Forum Replies Created
You could try and get the information from the website or speak to a developer or a project manager with experience. Once you go down the developing path you will learn the ropes and build up the contacts along the way.
Do some research on their background and speak to people who have previously used their mentoring services.
This has happen before to other land owners in around around Brisbane. They usually pay your fair market price based on fair market valuation. As mentioned previously, your land has zoning of LMR which could change to MR or similar to the area, so they would value it based on this zoning.
See a good private town planner who has experiences with land resumption, they can advise you on this situation. ( not a council town planner)
Hey,
Congrats on taking your first step.
Check to see if you haven't left anything out of the feasibility. Below are some things you could check out before buying the site.
1. council or infrastructure charges
2. site issues such as flooding or road widening.
3. sewer and storm water connection to the site.
4. speak to a local builder to get accurate price estimationJason
Please email me if you want to sell your copy to [email protected]
I have recently put an offer in for a QLD propert of $500 and balance at settlement.
I have heard other member do $100 and even $20.
Keep them coming, there are some great stories.
Hey this sounds great, Im 24 and from Brissie, have one property and recently put a contract on a second one.
It will be great to see what the young investors club think.
I am interested in maybe buying land and building house or buy land and subdivide as my next project. Start small and go from there.
I would buy in there to live in if I had the extra $$$
how big is the peice of land and what is the frontage size?
Thanks, everything is much clearer now.
Originally posted by Josh-Prestigeloans:Transfering the Title deed from your fathers name to your name wouldnt be possible as the debt will be securied against a porperty that isnt his. Therefore, if you want to change the title you must change the finance. If your dad is happy to simply pay him out then you just simply borrow the payout amount of his current home loan. Then organise with the settlement agent to change the deeds into your name. Fees & Charges will be applicable from both parties, such as settlement agent fees, mortgage stamp duty if applicable, Lenders mortgage insurance if applicable, application fees etc.etc.
Hope this helps out a little and tell us how you go.
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieThanks Joshua for your comments.
If I didnt want to pay LMI , would that mean I need a 20% of $270k = $54,000?
Or would they waive the deposit due to the property being worth $350k?
And then would me or my brother still be eligable for the FHOG?
Originally posted by Josh-Prestigeloans:Can we just change the title and carry on the loan in me or my brothers name?
You can change the title from your Father’s name to your name this is done at settlement, however it is up to your dad what he wants to do, if he wants you to just payout his mortgage or wants you to pay him out in full….Stamp Duty is applicable on the valuation amount conducted by the Valuer General.
But if I am buying a house for $270k and its worth more do i still need a deposit of 20% or 10%.
Depends on what he wants to do. If he just wants you to payout his mortgage or if he wants you to pay him out in full (buying the house at market value)
Once your Father has disclosed what he wants to do then we can go further into the types of fees you may be up for.
Joshua McEwen
Finance Broker – WAhttp://www.prestigeloans.com.au
Brokers Lic 1297
Licensee Brett ChristieHe is fine if we pay out his mortage or carry it on( in the end one of us will still owe money), We just want the title not in my fathers name, we are trying to change the title from his name to mine or my brothers, at the cheapest possbile way with out paying stamp duty etc.
If is it possible to change the title names and continue on with the loan let me know .
Originally posted by Dazzling:Thankfully I’m not a financial adviser, but I reckon a qualified FA might answer your varied questions like this :
1. How old is your father ??
2. What are his overall plans / intentions for the property ??
3. When was the property purchased ??
4. How old are you and your brother – any other siblings and ages thereof ??
5. Tell me about the relationship he is entering into ??
6. When you say “we” would like to change the name on the title….who exactly is we ??
7. What financial expereince do you, your father and your brother have ??…..and a whole raft of other questions and queries before they would even begin to venture a qualified opinion.
I presume your future “quasi-mum” is all fine with this behind the scenes manouvering….they have a tendency to find these types of things out….especially when they are allegedly the root cause of the “worst that could happen”.
1. Father is 45 yrs old.
2. Plans is to secure the property under brothers nameas PPOR.
3. Property was built and brought in 1990.
4. I am 24 yrs old and my brother is 20 yrs old.
5. Father had a divorce 2 years ago and want to go back to his home land to marry a wife ( Asian Country.), Its not safe to get married so soon just in case when the wife arrives to Australia the wife might leave coz its there free ticket out of a poor country. He knows this might happen ( he is blind when it comes to women) as well, my father also wants to put the property into my brothers name or mine as secruity so the new wife is not entitled to half of his assets.
6.”We”, means either me or my brother or both as PPOR.
7. all have good financials , we are not worried about getting a loan because we know we will qualify and service the loan.I was thinking I should buy the property in my name and qualify as the FHOG, and the stamp duty will cost around $2000 max.
Can we just change the title and carry on the loan in me or my brothers name?
But if I am buying a house for $270k and its worth more do i still need a deposit of 20% or 10%?
Can anyone reccomend any? I am sure we have many Brisbane accountants who use poperty savvy accountants.
I would like to attend and learn of the pros.
I have just put in a written offer today , I wanted to put in subject to building and pest inspection but the REA told me that the building has been inspected by the council? Is there such a thing?
REA also told me that I do not need a pest inspection because the building is brand new and has termite gaurd around the house.
Should I go back and include it in the contract or a council ispection is good enough?
Thanks for your reply Kim.
I also would like to know if I should get a building and pest inspection. The house is brand new from the builder and has termite guard around the house.
Should I require a building inspection even though the house is under warranty?
I am also interested in knowing this as well.
Originally posted by lil:Hi Jason,
Is the home already almost complete? Or are you choosing a block of land and then a particular house plan to go on the block?
2. Sign contract and pay deposit (5%-10% deposit). Contracts were subject to finance and building/pest inspection
I am planning to choose the block of land and build on it,
With the deposit is it mandatory for a 5-10% I? I rather have my money in my 1st property offset account saving me on interest.
Jason
