Warehouse conversions

What are warehouse conversions?

Older warehouses are often converted into trendy apartments by developers and then sold to the public. A prominent example of this is the Sydney Woolstores conversion in Ultimo / Pyrmont.

Although the apartments are often trendy, they have large open plan living expenses that may be difficult to heat and to furnish so do not suit every buyer.

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: You may be able to borrow up to 95% for a converted warehouse on a case by case basis. The banks favour apartments where the conversion has been completed and that are in a good location with strong market demand.

Why are the banks so conservative?

Converted warehouses may be in an industrial location, have design features that have limited appeal or have an inflated sales price due to overzealous marketing that all cause the banks to see them as a higher risk for a home loan.

Finance is available for apartments that are very similar to standard apartments whereas strange or unique designs tend to have fewer lenders willing to use them as security for a mortgage.

Finance your warehouse conversion

If you are interested in buying or refinancing a property that is a warehouse conversion then please contact us and we can help you work out how much you can borrow.