Most lenders apply a minimum internal floor area, commonly 50 square metres excluding balconies and car parking, and some set it higher. Studios and compact one-bedroom stock frequently fall below it.

Below the threshold, options narrow sharply and the lending ratio usually drops, meaning a larger deposit. A unit that one lender will fund at 90% may need 30% elsewhere or be declined outright.

This affects older unit stock across Woodridge, Kingston, Springwood and Loganlea more than the newer developments, and it is the single most common reason apartment finance falls over after a contract is signed.

Check the floor area on the plan before you make an offer rather than after. We confirm lender appetite for the specific building at pre-approval. Call 1800 774 756.

Lenders cap how much of a single complex they will hold, often around 20% to 25% of the total units. Once that limit is reached, they stop lending in that building regardless of how strong your application is.

Postcode restrictions are a related issue. Some lenders maintain internal lists of areas with high apartment supply where they reduce the lending ratio or require a larger deposit, and these lists are not published.

The result is that two identical applicants buying in different buildings on the same street can get different answers, which surprises most buyers.

This is worth checking before you commit rather than assuming a pre-approval covers any property. We test the building against lender policy as part of the process. See our guide to home loans for apartments and units in Logan.

Off the plan is different because settlement is often a year or more away, and finance cannot be formally approved that far ahead. Lenders issue an indication, then reassess everything at completion against the policy and your circumstances at that time.

Two things go wrong most often. Your position changes, through a job move, a new debt or reduced income, and the loan you were counting on is no longer available. Or the completed valuation comes in below the contract price, and you must fund the shortfall in cash.

The protection is a healthy buffer and avoiding new credit during the construction period, which is harder than it sounds over eighteen months.

We keep off the plan clients under review through the build rather than only at settlement. Talk to the team.

Body corporate levies are treated as an ongoing commitment in serviceability, in the same way a loan repayment is, so a high levy reduces what you can borrow.

Levies vary enormously with the facilities. A walk-up block with no lift, pool or gym carries far lower levies than a complex with all three, and the difference over a year can be several thousand dollars.

Beyond serviceability, the sinking fund is worth reading. A fund that is underweight against the building's age and condition signals a special levy ahead, and that lands on the owner at the time rather than the seller.

Get the disclosure statement and recent minutes before the cooling-off period expires. We will factor the levies into your borrowing figure from the start.