If you're buying a suburban apartment of two bedrooms or more, generally you'll find any bank will be able to cater for you. But tell your bank manager that you're buying a studio apartment in the CBD and they'll show you the door. Why? Because most banks are too conservative to take on 'specialised securities' such as this. Tell them it's a serviced apartment or holiday apartment and things will only get worse.
A good mortgage broker will have access to the major banks for your typical apartment purchase, but will also have access to specialised lenders who can help with high-density, high-rise and CBD apartments, as well as serviced, dual-key and holiday apartments.
You should be aware that specialist lenders who lend against specialist apartments will often charge a higher rate of interest, and will sometimes require a higher deposit (lower LVR). But if the bank won't help, and the sums still add up for you, using a specialist lender could be the solution you're looking for.
