Renting in Manhattan is wasted opportunity. It’s a perfect storm - steady declines in interest rates and increasing rental rates perpetuated by consumer demand means that this is the opportune time to capitalize and purchase a slice of the Big Apple. Furthermore, lenders are friendlier to consumers than they have been in the past. 

For example, the Federal Housing Administration (FHA) along with investors Fannie Mae and Freddie Mac has announced cutting upfront mortgage insurance premiums.  While some lenders in Manhattan are approving loans with only 10% down for Loan to Value (LTV) under $1 Million and 15% down for LTV under $1.5 Million for those with good credit. 

If you're an Aussie investor looking to finance an apartment, most banks will work with you on a case by case customized basis.  Everything of course is subject to the quality of the borrow and how your tax returns translate but you can finance roughly up to 60% LTV (loan to value) up to $1,000,000.  For example, if your purchasing something that's worth $2,000,000, maximum financing would be $1,000,000 at most banks.  

Whether you are tired of throwing your money away in a rental or just eager to take advantage of a favorable market, the time is right to invest wisely in a rising Manhattan market. Carpe Diem.