[extrememortgagesMember@extrememortgagesJoin Date: 2005Post Count: 13]

June 1, 2010 - 7:44 am

Lenders will look at your scenario at the point in time you apply for the loan. If you have income enough to service the loan at that point, and everything else stacks up such that you are approved for the loan at that point in time, then what happens after that is your business. Just make sure you can afford the repayments for the new loan.

If that means holding back some of your deposit to cover any time period where income might be scarce, then so be it; lenders just want the loan to be repaid on time every time.

I'd be careful about telling a bank about any plans to stop or change employment after the loan is approved because it could jeapordise your loan approval.

All the best with the purchase and with the little one!!

[extrememortgagesMember@extrememortgagesJoin Date: 2005Post Count: 13]

June 1, 2010 - 7:38 am

Yep, my take on loan term is to go for the longer one but feel free to pay it off quicker as long as the loan allows for this. Thus flexibility is optimised.

[extrememortgagesMember@extrememortgagesJoin Date: 2005Post Count: 13]

June 1, 2010 - 7:33 am

Oh wow… I've not spoken with anyone who specialises in vendor finance. Yea, I guess you should be thanking the banks!! I was just looking at your website – do you do stuff in WA?

Cheers!

[extrememortgagesMember@extrememortgagesJoin Date: 2005Post Count: 13]

March 12, 2010 - 8:39 am

G’day Jen,

Like RHPlanning said, the only way you can build a duplex or similar on a single block is if the planning system allows for it. You can contact your local council to find out how many dwellings can be built on the size land that you are looking at. If they say you can only build one, you can then ask if there is any discussion or plans for that to increase in the near future. It’s great if you can jump on a property that gets “REZONED” because it quickly increases its price.

Cheers,

Matt.

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March 12, 2010 - 8:34 am

G’day Pryrao,

I think it depends on the area too. For example, I live in an area of Perth where subdivisions are common – it’s the exception rather than the rule to go shopping for a house in this area which is not subdivided. Since most other houses that would sell if/when you put it on the market are a similar property type, you will get good re-sale value because it’s the norm and buying a full block in this area is overpriced unless you want to develop it.

However, I used to live in an area of Perth that is your typical outer suburban land development where all houses are big and are on big blocks. In this suburb I’d say you wouldn’t get such a good resale value because the properties you’d be competing with are all bigger and better in terms of size. What’s more people who go shopping for houses in such an area wouldn’t be looking for battle axe type properties – they go to the outer suburbs to get the bigger sized houses.

If it suits your area, battle axe blocks can be really popular because, as lisabellan mentioned, people like the private and tucked away nature of them.

Hope that helps!

Matt.

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March 12, 2010 - 8:25 am

G’day Soohoo,

Other expenses include any building inspection fees, a balancing of council rates payments and termite inspection as well as duckster’s mention of mortgage insurance.

Unfortunately, you can’t use your mortgage to pay for this. The max your loan can be is usually 95% of the property value so you can’t borrow 95% and then ask for a bit more to cover fees. If you’re a First Home Owner the grant will more than cover most fees except for Mortgage Insurance which is the only exception to this rule – some banks will allow you to “capitalise” the mortgage insurance onto the loan amount.

Hope that helps!

Matt.

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March 12, 2010 - 8:20 am

G’day Alana,

I’ve done similar to this in Perth and it will all come down to what the local council will allow – I’d say this would be the same on the east coast. A good builder should be able to give you a good idea of what council will allow. As for Perth, it’s common to use the same driveway for access to the front AND rear properties; you’ll probably just need to make sure you can fit the car spaces in the front of the house.

Cheers!

Matt.

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May 22, 2006 - 1:10 pm

So DD, what would you think is a reasonable fee? What services do you offer, for example?
Matt.

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April 27, 2006 - 3:01 pm

Thanks for that!

Talk about time poor… there are just so many opportunities in life to grab and make something of. I think a buyers agent could be a goer at some stage. Do you do the whole process right down to settlement? Or is it more or less just finding the deal that you do?

Cheers!

Work Hard, Play Hard, Rest Hard.

[extrememortgagesMember@extrememortgagesJoin Date: 2005Post Count: 13]

April 15, 2006 - 2:54 pm

Hi Audrey!

Where do you find buyers agents? I’m about to start the 2nd intake RESULTS programme and want to be able to find deals myself, but I’m not super time rich either! So I’m interested to find out how much buyer’s agents charge, how they charge and how the process works – in 300 words or less!!! *jokes*

Cool bananas!

Matt.

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