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Thanks Steven for your response. Am I correct to assume that a valuer also can value a house plan to work out the equity portion. Am I correst to say that it must have council approval first before the valuing is legit. What happens if the intention to build is not fullfilled due to circumstances?…is ther any penalty or is this practice widely used to get more equity??…..from my reading of books it seems it is the way used by some reno-developers..[blink]
Buzzell, Luci,
Thanks for your response. I live in the Ryde area and this duplex with strata titling have been banned since 1998. Is that not the case in all NSW? I checked with the council and they say I can only build the duplex under one title. That means when I sell I have to sell the whole lot which limits my clients options. Not many can afford 2 houses in reality. Alternatively, any idea on how to get around this problem where I can sell both under 2 title?? Who have built duplex in NSW-ryde area after 2000 and still managed to strata title each?
hello…any experience with duplex building there??
Apart from normal loan is there any loan where you can borrow in US dollars or Japanese yen. Any one here knows of any foreign loan that one can take? Just interested to know if there is such thing!!
Thanks all for your suggestion, I am still pondering on the best type of loan I should take…obviously the cheaper the rates the better. Still factoring 9-12 months to sell due to current climate (maybe a bit too conservative) but better be prepared for the worst. Most of the banks says I should take the bridging loan….obviously…!
Another question, I want to know if bridging loan take a longer period to approve due to my circumstances or are they about the same if I bought the other property?? I cannot afford any stuff up as putting a 75K deposit is no joke in my circumstances. I just don’t understand why the banks don’t view my intention of disposing one of the property as a fact and refuse to give my a normal IP loan with a much lower interest charges. Also planning to increase the settlement date to above 42 days to 90 days…is this normal? Anyone done this before?
Thanks all for the info. Any other suggestion?? By the way what are the going rates for bridging loan for 9 mths and 12mths or longer…just factoring in a longer period to sell the current house. I have one at 7.65..is that normal or is there lower deal, it is with one of the banks!!
I think I will be selling and rent….since it is cheaper to rent at the moment. At the same time keep a look out on some good property or wait until this market drops. I think I wiil be creating a company to run my show cos I am sick of paying taxes….more room to expense off everything under the sun……I worked all these years and seemed to have paid almost 500K in taxes for nothing….. Time to think outside the square and I am ready now to take it easy and retire slowly. I wonder how many are still working for someone else in this forum. I think time to take the courage and go it alone with all the knowledge of life. Any more suggestion would be welcome…yo can say I have Cash but not the flow yet!!
