Forum Replies Created
Hi caddy
Welcome to the site. I am in Milton, Brisbane so if you need any information shout.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Babs
Why not just use the security of the land as additional collateral when you purchase your unit. Off the top of my head the Loan to Valuation ratio will be around 70% dependant on what price you eventually settle on.
The lender would take both securities as collateral and then release your land when it was sold on the basis that you reduced your home loan accordingly.
Make sure there is no penalty on a lump sum reduction i.e avoid a fixed rate unless it allows capital payments. A Professonal plan will also give you a bit of flexibility and reduce costs if you decide to wrap down the track.
Assuming the land is standard and zoned residential you shouldn’t have much problem. If you want to shoot me an email I would be happy to give you some further ideas.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Hi Alf
Not only do different States have varying legislation but also Councils within that State.
In summary in Brisbane it is dependant on the age of the Building and the Zoning to how easy it is.Prior to the Building Act 1974 permission is by consent and you are not required to comply with the new Building Code requirements. This alone makes it a lot cheaper.
Suggest you firstly approach a Surveyor or Town Planner in your area to get an idea of cost. The Selling Agent will give you the Zoning and a quick Council search can identify the age.
Just bear in mind the rateable value will increase once you have Strata Titled the block so get ready for an increase in Rates. The easiest think is to lodge the application but not register the new title.
Good luck
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Hi Online
I live in St Lucia in Brisbane the home of Qld Uni. My personal experience is be weary as this time of accomadation is sold merely on its yield. Think you could find as good a return by wrapping.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Hi babs
Not sure what the value of the land would be or indeed the Post Code. A LOC is one way but there maybe other better alternatives. Have you a property in Adelaide in mind at this stage. Happy to crunch some numbers for you.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Hi Catichau
Yours is a common problem. Guess thats why the Bank’s created the Limit Doc loan. Stated in the UK in the mid 80’s it is aimed at client’s similar to yourself. Most of the banks we deal with charge the same rate of interest as they would do if you could prove your income. Happy to have a look for you if you want to provide me with some additional information.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Hi Shezian
Not sure which State you are in but in Qld there are many properties that will provide you with positive cashflow with 100% borrowing. Most of our clients use the additional cash flow to reduce either their non tax deductible home loan or the investment loan itself to create extra equity. Always happy to work some number for you.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
Hi Kelly
Can’t coment about Commercially but I have a couple of residential properties that I have wraped in Biloela. The town has a population of just over 5000 and nestles in the centre of the Callide Valley being the largest town in the Banana Shire. Founded in the early 1850’s it is still rich in agriculture although now a days relies on the local meatworks, coal mines and power station.
Happy to help if you need any more info.
Cheers Richard
[email protected]There is no such thing as a problem. Just a solution waiting to be found
Richard Taylor | Australia's leading private lender
