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Viewing 8 posts - 1 through 8 (of 8 total)
  • Profile photo of Roxy laceyRoxy lacey
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    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    January 27, 2014 - 1:39 am

    Hi microchip78,

    I think you are better off buying a block with plans and permits in place, it takes half the time to amend a permit( if you need to) than to  start from scratch! 

    any subdivision over 2 lots will incur a public open space fee! Knox is set at 8%of the land value! whilst maroondah is 5% you will have to comply with all the subdivision permit conditions before you can obtain new titles, this will include  servicing authorities, completion of development or  a section 173 to link the subdivision with your development permit, 

    i would suggest you give JCA Land Consultants a call on 9735 4888 and get some advice 

    hope this helps

    rox

    Profile photo of Roxy laceyRoxy lacey
    Member
    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    January 27, 2014 - 1:23 am

    Hi Qlds007,

    i am based  in the Yarra valley but work in lilydale! Melbourne CBD is about 1hour!

    cheers

    roxy

    Profile photo of Roxy laceyRoxy lacey
    Member
    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    January 27, 2014 - 12:59 am

    Thanks everyone, I am starting to understand a little bit more! Can anyone suggest someone I can meet with to go through the whole process with me? I am in the eastern suburbs of melbourne

    thanks

    roxy

    Profile photo of Roxy laceyRoxy lacey
    Member
    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    January 26, 2014 - 11:16 pm

    Thanks terry and  qlds007,

    yes, i do have a lot to learn and will seek professional advice,  can you  let me know how the offset account would work and can I access that money?  Let's assume I purchase a $500,000 property, we put in $1200 a month and we receive $1600 a month in rent, 

    thanks for for being patient with a novice!!

    also, can I purchase more than 1 property with the SMSF loan?

    thanks

    roxy

    Profile photo of Roxy laceyRoxy lacey
    Member
    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    January 26, 2014 - 10:41 pm

    Hi terry, I was under the impression if I set the SMSF up with a legal interest and a beneficial interest , the beneficial interest would receive the rent or proceeds from a sale. What were your thoughts on  maximum borrowing or minimal borrowing?

    thanks

    roxy

    Profile photo of Roxy laceyRoxy lacey
    Member
    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    October 1, 2013 - 3:22 am

    thanks Jamie, i am now convinced i need to obtain a separate loan for each. i am so glad i asked the question and not just accepted what the broker has advised! roxy

    Profile photo of Roxy laceyRoxy lacey
    Member
    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    October 1, 2013 - 3:22 am

    thanks Jamie, i am now convinced i need to obtain a separate loan for each. i am so glad i asked the question and not just accepted what the broker has advised! roxy

    Profile photo of Roxy laceyRoxy lacey
    Member
    @roxy-lacey
    Join Date: 2013
    Post Count: 10
    October 1, 2013 - 3:20 am

    thanks Shahin, i had a feeling this was the case! as i havent actually gone ahead with the loans as yet (we are in the process of signing contracts) i will be sure i have 2 separate loans! the properties we have purchased are purely for holding and renting but no other discussions have been had! They are around 20+ years old, 1 a four bedroom house with a family currently renting and the second a 2 bedroom unit with a proposed tenant at settlement, neither need immediate work on them. as we are still paying of the ppor we will be obtaining an interest only loan (for each) and putting any extra into our ppor. we would like to see how it all goes with the intention of buying another ip in 2 years. thanks for your advice. roxy

Viewing 8 posts - 1 through 8 (of 8 total)