Hi DraconisNo doesnt work quiet like that.If you intend to eventually rent the property out you would be better off to take out a 95% LVR from day 1 on an interest only loan and invest your surplus funds in a 100% offset A/c.When you undertake the renovations dip into the offset account.Most lenders will then allow you to revalue the security.

TaddyCheck out the Qld OSR site which should make things a lot clearer with rgards to Stamp Duty http://www.osr.qld.gov.au/index.shtmlI have completed around 6 EFM here in Qld so feel free to ask away on any particular questions you may have.

You cant access the equity unless all of the parties to the Title agree to sign the mortgage documents.One way would be to all parties apply to separate loans in all names on the property of equal amounts. 

Yes they fund through AB and not available to investors.

blueheelerYou are referring to the Shared Equity product issued through Adelaide Bank.Unfortunately the product is not available for investors at this stage.

Blueheelers post has slightly lost me to be honest but:Whatever you do DO NOT use a Line of Credit on an IP.There is limited lenders who will offer a 100% offset on a 5 year fixed rate.

Just out of curiousity if you have given up work I assume that you currently have no income.Where you intending to try and get Bank finance for these deals as the post codes would not be acceptable for Nodoc lending.

I agree with V8ghia with a 20% deposit you will be welcomed by most lenders however do not expect to obtain an attractive rate with a fairly small loan.A couple of things:1) If you are after a loan of around $140K i assume that the property is in Regional Australia so just make sure that your Broker checks the post code as although the loan is…[Read more]

DaveAs far as the ATO is concerned then the simple defination as to whether GST is payable is whether the property has undergone "Substantial Renovation" or not.Having been involved in strata titling and renovating blocks of units in Brisbane for the last 12 years we obtained a private ruling ealier in 2001 on just this.From what you have…[Read more]

Hate to discuss agree Jon61 Qld Finance deals on the go 57 of them went for 21 days finance. PMI / Gemworth taking on average 2/4 days for approval and most lenders out to 4 days for mortgage documents. (The Big 4 now are 4 days on average from approval – documentation with NAB and Anz out to 6 days) The real estate agency I own has 37 deals…[Read more]

BrettThere is always other States to consider. Vic offers $10K FHOG and prices are probably comparable with SE Qld.

Must admit i see about a dozen purchase contracts a week and very few of them are 30 day contracts.In most cases these days the Banks and lenders are so busy finance approval and issue of mortgage documents would not take place in 14 days and 21 days in now the accepted norm.Normal settlements are moving out to 42 days.

Yes BrettAll of the conditions need to be met. Having done one or two wraps in Qld i can tell you the legislation changed in 2002.In some cases 10% of the installment contract maybe not be repaid until say the 18th month or longer depending on the mark up and the term of the loan. As a wrapper dont rely on the FHOG to pay down your loan.

VinuYou might also want to bear in mind the residency requirments to claim the concessional Qld Stamp Duty as I assume you applied on the basis you were going to be living in the property.

Mhh just make sure that Rams and Prime down have a problem with a borrowed deposit for costs.

Maybe $5-6K just cant remember with Prime these days.

LindaNo Rams will do 100% loans but the LMI is expensive so make sure he has sufficient money to cover these extra costs.Remember it is a 100% loan less Bank costs and charges which include LMI.

One of the other considerations with with 100% lending is that the securities accepted are post code restricted.Assuming the property is in Narrabri your broker will need to check whether the post code is acceptable to the mortgage insurer as well as the lender.If he is a family member then another altenative is to consider a carry back 2nd mortgage.

I am in Victoria though, so it might be different in NSW or other states.Definately different in the Sunshine State. There is no stamp duty on Call Options.

The market is so hot in Brissie at the moment I have just purchased an established Real Estate agents office specialising in Development sites. Have appointed a good principal who i have known for years so when settlement days arrives I will post the details so that if any forum members want to contact the office they can do so.