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  • Charles 1 wrote:
    Have you checked out Metropole – they always seem to be mentioned and always good feedback: It's a hard decision isn't it – what criteria are you using to chose the buyers agent you will use?

    Be wary about using Metropole.  They also sell their own properties so if you do decided to use…[Read more]

  • Phew.  I happily stand corrected.  Based on your original post, I assumed that you wanted to borrow $3mil to buy the property.What I do stand by though, is my opinion that if six lenders don't want to lend you the money, there is obviously a real risk situation.  Do you really need the money?  If you do, and you have someone prepared to lend you…[Read more]

  • Surely you are joking.  But on the basis you aren't.  Here is my opinion.  Call me harsh, but I would be listening to what the banks are saying.  If  six financial institutions have rejected your application, maybe its time to rethink your plan.A $3mill loan, at even 7% will mean an annual interest payment of $210,000 without paying off any prin…[Read more]

  • It is very difficult to get lending for a hybrid trust.  Or at least it was a couple of years ago.  Some of the mortgage brokers may want to comment on this.  CheersK

  • Linar replied to the topic painting tiles in the forum Value Adding 11 years, 11 months ago

    Solomon10 wrote:
    Linar, it would of been cheaper to re tile the area than paint it to "save money"….. Just a thought.

    No it wouldn't.  A tiler charges a minimum of $40 per square metre.  On top of that would be the cost of the tiles and grout and the labour for removing the tiles and prepping the surface.  There would have been extra costs fo…[Read more]

  • I would imagine that if you stopped "helping" the bank by refusing to try to sort out the credit card issue, they would eventually reject your finance application.  It depends on why the bank is not yet approving the loan, but if they bank is waiting on you to do something about the credit card, then just don't do it.CheersK

  • Linar replied to the topic painting tiles in the forum Value Adding 11 years, 12 months ago

    I've answered my own question by going out and actually painting the tiles.  I used White Knight Tile paint on the splashback in the kitchen.  It is a three step process, all using White Knight products; cleaner, primer and then paint.  I'm really happy with the result.  I changed the colour from a cream to a bright apple green and it looks fan…[Read more]

  • In this market I would want to see a minimum 25% return on total investment before I would consider buying a development site.  If, for example, TOTAL costs for a development were $1mil (including land, stamp duty, conveyancing, building, interest payments, REA fees etc etc) then my total profit after all expenses would need to be $250,000.One…[Read more]

  • dreamteam wrote:
    Has anyone out there set up a Trust and discovered they could NOT borrow any more than as an individual?

    I am finding it quite difficult to borrow in the name of my family trust, despite the trust paying significant distributions every year since 2004.  I am finding it much easier to borrow either in my name or through my…[Read more]

  • Linar replied to the topic developing land in the forum Help Needed! 12 years ago

    I am a developer and even though I am not interested in this proposed deal, these are the sort of questions I would want answers to before I even considered looking at a deal1.  What would be the financial contribution from me for the land2.  Can the land be subdivided3.  If so, what size blocks would be most saleable in the area4.  What would the…[Read more]

  • Linar replied to the topic Bank valuations and GST in the forum Finance 12 years ago

    It all turned out with a relatively happy ending.  After writing a three page letter pointing out how ridiculous it was to reduce the overall value for the reasons they have given, the bank has agreed that they have enough security in the property to proceed with the original loan.CheersK

  • Linar replied to the topic 200 acres in the forum Help Needed! 12 years ago

    You will also need to contact the local council to find out whether you can build two houses on the one title.  I live in a rural "watershed" area in SA and the local council won't allow more than one dwelling on each title, no matter how big the land is.CheersK

  • You don't make any further offers until you have heard back about your first offer.  As soon as you put in another offer without hearing about the first offer, you weaken your position and could make the vendor think that you have even more money.The vendor (or the bank in this case) has three choices, either to accept your offer, reject your…[Read more]

  • Hi BankerI have a copy of the valuation and it clearly states that the value of each block is reduced by 10% because my company will be paying GST on the sale of each block.  But what you are saying makes sense and I wonder whether the valuer has excluded the GST component because that is what would be done on a valuation for purchases.  Either t…[Read more]

  • It turns out that the market valuation was higher than I thought but because of my company, the total value was reduced by 10% because of the GST I would have to pay.  Then the total reduced value was then reduced by a further 20% to make it an "in line" valuation, that is, the proposed value if the bank had to do a fire sale.  That makes the fi…[Read more]

  • Yes, as long as you can prove, if required, that they have charged an appropriate fee.  And appropriate fee would be market rate.K

  • Linar replied to the topic ANZ Increases LVRs in the forum Finance 12 years, 1 month ago

    Hi BankerCare to share which lender offered the refinance deal?K

  • I go wherever the money is.  No bank loyalty here.K

  • I agree with Terry.  If the value of the apartment has dropped you could be up for a lot more than just the 10%.I think you should go and see a solicitor and see if there is a way out of the contract.  Did you know at the time you signed the contract that several apartments could be used for "holiday letting"?  Would you have bought the ap…[Read more]

  • In some states you can't buy with vacant possession.  You have to take over the leases until the leases expire.  I don't know what the situation is in Tasmania.How desirable is the area for rental?  Would it be easy to get tenants at $200 pw?  If hiking up the rent by so much means that potentially you will have trouble getting tenants, it may be…[Read more]

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