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  • Profile photo of firstmillionfirstmillion
    Member
    @firstmillion
    Join Date: 2008
    Post Count: 9
    January 20, 2013 - 6:33 am

    Hi Wilko1,

    the land size is 718 sq mtr. As mentioned in the post, we will subdivide once I sell at least one block. The blocks are put on the market while the process of subdivision approval is in process. The demolition and titles for 2 blocks will be done after the sale. 

    Profile photo of firstmillionfirstmillion
    Member
    @firstmillion
    Join Date: 2008
    Post Count: 9
    January 17, 2013 - 11:51 am

    Hi,

    The plan is to sell one block at least. We will demolish the house once a contract settles on 1 block. 

    Regards

    Profile photo of firstmillionfirstmillion
    Member
    @firstmillion
    Join Date: 2008
    Post Count: 9
    January 17, 2013 - 8:32 am

    The profit can range between $50-75000 for both. Since there is not of lee way, i want to put them on the market before subdividing. I want to the cost low as well. 

    Thanks. 

    Profile photo of firstmillionfirstmillion
    Member
    @firstmillion
    Join Date: 2008
    Post Count: 9
    January 17, 2013 - 8:23 am

    Thanks mate. 

    How are u marketing the blocks ?  

    Where are the blocks, if you don't mind sharing. 

    Profile photo of firstmillionfirstmillion
    Member
    @firstmillion
    Join Date: 2008
    Post Count: 9
    January 17, 2013 - 8:20 am

    Thanks RPI. Is it a good idea to sell through builders ? 

    Profile photo of firstmillionfirstmillion
    Member
    @firstmillion
    Join Date: 2008
    Post Count: 9
    June 14, 2009 - 8:37 am

    Hi Tiga,

    If I were you, I would pay my PPOR debt, bring it down to 60K and get a loan against it. bank would loan upto 90% of the valuation. This way, you would reduce your PPOR debt and get a tax deductable loan to buy IPs. for eg.

    PPOR debt 120K, valuation 600K

    Scenario 1 – You pay 60K towards your PPOR Debt.
    New PPOR debt 60K, valuation 600K, bank will loan (600-60=540K) 90% of 540K i.e. 486K

    Scenario 2 – You don't pay your PPOR debt then bank will loan (600-120=480K) 90% of 480K=432K plus 60K the cash that you have. Total cash 492K.

    Alternativley, you can put 60K in the PPOR offset account and take a loan against equity in the PPOR.

    Hope i am clear.

    Profile photo of firstmillionfirstmillion
    Member
    @firstmillion
    Join Date: 2008
    Post Count: 9
    September 6, 2008 - 11:25 am

    Hi Guys,

    I live in Windsor Gardens. I am interested in renos and developments. How is the group going on? I would be keen to share and learn from each others experiences.

    Cheers

Viewing 7 posts - 1 through 7 (of 7 total)