Heritage listed

What is a heritage listed property?

Properties that are unique, are historically important to Australia or have architecture that is worth preserving are often heritage listed by the state government or heritage council. A heritage listing puts restrictions on the redevelopment of a property to preserve it in its current condition.

Some people believe that a heritage listed property is worth more than a property that is not heritage listed because of the prestige and history associated with it. Other people believe that it is a negative attribute, and that it reduces the property value because there are limitations on what you can do with the property.

How much can you borrow?

First home buyer: 95% of the property value (restrictions apply).

Investor: 95% of the property value.

Low doc: 80% of the property value.

Discounts: Competitive professional package and basic loan discounts are available.

Note: Most home loan lenders restrict the amount you can borrow to 80% or even 70% of the property value. There is the possibility that you may be able to borrow up to 95% of the property value using a mortgage loan on a case by case basis for strong applicants and well presented properties.

Why are the banks so conservative?

Banks believe that heritage listed properties do not always appeal to the general market, and as a result may take longer to sell. Because of this extended time to sell the property, banks consider them to be a higher risk than a normal property.

There is plenty of debate about heritage listed properties so we can often convince lenders to bend their lending guidelines for historical or desirable properties.

Finance your heritage listed property

If you are interested in buying or refinancing a property that is heritage listed then please contact us and we can help you work out how much you can borrow. Low doc loans for heritage listed properties are available upon request.