TonyG replied to the topic Bank Lending Flexibility – As If Complete vs In One Line Valuations in the forum Help Needed! 2 years, 9 months ago
Thx Terry. Yes the LVR is 80% so will lend 80% of the valuation result. Say the As If Complete result = $2.5mm & the In One Line = $2mm (20% discount). I can get over the line on the 0.8×2.5mm val but probably not the 0.8x2mm val so do you think banks would weigh it up and confirm unconditional approval or is it a hard rule that in one line val…[Read more]
TonyG started the topic Bank Lending Flexibility – As If Complete vs In One Line Valuations in the forum Help Needed! 2 years, 9 months ago
Hi Team, I am building a small multi unit complex which I will strata upon completion. The loan will be residential vs commercial. The bank ordered a valuation for as if complete and in one line. I understand an in one line valuation can be between a 15-30% discount on the as if complete. I think I could get over the line on an as if complete…[Read more]
Hi All, Question re sourcing finance for a redevelopment.
My property is 3 units on one title (since been demolished).
Some banks have told me that they can’t give me a construction loan due to 3 units on one title but it would be a different matter if the units were strata.
I had a quick discussion with my planner + she advised that my…[Read more]
The block of units were built back in 40’s + in v. poor condition so req a major reno (Im basically bulldozing + rebuilding). The location is waterfront in a premium location. The ‘as if complete’ valuations are 1.2m / 1.3m / 1.5m. I intend to hold forever + even live in the penthouse one day.
I purchased an investment property which consisted of an old block of 3 non strata units + currently have one mortgage on this total property.
My DA to do a major reno (~$1mm) of these 3 units which I intend to strata (I understand strata units have better valuations + gives me the option to sell 1 in the future) has just been…[Read more]
Thx Terryw. Our arrangement is simply joint owners + based on a handshake (sibling) – we had signed a partnership agreement when there was 3 parties with 3 equal shares in the investment property – but I bought out one party + we never re-signed a new partnership agreement. Im thinking we will need to seek a solicitor to review + confirm how to…[Read more]
We plan to redevelop an investment property. The location of this property is waterfront so ground/foundations largely made up of sand. The neighbours request that we pay for a structural engineer to inspect their property before + after the build as well as pay for any damage found arising from these reports. The neighbours houses are very old +…[Read more]
Hi Everyone, I own 2/3rds of an investment property with another party who owns 1/3rd. We currently split rental income + expenses based on ownership stakes i.e. I earn + pay 2/3rds. We will knock down existing block of units + build 3x3bdm units – Unit 1 + 2 on the bottom are identical + Unit 3 on top will be a ‘penthouse’. We plan to sell Unit 2…[Read more]
ozboy74 started the topic Aussie Expats Foreign Salary Handling for Lending by Oz Banks in the forum Finance 5 years ago
Hi Everyone, I am an Aussie expat living overseas. I currently have a mortgage on an investment property with CBA. I have applied for more finance to invest in additional property however CBA advise that they have concerns re: servicing. They were reluctant to confirm their exact policy on this topic but based on the limited info they did give it…[Read more]
I just had a residential valuation completed on my investment property (block consists of 2 holiday units + 3 permanent units) + it returned a very disappointing ‘As Is’ valuation based on capitalisation method b/c apparently new regulation now prohibits the use of holiday rental income (which is much higher vs permanent) so can only use estimated…[Read more]