joshbbassett replied to the topic Can you switch from commercial mortgage to residential loan? in the forum Finance 9 years, 5 months ago
Hi Corey, yeah that is something that I have thought about. Because it was a commercial loan we had to put in a much larger deposit, taking funds away from reno’s and other things.
Thanks for the input.
Thanks.
joshbbassett replied to the topic Can you switch from commercial mortgage to residential loan? in the forum Finance 9 years, 5 months ago
Hi Tracy,
That is why I was looking into whether it was worth switching to a residential loan, because the annual fees we are paying and the interest rate is higher for the commercial loan than any of the other residential loans we have at the moment.
Cheers.
joshbbassett replied to the topic Can you switch from commercial mortgage to residential loan? in the forum Finance 9 years, 5 months ago
@jaqui – yeah definitely won’t just knock the building down without talking to our bank, just thinking out loud about long term plan. Cheers.
@Pimobpi and Richard – thanks for the advice. Yeah I spoke to a person in the Westpac branch and she had me on the phone to a commercial loan officer (?) and they told me that they would not lend resi on…[Read more]
joshbbassett replied to the topic Can you switch from commercial mortgage to residential loan? in the forum Finance 9 years, 5 months ago
We would ideally like to do a small reno and increase rents and hold on to the property for a number of years while the tenants pay down the loan. The units are very old so we will not be spending much, just a quick cosmetic makeover on each one. We will eventually knock the old fibro building down and develop the property.
I spoke to Westpac and…[Read more]
joshbbassett replied to the topic Can you switch from commercial mortgage to residential loan? in the forum Finance 9 years, 5 months ago
Hi Jacqui,
Thanks for the advice, the units are all on one title at the moment, we were just looking into whether this was feasible as the small amount in extra rent we are getting is being eaten up in the higher interest rates and fees with the commercial loan. We are probably not going to sell, we would like to hold them as they make good rent…[Read more]
joshbbassett started the topic Can you switch from commercial mortgage to residential loan? in the forum Finance 9 years, 5 months ago
Hi everyone,
We own an old block of 5 flats that we had to purchase under a commercial loan because of the number of units. There are two x 1 bedroom units and 3 x 2 bedroom units. The two one bedroom units have a door between them, so we are thinking of joining them together to make the flats have 4 x two bedroom units. There is a communal…[Read more]
joshbbassett replied to the topic Mortgage broker on Gold Coast-help needed in the forum Finance 17 years, 3 months ago
Hi, we have dealt with Mortgage Choice at Miami, a guy by the name of James. We have bought 3 houses in the last year with a lot of help from their team. It is safe to say that without their help we would not have been able to secure our last two properties. They did some creative work for us.The number is 07 55082205
joshbbassett replied to the topic To paint or not to paint? in the forum Value Adding 18 years, 5 months ago
Thanks for all the replies, they have all been helpful and given me something to think about. It is probably going to be rented to uni students or a family with a mature age student so maybe they will like the natural wood look.
The skylight is a good idea, but we are trying to spend as little money as possible and try not to not knock holes in…[Read more]