Forum Replies Created
Good morning Richard!
“yes’ i’ve heard of the position with the local council of ‘Peg Inspector’..[biggrin]Glad to see you have your 110% lending program happening! Look forward to hearing about it.
Land Subdivision can be a minefield as said by others in this forum. Find someone who has been through the process. Different States, even councils can have different rules and requiremnets (except QLD!) Try to find someone who has been through the process in your State. It can be simple but it can suddenly spring a few surprises and inevitable delays..
Developers Dictionary: When can I expect my titles?
Answer: Think of the worst case scenario and then add 6 … no.. 9 months to it!Apostle
Hi Fluffy,
Two of the Mappers, John & Rhonda, seem to specialise in subdivision. They’re in SA so the rules may be different to Qld.
Didn’t know Queensland had any rules.. thought you just banged some pegs in the ground and went for it![biggrin]
Apostle
Hi there..
don’t know where you are but Alastair (Melbourne)in this Forum is excellent. His Dad runs a great town planning business and He is certainly switched on. I met him in Perth recently and certainly can vouch for him. I’m sure he would be only too willing to point out the process, ups and downs etc.. You can reach him on: [email protected]Check out their site
regards
Apostle
gotta agree with John here. This is real growth, not a bubble. There are people coming into the place for work due to all the industry that is rapidly growing.. I’m in Bunbury, about 160k south of Perth and the place is steaming.. Builders closing display homes because they can’t keep up with it too.
Consider this:
Bunbury (and WA) has employment.. LOTS of it.
Worsley Alumina is set to become the worlds largest and is about to start yet another new expansion. We have a myriad of Huge mineral sands companies. Even in the ‘recession we had to have” Bunbury didn’t lose any value, just stayed static. The WA goverment is about to turn the outer harbour into another Fremantle at a cost of $750m, the port is due to expand..
PLUS the mineral wealth in Wa is massive. BHP and other big players are opening up a lot gas/petroleum up north.. Try buying in Karatha!Perth house Prices are well under the rest of Aus and there is no reason why they shouldn’t rise.. for the first time in history we are importing you lot from over east to work for us!! Passport office open soon!
Really guys it’s a great place and time to invest..
AMP report forcast a 9% growth in Perth next yaer and KPMG also say its good..regards
John
Apostle
agree with you, we do.. but Current Affair in WA gave it a flogging recently. usual bad examples.. the media Aus wide seems to hate it so be careful in WA.
Apostle
agree with you, we do.. but Current Affair gave it a flogging recently. the media Aus wide seems to hate it so be careful in WA.
Apostle
It’s a wrap! Mortgage wrapping is illegal in WA!
You really need to check on this one! Department of Consumer affairs says you need a credit providers licence to do any amount. You are basically lending money without a licence. They took someone to court in WA and he got fined $2k. I talked with Rick Otton and he said he had talked to consumer affairs in WA and his advice was ‘be very careful’ May pay you to contact him too!
Here’s a link: http://www.docep.wa.gov.au/media/media/2004/April/Mortga.html
Apostle
Does antbody know what a ‘put and call option’ is and how it relates to property. Stamp duty is now payable on it in WA as if you had a contract of sale. Does an ‘option to puchase’ attract duty over East? or is this the same as a put and call?
CheersApostle
Hi everyone.. I’m in Bunbury, WA..
here’s my 2 bobs worth.
I am sure whilst looking through the council notes that the Marmion ave extension was a condition of subdivision at Capricorn village, so it HAS to go through.Bunbury recorded some 30% growth last year and is still the cheapest place around. An agent friend of mine says people are still flocking into the town for work. we have the Worsley Alunima expansion,(they will some be the largest in the world soon) plus heaps of large mineral sands companies here.. and some of the builders have just shut their display homes because they cannot handle any more work (todays paper) We are still heaps cheaper than Mandurah on one side and Busselton/dunsborough on the other and we have all the large employers.. Plus the goverment has just launched a plan to turn the outer harbour into another fremantle. $750 mill, I believe..My advice.. buy an older style place and hang on for 5 years. You can hardly get rentals here now! The property prices have risen dramitically but the rents haven’t much…. yet!
I don’t know if Yancep is ready yet. but could be good later.. The new rail line going south to Mandurah has stolen a lot of the attention. Work is progressing ok.. Tokyo have owned the land since Alan Bond sold it after the launch of the Americas cup. Perth really goes down south for it’s holidays. Busselton Dunsborough.. not many go northwards..
My comments; If the Yancep agent is around, give me a buzz, I’m interested..Perth still seems to be happening, if slower. The amount of work here is amazing. For the first time in history, we are pulling people from the East by the droves and a lot of companies are looking overseas to get the labour they need. The mining industry is booming. I mean BOOMING. China is chewing up our iron ore and gas faster than we can get it out of the ground..
we’re fedup subsidising the rest of Aus..
Well That’s my bit.. hope it helps. If you want anymore specifics.. let me know.
Apostle
In WA.. Depends at what stage the sale is at.. If a deal falls over due to a condition of contract, (ie: subject to..) then the (any) deposit paid is refundable (less any bank fees ot charges) Deposits over $500 can be placed in an interest bearing account (for you) if so requested by the Purchaser.
The question of ‘consideration’ is a good one. The law of contact does (I believe.. I’m not a lawyer) that some form of consideration (can be a dollar) be exchanged..
Still I’m with Investinwest on this one. I don’t want to tie up cash reserves for months. We may have a number of deals on the go and some of the complex ones may take a long while before settlement. I know of investors that pay only $50 deposit on deals..
The amount of deposit paid doesn’t really make the deal happen.[cigar]
Apostle
Hi guys.. Yes you are right.. Wraps are illegal in Wa unless you can get a credit providers licence (6-12 weeks plus a lot of proof about other stuff) but We had a really bad case over here. see http://www.docep.wa.gov.au/media/media/2004/April/Mortga.html We are a relatively small state and the publicity was on Current Affair. It may be leagal with the Credit licence but the amount of negative publicity is not good. I communicated with Rick Otton about WA (he talked with the consumer credit guys) and his advice was basically ‘Get your licence BUT be very careful’
Hope this helps..Apostle
Hi fellas..
don’t mean to get stroppy but where is the creative side to all of this?.. Pay cash? that’s original.. save money, use equity.. get a standard loan? …. sorry guys but let’s offer some ‘creative’ solutions to help here..after all, this is ‘Steve McKnights’ business. (read his books etc?) Instead of accepting the staus quo, lets look at ideas to help this person..Apostle
Just pointing out that Wrapping is Illegal in West Australia. So watch out anyone thing about this in WA!!
Apostle
“Terry
I think we all now those lenders who will lend against valuation rather than purchase price.”
Wewll, I would just LOVE to know who these lenders are!!
If I have a sworn valuation at $250,000 and I can pick it up for $225,00, then that’s a good deal. Banks only want the purchase price because they want as much security as they can get.
Cash backs are NOT fraud, unless you deliberatly hide this info from ther lender. In my opinion,
if some of the cashback is also going back into the property to add value to it, banks should be very happy as the property has now increased in value and their risk is less!Any lenders out there who lend by the ‘correct’ criteria, ie: what the sworn valuation is as opposed to the purchase price.. hello I have a lot of business for you!
thanks
John
Apostle
