Hi all,
Just need an broker opinion on my situation.
I am a father in a family with 3 kids. Going to settle our 3rd IP in Tas.
The IP is able to subivide into another lot and building up in the back. Builder quoted to build a 3br around 140m2 is $300k with drawing and other fees.
currently we got 1.33 mil value of my 3 IP, and we owe $1 mil home loan.
Question is how likely the bank happy to fund me the project. Providing the market price when the building finish is $450k (so $150k equity)
To get a loan you would need to qualify in terms of serviceability and would generally need to keep lvr to 80% so it will depend on the income of the borrowers plus the LVR.
Some lenders may also not like 2 properties on one title, but many do.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
In the main agree with Terry on servicing but number of provisions under NCCP where this is not required even in if buying in a personal name.
Would need a lot more data but on the surface could be done.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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