All great advice – in particular “Catalyst” recommending to start at the local library & “Jacqui” pointing out that if you start with understanding your financing ability it would save you so much time.

You’ll find that you will be able to answer your own question as to whether your single income will be enough to commence. You’ll also find that…[Read more]

Hi Richard,

I don’t think that Josh believes that NAB will do a Residential Loan for 4 units – He may have thought that Westpac setup Residential loans for 3 units – My reply was to point out that NAB will go Residential lending for 3 units or less whereas the other major 4 banks cap their Residential lending to 2 or less dwellings per…[Read more]

Hi Jose,

Welcome, I am sure you’ll gain heaps of knowledge here – although, you’ll have to educate yourself further & educate yourself from many other sources if you want to carry out a successful development project.

You do not necessarily have to go with Commercial lending for a 3 lot subdivision. I know that NAB offer Residential loans for 3…[Read more]

Hi Josh,

I am guessing that Westpac would treat each customer differently, my findings were that Westpac will make a Commercial loan compulsory for 3 or more units (ie: Only 1 or 2 units are in the Westpac Residential space).

I may have misunderstood you but it sounds like you were under the impression that Westpac will be OK with a…[Read more]

Hey Jamie,

OK, so trips to Disney-Land are not deductible, I’ll book Hawaii instead. :P

Thanks for adding extra input – clever.
The 50K will help fund a small portion of my intended development project.

I was not originally looking to extract equity – I was chasing a lender that offered residential loans for development projects greater than…[Read more]

The ‘golden potato peeler’ example is a classic :).
Although my question was unclear, you have answered it well.

Take care.

Terry or anyone else in the know,

Funds taken from the LOC & used for investing would incur interest & usually at a slightly higher rate.

I understand that mixing money that’s coming in and the money coming out of the LOC is very unwise: such as depositing my income in the LOC and then using some of that money to buy groceries etc.

Is it…[Read more]

Thanks Terry, I will definitely take your advice.

I suspected that something didn’t ‘feel’ perfect about the scenario.
I would use that extra equity to help fund a construction loan (on the same block) so I have to get it right from the start.

Cheers & wishing even more wealth to you.

Hi,

Congratulations on expecting your 2nd child.

Sorry about the delay in answering. I’m going through forum messages & looking for ones that have not had a reply (like yours).
I think that I can add some value to your entry.

I cannot give you advice regarding whether an online bank account would be the BEST option for you to temporarily park…[Read more]

Hi Storm,

Welcome & I hope you enjoy the forum. There’s certainly lots to learn here.
I’m going through the unanswered questions and looking for the ones that I may be able to add some value to.

My experience & knowledge is certainly nowhere near most of the forum members level but I think I can help answer your questions.
Of course you will…[Read more]

Hi Freezer15,

Noticed that your questions have not been answered as yet so I thought I’d try.

I believe that it would be cheaper in price to go to mainstream builders and have them adjust their existing plans to suit your block however I have a few points for you to consider before doing that.

There are only a few mainstream builders that build…[Read more]

Hi all, thought that I’d keep this entry from dropping off the radar.
Can a builder or a developer help? Sorry, but searching this site/net for answers does not help me.

I don’t think that I’ve stumped everyone with my questions………………..or maybe I have? *grin*

I would like to know how a developer or property investor may approach…[Read more]

Hi Noobugawa,

I have some experience with this. I have posted some forum questions too but no one has answered either of our questions yet. It’s a great site with fantastic members so I am sure that someone, in the know, will answer us within a week or so.
I am answering your post, with my limited experience, but it may be sufficient.…[Read more]

Great advice, thanks again Terry.

Just like to know, are there any insurances (that I could buy) to cover unfortunate events such as this?

Cheers.

Thanks Richard, I appreciate your reply.
Yes I am sure that there could be many other factors like whether a developer could service the loan, experience in developing etc.

Cheers and thank you.

@Terryw – Thanks again for clarifying and supplying your valuable insight –  great thinker.

@Reenee – Living as a one income family and having a combined risk profile (from what I read) as quite low – I am hoping that you read Terryw's comments about "asset protection".

Everyone's situation and goals are different and you will have to find your…[Read more]