I am looking at starting a building company. I would only build my own projects and not for others. Would be looking to do 1 to 2 multi unit dwellings per year in brisbane. Around 6 – 15 units or so a project. I am not a builder so would need a nominee to obtain the licence. I am just wondering whether anyone has any experience doing…[Read more]
benofbrisbane replied to the topic Roof painters Brisbane – anyone know of a cheapie? in the forum Help Needed! 8 years, 1 month ago
or anyone had experience doing it themselves?
Thanks for your comments guys. Very helpful.I had been using $1,500.00 a metre – but thought I should I use $2,000.00 of the units, as I understand that units are generally more expensive.In the market I am looking at there is a lot of competition. Most people are building the smallish 2 bedders, with high density. This is fine as it is a pr…[Read more]
Thanks ChristianB – can conventional units be also delviered for around $1500 sqm (two level walk up). The top storey does not have to be fire rated. Thanks for your time.
Hi All – just an update – my broker hit up the CBA for a further reduction and they have given us 0.95% off the standard variable, which takes us to 6.61%, which seems good. This is 0.25% reduction from where we were and with the RBA cut we are now 0.50% down from where we were last Monday.
Thanks for your comments Richard – and everyone else too. I guess my position was that I really didn't have the equity in my PPOR (that I wanted to touch anyway) to allow me to take out the second loan on it – though I see what you are saying now in relation to thinking a little creatively. I am sort of pretty entrenched with my current broker f…[Read more]
thanks Richard – the only problem being that I do not have a lot of equity available in the PPOR. The redraw takes the PPOR loan up to 80%. So to borrow more against the PPOR I would have had to pay LMI wouldn't I?
i am not sure I understand the cross thing. The issue was that I had $100K available by way of redraw in the PPOR. I didn't want to put up any cash for the IP, so I borrowed 100% plus costs. To borrow 100% plus costs on a stand alone basis I would have had to pay LMI. By providing my PPOR as security for borrowing for the IP I was able to av…[Read more]
Hi Everyone – thanks for your comments.In regard to the cross collaterisation, that was done with my blessing – I didn't want to pay LMI for the purchase of the IP and didn't want to lose access to the equity I had available in the PPOR through the redraw.The 7.11% rate is on a the PPOR which was obtaining in March 2010. So I guess that was the…[Read more]
hey swampy – thanks for the reply. So why don't they just make them two titles? Surely a developer would make more selling two apartments rather than one apartment with dual key? Plus wouldn't the tenant rather not have a common hallway – just have their own apartment?
does the 80% of cost include land – because at the moment i have borrowed around 105% and am looking at another $450k for the build. So around a million all up – does that mean that they will only lend me $800K? Even though it would be worth $1.3++ after construction. This seems rough.
hey everyone thanks for your comments.Allistair I will keep an eye on the line fee – tks for the clarification re GST. I had been advised differnt things by different people as to whether the 70% is the end product plus GST or not. Just to clarify you say that the CBA will only lend the lower of 80% of costs or 70% of end value – which eve…[Read more]
hey dbloomi am also going to be looking for a builder in a couple of months to take on a couple of townhouses in zillmere.Can you us know if you have any luck getting a builder and tips you might have on who to choose and/or how to choose?be good to hear from someone who has gone through the process locally.cheersben
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