Forum Replies Created
Hi Trish
Yes you will need to notify the lender and also sign a Discharge authority.
Some lenders may require 3 weeks notice so i would do it soon as possible.
You might find your lender allows a security substitution but more likely you will have to discharge the loan in full and then make a totally separate application for the new funds. This will be assessed on its own merits.
Cheers
Yours in FinanceThanks for your help Richard.
TrishYep as Richard says. You won’t be able to settle while there is a mortgage on the property so you will have to arrange the discharge. To discharge the mortgage you will need to repay the loan that it is securing – or to give other security for the loan.
Before you sell just make sure you will be able to borrow again because things have tightened up so much many people find themselves unable to qualify for what they currently have in terms of loans.Thanks Terry. Can I assume that repaying the loan all happens as part of settlement?
TrishThank you all for your comments and recommendations it's all very useful.
Thanks Wilko.
Thanks
Victoria, Frankston council
APerry wrote:How long is a piece of string? It depends heavily on what you are trying to get approved. I'd also make the point that the quality of the consultant can have a heavy baring on:1. If you get an approval at all;
2. How long it takes to get an approval;
3. What is approved;
4. How expensive it is to build
5. What price you will get for the end product
What I'm trying to get at is that you are asking the absolute least important question.
Hi Alistair,
thanks for taking the time to reply. I'm trying to get approval for 4 units/townhouses, aimed at the first home buyer end of the market. I understand that it can take anywhere from 6 months to 18 months to get approval. I have an idea of what the build cost will be and also what price I am likely to get. Since you say that I am asking the absolute least important question – can you tell me what I should be asking?
Thanks in advance.
Hi David, I also have a site in Frankston that I was thinking of developing, if I send you the details could you give me an idea of what you think I could do?
Thanks
Landt
Hi Tankimh,
Troy Harris has a due diligence checklist that might suit your needs. You can google his website or try this address it may be correct http://www.rookiedeveloper.com.
landt
The block is in Frankston, Victoria. I think the easement is for the water company and it's right at the back of the property so you'd think it would be easy to work around. I'm going to do Troy Harris's Rookie Developer day next week so hopefully i'll get lots of useful information.
Hi Wilko1,
I've got a block of land the same size but the only town planner I've gone to so far has suggested the only way i will make money is to renovate the house currently on the block and then build 2 x 2 storey townhouses. I'm wondering how you managed to fit 7 x 2 bedroom houses on your block. Did you have to go to a couple of planners to come up with this option. Two problems we have is that the block is in an Aboriginal overlay area (I may be giving that the wrong name), which means once you have more than 3 on the block you have to get special permission, and we have a Right of way about a metre wide at the back. Do you have any suggestions?
Thanks
Landt
Hi Dean,
I'm no expert but certainly happy to share what I do. So far I've only bought 3 investment properties but I've seen pretty good growth from all 3 so far. I don't buy in a town with less than 10,000 people. I use the APM data found at the back of the Australian Property Investor mag to see what the 10 year growth % per annum is and look to see if the town I'm interested in has somewhere above 8%. Any less than this and I don't think I'm going to see capital growth. I've just signed up for Real Estate Investar which costs around $250 per month, and while it's not bad I don't think it offers a lot more than other websites like, homesales.com. or realestateview.com, so i don't think I'll continue with this subscription. I'm sure you'll get lots of good advice from other people on this site. Good luck.
Landt
Thanks Joe we're now thinking that we'll develop the block and build 4 town houses which we'll hopefully be able to keep.
I've invested in Frankston south of Melbourne which is one of the not so nice areas you talk about. It all comes down to the tenant though. Our property has risen nicely in the last few years, and although the tenants may fall behind in the rent from time to time they don't wreck the place. You've got to find a good investment and then get a good property manager to manage it for you.
KeyStrategies wrote:Happy to report that I am right to live thru until 2034 on my current position and I am only just putting in place my 10 year plan leading up to retirement. My goal is to leave a legacy for 3 generations to follow as well as beginning able to look after myself and It appears I am on track to doing just that.Hi Michael,
on a bit of a different topic I’m interested in how you came up with your 10 year plan for retirement. Is it something you developed yourself or did you go to a financial advisor. My husband and I are both 48 and realise we have to seriously have a plan to put in place but aren’t sure how to start.
TrishYou can ask for vacant possession and then the current landlords can give the appropriate notcie to get the tenants out.
LandtsMy family and i love to cruise and tend to take at least one per year. We’re looking forward to the day when we can retire and take the cruise around the world! Hopefully property investing will get us there.
LandtHi Crusty,
thanks for the heads up. I would never be happy using someone who had a past record like that or anyone who associated with them. In my opinion anyone who is capable of those kinds of deeds is not someone who I would want to be associated with in any way, and I will not deal with anyone who works with them.
landtThanks Ballerina but i was only replying to a post i do not need any help personally.
LandtHi Patcon,
I have not used Metropol as such but have used Rolf who is a senior broker there and he is very good,and has a very good reputation. I have only heard good things about Metropol. Michael Yardney who is the founder has a regular column in the Australian Property Investing magazine, so maybe you could check out some of his atrticles and get some idea of how he operates.
Landt
