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  • Profile photo of corhigcorhig
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    @corhig
    Join Date: 2007
    Post Count: 37
    September 2, 2007 - 7:31 am

    From my limited experience, I believe CGT is applicable to the portion of time it has received income.  So I you rented it out for say 3 years and had lived in it for 1 year, then CGT would be applicable to 75% of the profit (divided by 2 because you've held it for over 12 months)

    Profile photo of corhigcorhig
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    @corhig
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    August 31, 2007 - 10:35 pm

    Equity is not a problem – its the serviceability lenders tend to look at before equity (I think).  We have thought about selling one of our properties but thats a last resort.  Would like to do the next project first (ie. subdivide, build, then sell one); see if that increases serviceability, then do it all again

    Profile photo of corhigcorhig
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    @corhig
    Join Date: 2007
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    August 30, 2007 - 8:45 am

    Have a further look on this forum under Community, Heads up – massive post there.  Might make up your mind.
    Personally, we build with NBG through a builder called Infinity Group in Rowville – OK experience.   Had to chase them up alot.
    NBG do good sales pitch, but once your handed over to the builder & have committed yourself, service is another thing. 
    Happy with the house though – hasn't fallen down yet (although only finished August last year).  Took forever to get going on builder, but once they started – wow really quick .   We learned our lesson in not paying the final payment until everything is removed from the site.   The cleanup was pretty slack.

    Profile photo of corhigcorhig
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    @corhig
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    August 27, 2007 - 10:16 am

    Thanks Terry – that's an interesting concept -will definitely look into that one.

    Profile photo of corhigcorhig
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    @corhig
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    August 23, 2007 - 10:22 am

    Richard, not sure what you mean by 'fully insured lender' severely limiting my future investment plans?  Can you please explain this further?

    Profile photo of corhigcorhig
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    @corhig
    Join Date: 2007
    Post Count: 37
    August 19, 2007 - 7:11 am
    jc1979 wrote:
    We purchased an investment property in the eastern suburbs of Melbourne….knocked it down and build 2 units.  Bank valued the two properties together at $900k.

    We are now in the process of subdividing it.  Cost so far is about $5k.  Just getting the final papers done by the solicitor so unless he slaps us with a ridiculous bill then I think it will end up to be less than $10k.

    Banker rang me the other day and kinda suggested that they will now be valued at $500k each.  But wouldn't give me a definate valuation yet. 

    So yeh….definately worth doing if the land in the area is scarce.

    Question for jc1979 – So you built another property on your block BEFORE you applied for permits ??!!  Isn't that a little risky just in case you don't get the approval, or did you know what you were doing beforehand?  I thought the council might make it a lot harder cos you'd already built, also you wouldn't exactly know their requirements, and might have to change things.    I don't know much about sub-divisions, but am researching alot before I attempt anything.  Just thought the 'normal' process was to have the block divided and approved before the build.

    Profile photo of corhigcorhig
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    @corhig
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    Post Count: 37
    August 19, 2007 - 6:57 am

    Hi Jason,

    On my way home from doing some painting on one of our rentals in Skye, I popped past your place in Noble Park (best side of Noble Park too).  Met Anthony & his wife, who showed me around.  Please thank them for me.  The place looks great, so much work going on.  I think the deck will sell the house, such a great private area !  Did you have someone do the rendering for you?  I'll do another drive by in a couple of weeks.  Good luck

    Coralie

    Profile photo of corhigcorhig
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    @corhig
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    July 9, 2007 - 8:03 am

    Thanks for that V8ghia.  As a newbie investor, I've definitely been 'tricked' by lenders before.  Next IP I'll definitely be on the ball regarding paperwork and securities. 

    Profile photo of corhigcorhig
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    @corhig
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    July 9, 2007 - 5:51 am

    Hi there,  this is my first post to this forum, so be gentle !!
    So is it OK to have a few IPs with the one lender, as long as they're separate loans?  Or does the lender just lump them all together?

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