Forum Replies Created
An idiotic government robbing Peter to pay Paul with zero understanding of how to manage a budget. Concocted purely as a 're-election' strategy rather than a practical or realistic one.
First class idiots the lot of them.
NEXT!
Pigs ar*e. It sounds like weasel words to me. I know they have panel valuers and requested one to conduct the val.
I have never before heard of a bank refusing to allow someone to revalue their home to reflect current market prices. Just comes across very much like they're trying to avoid something that may put me in a stronger position than I'm in currently. Do they even have the right to refuse this? Or is this a matter for the Ombudsman.
Anyone else?
Mike – would you like me to pass on your details to my Mackay people?
You should also search on the options threads in here. Depends on how you're going to learn about them – through your own learning and research, or go down the seminar route. If you're going down the seminar route, serach thoroughly in this forum once again, read everything that's there before paying anyone any money. Also look up philip sigglekow (hope I spelt that right!) for options courses. Ive never done them or know him, but they're certainly more reasonably priced than the likes of some others.
Thanks Trent, I'll get my contacts partner to get in touch with you as I'm on site the next day or two and out of phone range.
Thanks dchart, I'll pass on your details. Let me know how you go. Happy to speak offline in more detail. [email protected].
Admin,
because they asked me not to post their details in an open forum, so I'm respecting that and passing on details of anyone who wants to chat to them.Matt.
Thanks Scott, I've contacted some of the QS I work with in other areas. Will see what comes up.
This is a long term thing they're considering at the moment for key 'hubs' around Brisbane to de-centralise from the CBD area. I doubt any construction will start in the next 3-5 years as if you're familiar with the areas they're well established and quite old in some parts, so any new buildings or highrises will be redevelopments, reclamations or some other type of deal going on, there's little available space in all 3 of these areas as a 'greenfield' site.
Ultimately yes it'll be good for investors if their property ends up in one of the 'rezoned' areas that ends up with increased density allowable and so on. How long that will take with Brisbane City Council and the ULDA at each others throats is anyones guess.
I'd love to refinance away, but like I say, Genworth are saying no and therefore I can't
I think I trip to the Ombudsman or Channel 9 is next
Marty – correct it wasn't a low doc originally.
Richard, I did use a broker many years ago but am now dealing directly with Adelaide Bank.
Thanks Richard
I was told that Genworth would not approve the refinance so therefore Adelaide Bank would not proceed with my application.There is no average number as it is all calculated on figures contained in the town planning documents/zone plans etc, and then calculated on how many dwellings, people, car trips and so on and etc.
Put it this way, councils will charge you up to $500 to work it out for you, or tell you for free in a prelodgement meeting. Look up the town plan and infrastructure fee calculations for the area you're considering building in and you'll have to work it out from there. Most of it should be contained in the PD Live attached to the council planning website.
Thanks Intrigue – Sri can you clarify whether you are talking about buying 'off the plan' or actual land banking as they're two separate things requiring two separate strategies.
DA=Development Application
MCU=Material Change of Use
They're only relevant if you're looking at land/sites with development potential.Thanks,
Matt.What sort of document are you using to 'control' the land with your 10%? Option? Some other form of agreement? IT all comes down to how you did it in the first place. Without knowing the details its hard to give any kind of suggestions or estimates on what's possible or not possible.
As JacM suggests, if you find a piece of land elligible for rezoning, control it via an option or similar type of contractual document, either do the DA/MCU or onsell in a few years (if you get that long from the vendor) to someone else who wants to settle for a higher price, then yes you will make some profit, being the difference for what you offered to pay under the agreement, and what you can onsell it for, although you're liable for stamp duty on the option fee (in Qld anyway not sure about other states).
You could in theory settle simultaneously, both contracts settling on the same day. Comes down to the conveyancing and lawyers instructions.
It all depends on a) how you've controlled the land, and b) how well you've chosen the land. Doing it with any old block with no potential at all is not going to get you far.
Another point to make – if banks aren't lending to developers to build, and they aren't goin to lend to people to buy, what happens then?
Something big needs to change..
RBA notes have shown, and financial commentators have also supported, that funding costs have remained pretty flat the last few months. So the assertion by banks that their funding costs are increasing continually is in a word, bullshi*. I for one am well past having my intelligence insulted monthly by the Big 4. David Koch wrote a good article on it yesterday on news.com . au.
If the RBA raises rates ok, it's the only blunt instrument they seem to have, but I think we'd all be happier if the banks didn't then double that rise and we'd all be in a much better position.
Gee, do you think they could settle for only $3Billion profit?
Makes me sick to my stomach.
If you mean a DA to subdivide a lot or, in their terms, reconfigure a lot, it could be anywhere from 15-30K. there's no exact figure unless you rang one of the planning companies to get a quote on the DA for you, which will take a few days for them to do. If its a simple residentially zoned lot, and the council supports subdivision of the lot size etc, it should be fairly simple. I can't say for sure though without knowin the lot and zoning etc. Give a town planner a call and ask him for a quote to subdivide the lot.
As for the developer, it may be crunch time for him for a number of reasons, funding, other project deadlines, could be any number of things. It may well be as I described at one point earlier, if it gets to hard to get the deal over the line, he may just walk.
Good luck.
What are teh opportunities like for building out there? Any of the mentioned towns I mean? Available sites? Cost to build? Demand for stock?
As someone said above, most lenders look for 15-20%profit before they'll consider it. They will also look for (in some cases) 100% presales which is why there is so much being sold off the plan these days. Some lenders will take less but they essentially won't accept any risk at all these days. I like the 'spend a mill make a mill if it costs you a mill' analogy, often the simple things work the best I find.
In saying that there are SO many different factors and contingencies (that yes I realise you don't want to hear about but avoiding them means death by lender in this market).
20% is your minimum target profit. IF you can't reach or sustain that, you'll probably struggle to get funding for it (unless you have private equity or funders who'll charge you a lot higher rates than the normal pirat…er..banks.)
