All Topics / Finance / Deposits for Regional Areas

Viewing 4 posts - 1 through 4 (of 4 total)
  • Profile photo of GmacGmac
    Member
    @gmac
    Join Date: 2004
    Post Count: 2
    January 15, 2007 - 5:03 am

    Hi all,

    I have a question regarding how much deposit would be required and what would be the lending criteria to purchase 3 x 3 triplexes in a regional town of roughly 10 000 people if it had a GRR of 10.4%?

    Thanks for your help.

    Grant Macpherson

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 15, 2007 - 5:12 am

    Grant

    Depends on a couple of things:

    1) The post code of the regional town.
    2) Zoning of the security presumably residential or rural residential.
    3) Whether the loan would be lodoc / full doc.
    4) Total purchase price.

    If all these are ok then you may get 95%.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

    Profile photo of GmacGmac
    Member
    @gmac
    Join Date: 2004
    Post Count: 2
    January 15, 2007 - 5:49 am

    Hi Richard and thaks for your reply. The post code is 2350. I believe the zoning is residential. I should metion that each the triplexes is made up of 3 studio units. I believe that this makes a difference to most lenders. I would probabbly be going for a full doc loan and the purchase price is $360 000. I have not started negoiations with the seller yet, still trying to work out the financials.

    Thanks for your help.

    Grant

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    January 15, 2007 - 6:43 am

    Hi Grant

    Wow 2350 cover a big area

    boorolong, dumaresq, argyle, hillgrove, bindawalla, donald creek, duval, jeogla, bundewallah, acacia park, ben venue, castle doyle, invergowrie, bona vista, kellys plains, aberfoyle, st patricks, west armidale, east armidale, exmouth, yooroonah, abington, dangarsleigh, enmore, metz, armidale dc, north hill, wards mistake, commissioners waters, lyndhurst, madgwick, tilbuster, yarrowyck, armidale, newling, puddledock, sumarez, wollomombi, wongwibinda, south hill, thalgarrah

    Depends on which one it is seems acceptable but must admit would like to see a link to the selling agents listing to see more about the property.

    Promise i am not interested in purchasing it.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker.
    Licensed Financial Planner. Ph: 07 3720 1888
    [email protected]
    Looking for life cover – We Guarantee to beat any quote you have in writing.

    Richard Taylor | Australia's leading private lender

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.