 18 – 35 square meters
| Lender A ( Tier 1 Bank- Major) | Lender B (Tier 2 Bank- Medium/ credit union) | |
| Max LVR | Case by case ~70% | 50-60% |
| Interest only allowed | | |
| 100% offset account | | |
| Studio apartment allowed ( ie No bedroom) | | |
| Non-genuine savings allowed | | |
| Car space and Balcony included into calculations | | Case by case |
| Refinance and cash out allowed | | Not for this size. |