did you live in it because you may be able to still claim the FHOG which would make a world of difference. 

what state is this in?

Easy answer is to grab a good banker or broker and determine what is required and possible today if not 'tomorrow'. At a very basic level, the lender looks at 2 things – they are deposit and servicing. There are a whole bunch of other variables. Now it sounds like those variables may not be an issue nor is the servicing however the deposit may be…[Read more]

How are you calculating the equity and which lender is it?

1. You need to under what equity you have to work with – order a few upfront vals to determine this. Most lenders offer this and best of all they are free and quick
2. Ensure that you choose a lender that has a policy that can handle the development part – e.g don't go with an ANZ or ING
3. Be careful you do not increase your current loan if the…[Read more]

any bets on when it will hit 85 cents?

go to the newcastle or local council website and download their DA Guide – plenty of useful information around the requirements for dual occ, multi dwelling, etc.

Re-valued by who? By ANZ? ANZ often runs modeled vals rather than kerbside or full vals (depends on a few things). No harm in getting one done – could have an answer in 5 minutes!

This is excellent thanks.

your only option is to do the ANZ upfront val – could come back as a modeled estimate and could come back high. 

are you talking about putting the funds into the actual loan instead of MISA Offset?

This would not score well particularly when there is only one applicant. I would avoid a lender that does auto credit scoring. Go with a lender that will not credit score. Plenty out there. Also you need to ensure that the overall application is strong.

You can do it but you would need the hydraulic engineer to sign off on it.  Its not hard to do. 

What's the LVR and are there 2 applicants or just yourself?

Westpac has got redraw on fixed loans too

Please get your broker to do an ANZ val – they often provide system vals and I am seeing a lot of those vals come back very high. 

What is your actual profession/occupation?

Mortgage Broker in Adelaide – try Corey http://www.xlfinancial.com.au

Sorry to clarify on the above question – I meant upfront val with other lenders.

hmmmm have you crossed the bridge of doing an upfront val to see if you can draw upon more equity from your current PPOR and in turn hit 80% for the new borrowing and avoid LMI?

Sounds like you need to step back, pencil the options/scenarios and see which numbers stack up.

If you are going to convert the property you are building into an IP consider not paying down the principle against the property. Instead have a linked offset and accumulate your funds there (assuming you are not tempted into tapping into the funds).