Forum Replies Created
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.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.@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 anything more than 3. But even if it is 3 or two, that wouldn’t help us anyway if I go down that path as we wouldn’t want to lose anymore than the one unit (if we even want to do that). I know there is more out there than just the big 4 and will definitely speak to a broker if we decide to try and get a resi loan.
Thanks again for he feedback.
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 they said anything more than three units, they go a commercial loan. It is good to know it can be done, thanks Corey. I will just have to do the sums to see which scenario is financially better.
Thanks for all the feed back.
Cheers.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 and have future development potential, but if it was a residential loan and we did for unforeseen circumstances need to sell, I think it would be much easier to get rid of?
As Terryw said it is possible to do, I guess I will just have to do some more research into whether it is the best thing to do though.
Thanks for the responses.
Cheers.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 55082205Thanks 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 the place.
The high wattage lights sounds like a really good idea as well, but is that actually going to add any value to the house?
I definately will have a chat to some real estate agents and get their scope on the situation though.
Well thanks for everything, anyone else with any comments please jump in.
