what is it costing your per year and do you think it is growing more than that?

I am no expert either, so I asked a developer friend and he said the DA goes with the land and the ownership of plans etc are usually retained by the draftsman – unless you have a specific agreement otherwise with them

If you don't settle then the next owner with 'have' the DA available to them but will have to do the plans again or go back to the same draftsman and get a reduced rate for redoing the same plans.

Hi Morgan, in that case it could be in for some CG – but becareful the high return doesn't mean the owners have increased the price to compensate. Maybe you could buy something elsewhere and create a second flat or split it in two and rent each separately.

or maybe the copyright to the plans would remain with the draftsman.

I think your figures seem about right. Advertising may not be that much. If it is your main residence then probably no tax at all, if an investment, then maybe CGT (if it has risen) and maybe land tax. Best to allow a few thousand for unforeseen extras too.

I think it belongs with the land. So the new owner will be able to proceed with it. But, you may retain the copyright to any specific plans or designs etc.

i think you should go with the non bank lender!

if it is your main residence and you have no other, and the land is under 2 hectares, then it may be CGT exempt.

You should run this by your accountant

If there is LMI involved then the LMI company will dictate the requirements you will have to meet. So if in the future you apply for a increase and your postcode is no longer allowed with then you won't be able to increase the loan. Or your employment may change casual and they won't allow it etc etc.

Also there is only 2 major LMI companies, so giving your detail to one will mean if you go to finance at another lender, or a bank and borrow more than 80%, than that lender's LMI people may know your info already. This is not good if you have already been rejected (or if you have told them different info!).

Also – ask them their fixed rates. THey will probably be much higher than a bank. So if you suddenly decide rates are going up and you want to fix……..

What happens if they were to sell their loans to another lender? Sudden increases?
Customer service after a few years?

Lack of offset is a real problem too. Without one you will be paying down loans which may not be good for tax later on.

If it is going to be your only ever loan, then probably nothing to worry about. You can always refinance into a bank later

legal fees on the sale. approx $1k