Scott No Mates wrote:
Is there any way that you can claim/prove that you were living at the house as your ppor?

I can't proof it. We had the house empty, move a couple of pieces of furniture in (no evidence though) and intended to connect electricity which we did not end up doing. It is a though one. The penality tax and unpaid interst is close…[Read more]

Thanks for the quick response. The property is in Queensland. I know I can dispute the assessment but I am concerned that they will charge me more after the reassessment. Already got a 75% discount which still ends up costing aud4,000 in interest and charges. Any help is appreciated. Regards s

Hi there,My understanding is that you can not. It needs to be LMR (Low Medium Residential). However, you can split the block and build houses. You might even be able to split it into three blocks with 400sqm each.Have a look on http://olr13.brisbane.qld.gov.au/website/MN_CP/bcc_user_agreement.htmHere you can see what the zoning looks like around…[Read more]

Thanks Terry,I agree with you. I am trying to cross all my T's and dot the i's. This will take some time and I will certainly not rush into anything. This is too important. All this blogs help a lot though to develop a comprehensive financial model that considers each and every cost … kind of scary what fees, interes, etc. you have to fork out…[Read more]

Hi There, Yes, finance cost can be high but it should not be more than $100k during construction, which I intend to capitalize. Now, that's lot of cash for 9months but with an upside of up to $700k I think it is a reasonable risk to take. The way I see it, worst case scenario I can walk away with $200k net … wish is not too bad.Cheers

Hi wealthyjvd,I have used conservative figures. At current rates and with the current construction cost forecast from my developer the figures would look something more like this:$600k + $1.1m, creating a value of $2.4m, which leaves $700k. However, should unit prices drop  by 10% during construction and  costs increase by almost 20% I would walk…[Read more]

Dear BankerThanks for that. Very helpful information. Excellent.ThanksKindofNew