You can get lenders who will accept a valuation from a lender who is on their panel, even if it was originally done for a different lender. Done it plenty of times.

The valuation is not your problem. But generally speaking two properties combined into a development site will be valued as a commercial prospect, which will attract a higher valuation if the feasibility is good.

Sounds like a fine plan the only thing you’d need to do is sell the properties together. Which means there will be two contracts and each contract will be conditional on each one being sold.

Hmm……strange behaviour from your broker tbh

Yes I think your broker should be the one advising you on the different lenders and their options. SMSF Commercial isn’t that difficult but you have to watch for annual reviews, ongoing fees and whether your SMSF/Custodian deed matches up to the lender’s.

Not harsh Jamie – they really have no idea.

Put any excess cash you have into an offset account against the loans so you don’t pay down the loans but effectively reduce your interest repayments.

Hi mellowtool – it’s hard to answer your question without more details. Have you consulted a broker/bank to see how much you can borrow?

A unit trust might be the more appropriate structure to make sure you establish the proper amount of % shareholding of each person. It avoids disputes as to who owes/owns what.

Just pick up the phone and call any recommended broker, no matter where they are based. Face to face is not always necessary these days but I understand some people want that personal feel to it.

This is very common. Find a different valuer, one that is on the panel of other lenders if you think this is going to be a problem. Ask your broker to find one for you.

For a sub-80% lend it’s much easier to get finance and the type of property isn’t that relevant. Now all you need to decide is which type.

What LVR do you need?

What you can do is get a rental appraisal for your current PPOR. Then when you purchase the new house you can service the new loan. Just avod cross collateralisation if possible – there’s no need to move out first.

Hmmm problem is you are going into to a conforming lender that requires payslips. Your broker really should have organised alternative funding through a non-conforming lender as they should have known your situation with no payslips etc.

The advice of one director is a good one for guarantee reasons. But in reality this may not always be possible.

Age isn’t an issue as long as you argue it properly. As for subdivision, you need to study your numbers properly and talk to Council at the very least.

Why are you so focused on Serviced Apartments anyway if you know the risks?

Yes banks do not accept conditional offers during a mortgagee sale. Hence why if you want a B&P report, you have to pay for it yourself and take on the risk if it’s good or bad. Good luck with it.

The cons with this type of purchase is that the banks don’t like it. Usually they will discount the ‘rental’ you get when assessing your serviceability to the normal market rate.

In the link you have provided, it is basically a serviced apartment – which lowers the maximum LVR to about 70% in many cases.