First speak to Council and ask what the zoning is to see if you can subdivide.Then get a feature survey done and contact a private town planner to organise what can be done. Here is WA it would cost about $30k to subdivide including all fees and approvals etc.
Yes exit fees can get you especially with a non-bank lender. I was with Rams and they set up with a 5 yr interest only loan on my PPOR so now I can't switch to paying P & I until 2011. Also found out that if I want to refinance with another bank they did not like my loans being all Interest Only.Westpac advised me that I was only paying I…[Read more]
PosEnterprises replied to the topic What are the acutal costs from purchasing a IP from the Investors Club in the forum Help Needed! 14 years, 8 months ago
Thanks DiggerJust not sure how to buy over East – don't know how the settlement process works over there compared to WA.
But Richard does it mean I can borrow less because I still have the outstanding debt that I can also use for myself against PPOR. If this is so it would be a fair advantage to own your PPOR outright then and just have all deductible debt against other IP's etc.Is that a better way to do it?
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