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)

However, when the unit is under 40 sq meters that is where you will have a lower pool of lenders to choose from.

Finance for units between 45 – 50 square meters

Lender A (Tier 1 Bank- Major)Lender B (Tier 2 Bank- Medium/ credit union)
Max LVR90-95% 95%
Interest only allowed
100% offset account
Studio apartment allowed (ie No bedroom)
Non-genuine savings allowed up to 90% LVRup 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 LVR90%80%
Interest only allowed
100% offset account
Studio apartment allowed ( ie No bedroom)
Non-genuine savings allowedUp to 80% LVR
Car space and Balcony included into calculations
Refinance and cash out allowedLimited 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 LVR80%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 LVRCase 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 allowedNot for this size.