Why is cash the way to go? I thought investing was about borrowing money and keeping cash reserves for other investments. NAB rang up to say yes they will lend $26,000.

What would be the best way to leverage into a property purchase number two (just thinking ahead now as well)? In the last hour i have organized that i can pay $24,000.00 cash and get a personal loan of $14,000 which i could pay back over the next 3 to 5 years interest free though this does not prove a credit rating. Either way i want to pay down this loan as quick as possible. 

That's right Tracey thanks for your suggestions. Settlement needs to be while it is still business 1 then a month or so after the renovation is completed council issue a certificate of occupancy which it can then have a home loan secured against it. This is where I assumed bridging that gap between settlement and receiving that 'certificate of occupancy'  would require a business  loan.

I had a meeting with the NAB and the manager came to sit in on the meeting explaining that it could have a business 1 loan first then converted over to a standard home loan with the $600 application fee waved on the mortgage and a $600 application fee on the business loan. They we're all positive and extremely helpful on finding a way ahead with this.

Just before Christmas i arranged a meeting with a broker. He is a first cousin and ex Westpac Bank Manager of 18 years that is now running his own brokering from his home. We chatted away at length out on the street having a coffee and he suggested bridging the gap with cash then applying through the Commonwealth Bank for a home loan using the certificate of occupancy.

I'm shopping around to get peoples opinion and suggestions on what options i can take before i make a decision on what way  best to go. Forgot to mention that I have a garrantor if necessary.  

Well Richard it's a vacant shop zoned business 1 that upon council approval in some three or more months and renovations completed a certificate of occupancy  will be granted. Then it can be lived in as a residential.

It was time this thread ended it's now dead.

No your not getting to old it's a bit difficult to make out what the numbers are in that photo. After emailing the agent he gave me these prices of the blocks that we're left. With these numbers now at hand I changed my mind to block number 32 based on value for money for the amount of land for dollar value. I don't know how the agent got them prices? If you look at number 3@1000sq mtrs at $54k then at 32,33,36@2200 sq mtrs at $59k each, then it's only $5k extra for more then double the land. The culdesac are priced pretty high. Then I took the median price of all the blocks they have left and used a median price per square meter ($26.81) to calculate what I really thought each block should be priced at not sure if I made any sense of it but my calculations go down the right hand side. If I based my decision on that then Number 3 would be the cheapest at $26810.00c and at 1000 sq Mtrs it's still a reasonably large block in anyones standard, it's just the others make it look smaller in the photograph and you might get a fence built all around you for nothing.

                        Agents list price                             My land evaluation based on median price = ($ per mtr X sq mt)
3  1000 sq mt at $54k           = $54.00c per sq mtr – median $26810.00c
4  1449 sq mt at $57k           = $39.33c per sq mtr – median $38847.69c
5  1486 sq mt at $62k           = $41.72c per sq mtr – median $39839.66c
6  1531 sq mt at $67k           = $43.76c per sq mtr – median $41046.11c
10 2167 sq mt at $95k         = $43.83c per sq mtr – median $58097.27c
13 4711 sq mt at $87k         = $18.46c per sq mtr – median $126301.91c
14 4312 sq mt at $95k         = $22.03c per sq mtr – median $115604.72c
15 4019 sq mt at $92,500   = $23.01c per sq mtr – median $107749.39c
17 3720 sq mt at $90k         = $24.19c per sq mtr – median $99733.20c
23 1526 sq mt at $56k         = $35.82c per sq mtr – median $40912.06c
28 1563 sq mt at $57,500   = $36.78c per sq mtr – median $41904.03c
32 2200 sq mt at $59k         = $26.81c per sq mtr – median $58982.00c
33 2200 sq mt at $59k         = $26.81c per sq mtr – median $58982.00c
36 2200 sq mt at $59k         = $26.81c per sq mtr – median $58982.00c
37 2320 sq mt at $59k         = $25.43c per sq mtr – median $62199.20c
                     Total =$1,049,000          Total = $975,991.24c

Mean price per square meter   = $32.59c
Median price per square meter = $26.81c X per sq meter