Hi,
i've been away from the forum so happy belated 2011 everyone.
I am looking to buy a mixed business zoned premises that is basically a large shed/workshop with the front made into offices.
I intend to reside in the property by turning some of the office space into rooms and a room as a possible front for my home based business.
I would keep the workshop area for personal use in order to work on some car prodjects that i have on the go.
My question is would i be able to purchase this property with a residential mortgage and what sort of lvr would i be looking at?
I would be eligable for the FHOG
Regards
Pete
Gee you sure have big plans! ahah which is good.
Im going to take a stab in the dark here; since you mentioned your eligable for the FHOG and your asking about the LVR- that means NORMALLY, you dont have much cash and no equity .
If that is the case, then NO it;s not possible- even getting this at a commercial loan would take some skills and judging around ( possible) but at residential rate – no chance.
Be mindful that:
1. FHOG does NOT allow purchase under Company or trust name- so will you buy this under personal name and NOT claim any “Tax deduction ” for the business.
2. for the shared use, you can only claim 50% etc… of the FHOG ( it’s the same as buying the place as PPOR and renting one room out) – in effect your renting one room out to your busines. This wont be the case if it’s a “home office”.Sorry for the bad news, but if you flick me an email, i can look at your “financial” and work out if you can borrow under commercial and at what rate.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
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