Financing four units on one title

The challenge: four dwellings, one title

This client already owned a property with an existing house and wanted to build four units on the title. The four-unit plan was central to what they wanted to achieve.

The client told us they had approached several lenders and brokers, but had encountered lending limits that generally stopped at three dwellings on one title. They came to Find A Better Rate looking for a way to finance the proposed four-unit project.

This was a lender-selection challenge as well as an affordability assessment. A lender needed to be comfortable with the proposed security and development, alongside the borrower’s financial position.

Our approach: draw on experience with similar projects

Chris Berry had dealt with a similar scenario before and identified ANZ and Bank of Queensland as lenders to consider for this type of four-dwelling proposal at the time.

We proceeded with ANZ. The focus was on finding an assessment approach that could accommodate the client’s proposed project and support a suitable finance application.

This case describes the lenders considered for this particular application. It is not a statement that either lender will accept every four-unit project, or that other lenders universally stop at three. Requirements depend on the proposal and the policy in place when applying.

Assessing self-employed income and future rent

The borrower was self-employed, so we reviewed the company financials to assess their capacity to meet the proposed commitments.

The servicing assessment also took into account the proposed rental income from the units once built. Working through the borrower’s financial position and that future rental income established that the application met servicing requirements.

The numbers behind the project

The approved construction loan was $1.6 million, and the construction cost was also $1.6 million. The land was already owned by the borrower.

A valuer assessed the finished development at $4 million. That figure describes the value of the completed project assessed by the valuer; it is not a sale price or a statement of development profit.

The construction figure should not be confused with the total investment in the project, which also involves the land and any other applicable costs.

The outcome: ANZ approval and loan settlement

We secured ANZ approval in approximately two weeks, and the construction loan settled in November 2025.

This outcome records the finance approval and loan settlement. It does not imply that all four units were completed, tenanted or sold at that point.

1. Lender selectionA lender able to consider four units on one title identified
2. Affordability reviewCompany financials and proposed rental income assessed
3. Approximately two weeksANZ approval secured
4. November 2025Construction loan settled

What other borrowers can take from this

If a lender cannot accommodate your proposed development, it can be worth reviewing whether another lender’s policy is a better fit. The number of dwellings, title arrangements, project costs, valuation and repayment capacity all need to be considered together.

For a self-employed borrower, that review also needs a clear understanding of the business financials. Start with a discussion of the complete proposal before relying on a particular lending outcome.

Explore our construction finance guide, learn about construction progress payments or review our self-employed document checklist.