Hi,
So I have my eye on a delightfully remote property in FNQ — north of the Daintree — so yes, high risk postcode.
First of all it's 50 acres. It does have a house on site, but it's only just habitable. It also has no mains power (almost everything north of the Daintree is self sufficient). But wait! There's more! There's no road access….
… it does however come with a free set of steak knives.
It actually is a lovely property and would make a wonderful location for eco tourism, or perhaps just personal use with the potential for a sustainable future development.
As I understand it, high risk postcodes have LVRs around 70% max. but with the above characteristics, I'm not sure any one would lend on this property at all.
Any chance?
Sounds like a worthless piece of dirt in the middle of nowhere looking for a new sucker I mean owner.
LOL. Thanks goes out to the Nicky Lane wannabe.
I would still be interested to hear if anyone has managed to get a loan over the line for a similar property…
Cheers
— A New Sucker
Wow, dgirl,
Sorry to say but it doesn't sound that lovely as an investment. I don't know who Nikki Lane is.
If you said that u wanted to live there for purely personal reasons, you always wanted to live there, now you are paying cash coz you are loaded, I'd say go for it.
It's pretty likely you will never be able to develop it. How much money does eco-tourism bring in? How will you get the tourists there with no road? Will you even be able to put a road in or are there 200 year old trees around it all?
Good luck finding a loan (I do mean that in the nice way), but I'd suggest personal is for personal and business is for business, don't try to rationalize a personal choice as business.
Cheers
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHonestly, I think it's not so promising to invest to a piece of land which seems to have a little worth. Yes, you may transform it into something you think and envision to be, like making it a business zone. But one must check its accessibility to its possible clients or customers. So I guess, it may be hard to find someone who'll lend to a certain property such as that.
Thanks for the reply DWolfe,
Agreed — not a hard nosed investment plan — looking more at a lifestyle choice with side income.
Boat access only.
Cheers
Thanks SMSF101,
It already runs as a business, albeit with very, very basic accommodations. An upgrade to accommodation would draw a different clientele. Not sure it would ever be classed a business zone, but zoning is something I would have to check.
Yes, I agree, it will be hard to find a lender.
maybe 40% LVR
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
As Terry mentioned although would need a lot more detail to be a bit more accurate.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi dgirl
Have you approached the owners to see if they would sell the property to you with vendor finance (VF). I'm guessing the owners aren't finding it easy to sell traditionally so they may consider a VF sale.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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