i dont get it???

1. You know you will make 200k from this subdivsion ( im guessing from past sales etc)
2. You want to somehow get hold on this 200k BEFORE the subdivsion ? …?? from who? the buyer? the bank??

Regards
Michael

abcd1 wrote:
Thanks for the helpful feedback we have tried the Broker route also as we are on pensions this doesn’t seem to be possible even with 200k equity guess will just have to wait until house is worth selling to do something.

Sounds like you got a serviceability issue? having equity won’t help as you still can’t service the…[Read more]

Maybe your speaking to NAB customer only

Every bank has their problems…It’s just a matter of finding the bank for YOUR needs at any particular one time.

Regards
Michael

This is a NAB thing- internal valuation. another banks hires external LOCAL exp valuers.

So ;
1. Request for a external valuer with NAB
2. Find another bank

Either way make sure you don’t do and have muti credit checks/hits on your file.

Regards
Michael

Agree with Luke.

YEs +VE sounds good…but every property has it’s downside and upside- but each one has a part to play depending on your financial and overall strategy. Never buy JUST because you can afford to.

Without knowing much about the exact location, property type, rental type ( is it a commercial 5 x 5 lease?) , condition of the place,…[Read more]

Michael@Shapehomeloans.com.au

80% LVR is a bit high given it’s vacant land only- unless it’s located in a good region ( which i doubt from your description of the town lol )
If you dont mind me asking- whats the postcode ( PM/email me if you prefer).

Do you have another property? or would this be your first?

Regards
Michael

How much do you need/want to borrow? Ie how much deposit do you have yourself?

Regards
Michael

I can tell you a lot of ppl will tell you to buy the property 3 as it’;s +Ve( given the location ….) i won’t tell you which one to choose; but more consider the following, when deciding;

1. Your goal
2. Overall investment strategy( each buy should hold a purpose in terms of your overall strategy…not jsut based on the numbers…ie will you…[Read more]

Majority of banks will have an issue- in fact they may not lend to you even with a good income.

Having said that; there are a few lenders that “specialise” in this market and does offer vacant land purchase; but either at a lower LVR ( 60-70%) or slightly higher rate.

Rate will depends on lender, LVR , Size of the loan, Size of the land, Zoning…[Read more]

Yea it’s a slow market

Regards
Michael

gumtree wrote:
Cheers Catalyst and Jamie,Currently with the commonwealth but wondering if you could show a valuer specific planned renovations ie kitchen/bathroom and get a value that the house would be worth when completed.Inspiring to hear you can do it all for $20K, see how I go in the next six months Cheers,Andrew

You can + the bank will…[Read more]

I say talk to a valuer first-because spending $20k on a new kitchen or bathroom- as spending 20k may not = $20k in value in terms of equity/valuation.

You be surprised….what you think is worth 20k is not the same as what a valuer may think.

your best to
1. know the rules of what a valuer looks for
2. play by the rules
3. Use the funds…[Read more]

If your not in the trade + have no exp…..don;t do it. I seen plenty of “uncompleted” houses sitting there for 2-3+ years unfinished due to budget blow out, poor management, Skipping a few important steps ( soil test, engineer report) , Council, contractors fall out etc…

Regards
Michael

1. Stick with full doc if you can…not to sure why you think sub-contractor = low doc???
2. Need to know a lot more info to know how fine the serviceability is.
3. As bumskins mentioned- there’s a lot more involved then just “the basic numbers….you be surprised at how much cost is involved when all the small fee’s are added together- selling…[Read more]

agree with the anothers here…yes it’s good to pay down debt- but there’s a diff btw good and bad debt.

Mind over matter.

It seems like you did a fix rate of 8.09% 4-5 years ago…do you want to go down the “fix” rate path again?

Regards
Michael

Finance and re-sell cost ( capital growth); in Summary

– you need a deposit of 20%+ ( so no 90-95% LVR loans etc…); this drops down quite a bit based on size
– Good income and strong employment
– Rental will be discounted at 70% as a min
– Not all banks will do this sort of security
– Size- should be larger then 15 sq meters
– Configuration of…[Read more]

As Richard mentioned- your broker can organize a valuation before hand if required…but of course you can’t do 3-4 valuation for all your auction; there is a limit + at times you will need to pay depending on the bank and how many times you can order the valuation already.

Another solution is to go for a lender that will provide an extra $10,000…[Read more]

Both sign off on the docs as if your both applying for the LOC together; so in a way your both still responsible for the loan which make sense…
No guarantee as such, but joint owners of all the loans including the LOC- meaning you can not say ” he owns this LOC…and i own this LOC” you both own both LOC.

guarantee is the another way- this…[Read more]

Ossi89 wrote:
I was wondering the same thing, as I am in a very similar situation to James Woods. Would it be relatively simple to organise two lines of credit and use these as deposits for other properties?Once the lines of credit are paid back, would that effectively sever any ties between the two parties. (e.g. they will obviously be tied by…[Read more]