Yes, I also just realized that what they ask me to sign is the paper to execute the deal on the behalf of them (their solicitor). They don’t include the land and building details enclosed with this contract at all. It is just the Bankwest loan application form, National Finance Broker Contract and the projected value of my properties in the next 20 yrs value assuming 8.5% Capital gain per year in average with 8% interest rate and 3 weeks per year vacancy rate.

Okay now I am confused again. In another post you mentioned that JDL were trying to sell you a 2 bed unit for $435k. Is this still the same property? if so, then there is no “split loan” for the property itself. Maybe a split loan for the deposit and balance but you cant buy a unit / townhouse with 2 separate contracts. When buying a unit, full stamp duty is applicable on the entire amount.

The way you just explained it in your last post, is a house and land package. However you will still be required to pay stamp duty on the value of the land purchase. No matter what they say, this is the law. Unless you are an eligible first home buyer in QLD who is going to move in to the property for the required period, no one is exempt from stamp duty in QLD.

So were they trying to sell you a house or a unit?

Also, the two contracts shouldn’t make two separate loan facilities. It is a basic construction loan where the funds to the builder will be drawn down as progress payments from the one loan.

No, Coomera is not a mining town, it is a long way from it. None of South East QLD is. I was purely trying to say that it is the mining regions that are in the midst of a long term boom. So unless you were purchasing in a mining region, you dont have to worry to much about rushing in as you wont miss out on any/much capital growth in South East QLD. If you were purchasing in a mining region, and you entered the market in 6 months time, prices would be significantly higher than they are today. Sorry if i confused you before on this.

Also if you buy a brand new property you will eligible for a $10,000 Govt. boost grant. It seems they have not factored this in. Some marketing firms are filling out the paperwork for their naive clients and keeping the funds themselves and then paying for some of the clients fees ie: stamp duty etc out of this. Thus telling people that they don’t have to pay stamp duty. This may or may not be the case here I wouldn’t know, but it has been happening unfortunately.

expensive or not, it is un-necessary. Our company for example, sells investment properties, we charge an REIQ capped real estate commission. A mortgage broker makes a commission and quite often a trailing fee from the bank, an accountant charges you by the hour, a lawyer charges by the hour. All of these fees are fair and reasonable, but to then charge the client to do the same job that 95% of the industry is doing for its regulated/quoted fees as standard is just plain rich. Sometimes, companies may charge a project management fee if they are managing the building process for a new investment property, however this is not a house and land package, you are paying for an end product which is what your stamp duty shows.

Also if you are buying a new house, why not build, save a lot on stamp duty and any interest paid in the construction period is a tax deduction that financial year.

The Gold coast would have to be the worst place in QLD to buy in investment property. I am qualified to say that as I deal with properties all throughout QLD.

Why go backwards $200 per month when you can go forwards $200 per month? I just dont get it? unless you have heaps of cash to burn for the sake of it?

You also need to be very careful about how you take the $79k out.

The conveyancing fee is not cheap. Extra valuation fee -probably because they are valuing your other property to use it as security.