We cannot use a reverse mortgage as we need $500,000 up front to pay for serviced apartment and reverse mortgages limit the amount borrowed, the most l have seen is 350,000 , so not enough. Also the trigger to pay back full amount occurs when the owner moves out of the home, in our case this is happening immediately. A reverse mortgage helps the…[Read more]

We cannot use a reverse mortgage as we need $500,000 up front to pay for serviced apartment and reverse mortgages limit the amount borrowed, the most l have seen is 350,000 , so not enough. Also the trigger to pay back full amount occurs when the owner moves out of the home, in our case this is happening immediately. A reverse mortgage helps the…[Read more]

ok this is a brief rundown of my situation.
My mother in law is moving into a retirement village and needs $500,000 up front to pay for it. Her PPR is a developement corner block in Templestowe Lower . It is in high demand both for buyers and for rentals. Naturally we dont want to sell and wish to develop the block ourselves. We are after a line…[Read more]

ok this is a brief rundown of my situation.
My mother in law is moving into a retirement village and needs $500,000 up front to pay for it. Her PPR is a developement corner block in Templestowe Lower . It is in high demand both for buyers and for rentals. Naturally we dont want to sell and wish to develop the block ourselves. We are after a line…[Read more]

Thanks for your reply Corey. The last thing l would want is to waste a brokers time. Its just that in the past l have read of an investor doing this. I am desperate to get this deal across the line. its an unusual situation so hence the banks reluctance to fund. I would also not want multiple hits on my credit history. I though a broker probably…[Read more]

If l had to choose l would go for Toowoomba. Just make sure you do lots of research , because if you need to make 50-60k in equity in three years you will have to buy well. I spent 186,000 in orange on a three bedroom house in Glenroi , Orange. It rents for 280 a week. However this will never increase in value by the amount that you need. You may…[Read more]

Hi l have bought in orange.when you go there you get the feel that it is a vibrant economy.it is easy to find a cash flow property.However at the moment the rental market is flooded.If l was you l would look at Bathurst or towoomba as both are hubs which benefit from mining but are not reliant on it .Margaret Lomas gives both a big plug
Good luck