Go to Thailand and live like a king and buy out a whole village

Regards
Michael

Jpcashflow wrote:
Hi Richard,I have had a chat to a few lenders but alot of the staff just cant be stuffed following up etc lol

Why go down this path again and do the follow up yourself? i say utilize and take advantage of a good broker’s experience, connection and knowledge…brokers have direct contact with credit and BDM compared to branch…[Read more]

Brokers will always (or should) give a reason for their recommendation.

Did your broker give you a reason WHY he placed all the loans with that one bank? ( not a smart investment move due to exposure limit)

Regards
Michael

benofbrisbane wrote:
does the 80% of cost include land – because at the moment i have borrowed around 105% and am looking at another $450k for the build.  So around a million all up – does that mean that they will only lend me $800K? Even though it would be worth $1.3++ after construction.  This seems rough.

i wouldn’t say it’s rough…just b…[Read more]

Block of 4 only can still be done as residential; but the LVR will be capped at 65% ( no GST, no soft cost) — 65% of fixed price contact.
If you want a higher LVR, or GST + soft cost to be included then commercial is the easiest way.

Also NEVER presume that your loan will convert to a standard rate after…because it may not; always plan…[Read more]

90% is ok, no default on credit history? also do you have a strong employment history ie same company for more then 2 -3 years?

Regards
Michael

For community title that’s not bad….a lot of banks dont like community title…so as Perry mentioned % rate is one thing, but how easy it is to deal with the lender and get what you want is important as well.

Given that LVR is 70% , commercial rate of 8.5% i would say is good. But you best to plan for an exit strategy after it’s built…ie…[Read more]

Your advise your conveyancer and they will contact the another side’s legal team.

Regards
Michael

I heard it’s handy to rent out to “family of long term patients” normally patient’s family who live quite far away….most hospital would have a list of recommended accommodation for patients and their family which you could easily be added to the list if it’s “patients” friendly…ie not on main road, close to hospital and transport, Wheel chair…[Read more]

How high do you need the LVR? normally at 85% it’s still do-able with most lenders ..any higher you need to choose lenders that have their own LMI department like ANZ, CBA and Westpac; but you need to request for them to use their own and it’s not as simple, it’s common for ANZ to reject the deal and accept a simliar deal with another client;…[Read more]

Hi and welcome to the Forum!

Richard mentioned a very important point- usable equity. What this mean is …yes you have equity but you need to convert this equity into “cash ” or an mortgage as such, so really you need to be able to afford to service this extra debt.

I done some very very basic calculation ( just based on 3 depends and an 75k…[Read more]

No it won’t.

Name changes in very common, and nothing is being transferred or sold as it’s the same person.

Regards
Michael

You be paying stamp duty for the transfer/purchase and no it wont be based on the $100,000 but based on “market value” OR contract price which ever is higher.

Regards
Michael

Even though it might be residential zoned; there are generally 4 type of zones, not sure how different this is from state to state.

But in Hornsby NSW- Residential zoned 2 C- allows for Mixed business, Surgery, office etc….

Give council a call to find about zoning restrictions etc..

In term of finance; yes rate will be higher…

regards
Michael

Even though it might be residential zoned; there are generally 4 type of zones, not sure how different this is from state to state.

But in Hornsby NSW- Residential zoned 2 C- allows for Mixed business, Surgery, office etc….

Give council a call to find about zoning restrictions etc..

In term of finance; yes rate will be higher…

regards
Michael

It’s really only CBA and NAB and some another banks that don’t have a policy “yet” for NRSA purchase, however another banks including St George, Westpac, first mac and ANZ just to name few who will still do it….so i won’t say it’s the the end for NRSA it just haven’t “picked up yet”

Regards
Michael

What Derek said.

Same as when i was shopping for an accountant, i tested a few ( 3 ) to see how extensive their connection and knowledge of Property tax and trust are but i didn’t allow any of them to lodge a tax return for me, till i was certain.

Regards
Michael

My first IP that i bought 7 years ago that i still have is heritage listed ( didnt know at that time…was young and still at uni );
It’s on a 1,100 sq meters and also a corner block, one of the condition of the heritage order was i could not fully demolish the home- i could extend or build another at the back BUT the design must be similar…[Read more]

Depends on what type of heritage protection it’s going to be given, some are for “design” layout, and anothers are full protection…either way i would think any heritage listing or restriction would scare off any property developer.

Regards
Michael

Well first of all, do you know if council allows you to build 4 townhouse on a 400 m2? and is it zoned correctly ?

Regards
Michael