Cant say I have but sounds interesting. Who was the BA?

Try;

Oscar Celik

[email protected]

0402 046 969

http://www.completedevelopment.com.au

He is based in Melbourne. 

Would be ideal to consult a Finance professional to determine your borrowing capacity plus appropriate loans structure both now and in the future depending on what route you decide to take. 

Have never been in that situation but would do the same thing you are contemplating BUT would also depend on the competition for the property as you could loose the deal to someone else who would not stipulate this condition.

You would have to weigh up loosing the house for 5k worth of work (depending on competition) or requesting the issues be remedied and renegotiate on purchase price or get the seller to amend. I would personally renegotiate the price and get it fixed myself to ensure it is done properly. 

All the best. 

Welcome!

Yes, possibly but you would have to check with your local council what is the current zoning for this parcel of land and if it is suitable for your stated purpose.  

In regards to "what to do" with the 60k inheritance would come down to your appetite for risk.

The property development could yield high returns but also could be the cause of financial ruin for both parties involved and would be on the high end of the risk scale especially as it is your first foray into property besides your own home. Not saying it cant be achieved as others have done it successfully but need to consider the potential downside to a commitment as large as this. 

The other end of the risk scale would be to pay down your mortgage. 

The renovations could add value to your property if carried out correctly but would also need to tread carefully to achieve the desired outcome. Lifestyle may be a factor to consider but depends on what your desired end goal actually is?

The other option to consider would be to pay down your mortgage and therefore free up some equity for an investment property purchase. 

Whatever decision you decide on a master mind team to assist  you will be crucial in determining a successful outcome. 

A good start would be an initial discussion with the RIGHT mortgage broker to determine if you can afford to proceed as well as the correct loan structure that will be to your ultimate benefit. 

A big welcome to you Darryl

This is direct from CBA

The launch date is still the 8th of October 2013 and all Mortgage Advantage Package clients will receive the offset feature as part of the package moving forward.

Also a strict grace period will also apply, where this offer will be extended to:

Customers who commence an application on or from Thursday 1 August 2013, with new borrowings of $150,000 or more are eligible for the $95 Everyday Offset Fee waiver, providing the loan funds and an Everyday Offset is opened within 4 months from this application creation date

Customers who have applied for a Home Seeker prior to Thursday 1st August which converts to a new home loan providing an account number is created between Thursday 1 August 2013 and Tuesday 31 December 2013.

Please note existing clients with new borrowing of $150,000 or more are eligible for the $95 Everyday Offset Fee waiver

Otherwise existing clients can pay an initial non-refundable fee of $95.00; and a $10 monthly offset fee, regardless of the number of Complete Access accounts with the Everyday Offset feature linked to your eligible loan.

These above fees apply under your Home Loan contract when we link your Complete Access account with the Everyday Offset feature to your eligible home loan.

Note: the $10 monthly offset fee does not apply if you have Mortgage Advantage Package holder

Most banks will assume 20% as a "rule of thumb" but it is case by case due to many variables as stated by lukecrawford above. 

Would depend on who is the lecturer. Have they done what they are teaching or is it theory?

Do what Jamie said and self educate yourself, get your self in a position to take the leap, build  a mastermind team and as St Nike says "Just do it!" 

What is the current LVR on the property you have equity in as this will be an important factor.

Yield will be a consideration as well. 

Read a stat today that by 2050 the average Aussie male will live to 92. Plenty of time yet as you are less than half way