I entered into a similar deal in a corner block 2 townhouses, in Mckinnon, VIC a few years back. It was a good option for me at the time, where 2 projects came to a point where I required funding for construction loans at the same time. I financed one myself, the other was done as a joint venture with the builder.

I owned the land, and was…[Read more]

Propertyboy

I have a property in the area, managed by an Agent based on Church St, Brighton. I presume you are talking about Vic. 

Managed for three years, rental of $565 per week currently, I've had 2 excellent tenants, mgt fee of  less than 7%.

The Property Rental director is very professional, and himself involved in the…[Read more]

Thanks freckle.

the job has been done, as a variation – and the price was a lot more than I expected. (Yes should have checked price before going ahead…)  You're right I should call some tradies and get some firm quotes,  was just hoping there might be some out in the forum that may be able to quote me per square metre as a rough…[Read more]

Ok Michael,

the firb link was the website I was seeking. ie rules and regs surrounding tax and law.

My uncle wishes to put an offer in very soon, it sounds like he may need to fill in some paperwork first……

Thanks, plenty of reading for me.

Michael just wondering, given your client base, any good info resources for guidelines on purchasing in Australia as an overseas investor?

Cheers

Thanks Michael. Great info.

It sounds like this area has been popular with asian buyers. Any particular reason? Schooling? Other?

BTW, His 2 daughters study in Adelaide, one has just graduated, and they are intending to live there.

Yes, cash buyer, and is really keen to secure something in the next week! any comments?

Agree with Fredo.

Loads of investors (mostly mum and dad investors) were sold into the idea of building in Point Cook through a number of companies in the name of “wealth creation”. Point Cook has enjoyed substantial growth in recent years. Many of these houses have now been completed, the investors are realising the consequences of an…[Read more]

That’s great. Thanks for clarifying.

mccoz

Scott No mates,

Can you define NOE? BTW we are in Victoria.

From my understanding, the builder has organised the point of attachment, but we are all waiting for Jemena (distribution co) to come in and install the meters.

The builder’s electrician then organised the paperwork for Jemena to make the final connection. It sounds like both the…[Read more]

Thanks JacM and Rarahprincess for your comments. Hopefully this will be in a non issue and electricity will in next week, in the meantime, I’d better confirm my understanding of where i stand.

mccoz

Hi JacM,

No not yet. Just wondering whether any one in the PI community had any experience on this one. You’re right though. The solicitor will be the final call.

mccoz

This year I’ll be:

– finishing a rear s/s storey unit development
– starting build on a 3 unit res .development in , and be close to finishing by the end of the year. Permits pending any day now. (famous last words)
– hopefully ending a vendor finance deal (client is finally ready!) so I can release cash for the next deal.
– finding the next…[Read more]

Thanks for your comments so far. Much appreciated. I’ve left a message for Alistair to call back for further discussion.

In the meantime, are there any developers who have recently taken out loans for a 3 unit development, and who did they end up choosing and why? Res/commercial/which bank? etc. Would be interested to hear their stories.

Thanks again

That’s a good point Alistair. I’ve just been assuming that a residential loan will cost me less overall. i obviously need to do the comparisons and work out my priorities eg. less cash in vs higher interest rate etc etc.

i’m building in the Se Suburbs in Victoria.

Are there any particular competitive products that come to mind as a starting…[Read more]

Thanks Richard.

Can you clarify what a GR loan is? I assume it’s a loan that is based on end value.

mccoz

Hi guys,

I joined up back in November and have been receiving information on a monthly basis since then.

Regarding value, for a newbie who intends to be active in property investing, I think it would be excellent value. You’ll get access to a wide spectrum of property related info.

As someone like myself who has attended a few PI seminars in…[Read more]

Thanks everyone for providing some options  and I can direct the way I'd like to go.  NAB looks like a good overall product.  'KimandGlen, the contract does state 6.55% but thanks for flagging. i will ask the question. I don't think what I am seeking is anything out of the ordinary (except maybe vacant land limits my choices?), I do feel diss…[Read more]

You'll should only get back your deposit as a buyer, if you have specified in your Contract of Sale, that the purchase is subject to "building/pest/ finance" or whatever item.  Even then. the purchaser needs to be specific in how he/she words these "conditions"  of sale. For example. simply " subject to finance" is very vague.If for example, the…[Read more]