Thanks guys for your comments. I am going for funding soon. Settlement has been pushed back to August now on vendors request which suits me fine.

Thanks Ryan…if I get the plans and permits approved before settlement then they will revalue right?

I'm planning on living there for at least 6 months to get PPOR and then look to sell or if possible develop…need a bit of extra equity!  

Thx Jamie…

Hi everyone,

Thanks for all your advice. It has been really useful. I've decided not to go with apartments for many of the reasons that have been mentioned, in particular: keeping it simple given its my first project, financing for such a large project, resale (as there are a lot of apartments going up in Boronia in the mid term) and the 2-3…[Read more]

Hi Dave,

Thanks very much for taking the time to share this. I might PM you and we can chat further.

Thanks guys for the feedback. I'm meeting with Anz tomorrow and got a call into cba so ill definitely follow up on the great points you've raised.

Thanks Alistair, you're on the money – it was ANZ that I spoke to as they are my current lender. Sounds like I definitely need to do a lot more work on the funding piece and speak to a few other lenders. I've got other equity partners that will come in on the project so I hope this will help the project.

If I was determined to go ahead with the…[Read more]

Thanks for your comments Richard. I’ve spoken to a big four lender. The commercial lending relationship manager said:
– they would fund the project based on my model which was conservative and tied into her estimates. I told her it’s my first project and it wasn’t an issue.
– lvr 80% of cost and 65% of gross completion value
– presales of 50-70%
-…[Read more]

Thank mattnz, I’ll check it out.

Could anyone recommend a reputed builder and finance broker I could speak to?

Hi Wilko1, my pockets are not very deep which is why I wanted to consider whether this option is worth the risk given its my first time. If i build ill definitely need to raise some equity.

Thanks for the interest and build cost estimates. Once I get plans approved and units 70-80% presold. It is only then that i would consider building.…[Read more]

Thanks Wilko1, I would sell most of them, maybe just keep one or two. I'll would prefer a high lvr at current interest rates and may need to pre sell more. There are a lot of units being pre sold in boronia at the moment so there is demand for 2bed apartments. The units would be a more feasible option and require less equity. You've given me food…[Read more]