Total Members: 158,199

Woody1986

  • Woody1986 replied to the topic loans for foreign properties (portugal) in the forum Help Needed! 6 years, 6 months ago

    hi Richard

    Thanks very much for the reply. i will get onto them

    cheers

  • Woody1986 started the topic loans for foreign properties (portugal) in the forum Help Needed! 6 years, 6 months ago

    hi guys

    was hoping someone could help with a contact for a broker to fund property in Portugal.

    TIA

  • hi guys

    i have a 780 sqm block on central coast. identical to block behind me which has 3 townhouses. and across the road there is also units and townhouses in the street. with rezoning a while ago it turned my block to residential zoning

    2 people have said to me i can still apply for special approval for development. i have never heard of…[Read more]

  • Woody1986 started the topic buying spouse out of property in the forum Help Needed! 9 years ago

    Hi guys. Hoping for some assistance here. My partner curecently looking to buy me out of property. Current Val approx 360k and owing is 205k. .we have a line of credit attached to property of 50k (unused and funds still there ). She was looking to buy my share of property after expenses for 75k by using the 50k line of credit and 25k in cash and…[Read more]

  • Woody1986 replied to the topic Commbank VIridan Line of credit – Guidelines for loan use in the forum Help Needed! 9 years, 8 months ago

    Hi MIck.. Thanks heaps for that. I was thinking it was something along those lines although they never advertise their full details (that I could find) online. That helps heaps though.

    Is this all to do with who their reinsurer is and their guidelines?

    I thought commbank self insure quite a bit of their deals?

  • Woody1986 replied to the topic Commbank VIridan Line of credit – Guidelines for loan use in the forum Help Needed! 9 years, 8 months ago

    Hi Benny. Thanks for reply.. I think their concern seems to be what I may use it for??
    I didn’t think it mattered..

    Property val is 320k and loan is 230k.

    Just wanted a line.of credit to bring me up to 90% LVR

    Serviceability isn’t an issue

  • Hi Guys

    I have a double carport with a laundry off it. I want to enclose it in to use as a teenage retreat.
    What is the process?
    What costs would I be looking at?

    thanks in advance

  • Woody1986 started the topic Commbank VIridan Line of credit – Guidelines for loan use in the forum Help Needed! 9 years, 8 months ago

    Hi Guys.
    Just wondering if anyone has had troubles with getting a LOC through commbank. I wanted to get a $60k LOC to leave sitting there until I find my next property. COmmbank want a contract first.
    I dont want to do this because
    1) I havent found a property
    2) I dont want to wait to get funds incase my valuation goes down and my property…[Read more]

  • Woody1986 replied to the topic Using equity to buy another IP and cover stamp duty and costs in the forum Help Needed! 9 years, 9 months ago

    Thanks for the reply Kinetic.
    The IP 2 has had the bank valuation so that is confirmed. I am happy pay LMI. For me it is a necessary evil.

    I think I understand the LOC part now in regards to have separate loans to avoid CC although the tax deductions on the stamp duty interest I am still unsure about as I thought it wasnt tax deductible

  • Woody1986 started the topic Using equity to buy another IP and cover stamp duty and costs in the forum Help Needed! 9 years, 9 months ago

    Hi guys

    In the process of getting my third (possibly 4th) property and just realised my current 2 properties may be cross collaterallized.

    Have a current property. Bought for $215k ( loan is split at $150k and $65k). Increase the loan of $65k to $85k to use the $20k deposit to buy another IP for $380k ( I also threw in some cash)

    From what I…[Read more]

  • Hi Terry. Yes, that is the point I am trying to make. A good broker wouldnt have had this issue. I believe a broker should be able to advise their clients after understanding their needs what they should and shouldnt do. I have spent the best part of 10 years in the real estate and insurance industry and all too often see negligible advice given…[Read more]

  • Hi Terry.
    I will have to disagree with you there. People employ “professionals” and I use the term loosely for some people , to guide them through this process ( and other complicated things like insurance and accounting) and provide them with quality advice and limit risks.
    What good are brokers if they arent helping the client avoid issues like…[Read more]

  • Will keep everyone updated aswell for future reference, and as Jamie has stated, Definately shouldnt fix a land loan when planning to build

  • Hi Guys

    thanks again for the replies so far. I have sent my friend these. As it is all new he is yet bto confirm with the bank if the deal was put in as a house and land package. Its a new estate in penrith so I cant see while it wouldnt have been done like that.

    Seems unusual that no one else has had an issue with Val as yet.

  • I think he may have paid a 10% deposit on the land. He also had to pay stamp duty as the land registration has taken so long (he is FHB)

    The land has apparently gone up $20k according to Val. Its the build that is the problem.

    Should his broker have entered the deal as house and land? I think (apparently) he has done that. Is it then the banks…[Read more]

  • Hi Guys.
    Have a friend who purchased house and land package in Penrith. He went with a smaller bank ( Adelaide bank I think) . Its a new estate with a new type of building in the area ( Terrace style which is unique to penrith) . The valuation came in lower for the build although the Land val was fine. Other people who bought with bigger banks…[Read more]

  • Hi Guys

    Looking to buy 2 properties on 1 title. Its a corner block. Looking to strata title them .

    How do I go about this ? ( unsure about things like structure, financing, approval through council etc)

    I am probably going to keep both of them although may sell one

    thanks guys

    (its in QLD too)

  • Woody1986 replied to the topic Help- finance issues dual occ in the forum Help Needed! 10 years, 5 months ago

    Thanks Michael 

    Its not so much declining the "dual occ" but its the reinsurers because I have got less than 20% deposit

    I had no plans on buying dual occ hence going through bankwest so just a bit of bad luck 

    Had 2 home loans through CBA with good record plus $40k savings and $25k usable equity with property with CBA. 

    I can afford to chip…[Read more]

  • Woody1986 replied to the topic Help- finance issues dual occ in the forum Help Needed! 10 years, 5 months ago

    Hi Guys

    Just to give you all an update. 
    Bankwest declined the loan due to the dual occ/dividing wall between the property which makes it dual occ

    I can only go off what my broker has told me 

    Waiting to hear from commbank.

    Hopefully they will be ok . fingers crossed

  • Woody1986 replied to the topic Help- finance issues dual occ in the forum Help Needed! 10 years, 5 months ago

    Thanks MIchael 

    I have 40k cash and 23 k equity so could have squeezed a 90%LVR but went through bankwest because apparently allowed 95% LVR with LMI 

    Awaiting there response … didnt even consider the dual occ issue as this deal came on very quick and wanted it done before weekend but will see how it goes

    My broker said it bankwest Val comes…[Read more]

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Woody1986

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