^ yes

I reckon you just had a bad egg, give them a call again and see what they can do.

P.s Ex CBA banker.

Regards

Michael 

^ good suggestion Jamie.

I would be more incline to try AMP and take advantage of their upfront valuation first- as you mentioned the valuation has failed twice already with 2 another lenders??

Hi,

Not a pro..but undergoing my 1st  subdivison via the Hornsby Shire Council  as well ( Cheltenham)…and i can tell you they are a pain in the ass! my land is 1,250 and it's a corner block with 2 street access – took ~5 month..

You should DL the DCP ( Development control plan) it explains EVERYTHING! Hornsby has 8-9 different DCP depending on your zoning.

Click below for PDF

1- Low density 

2. Medium density 

3. High density 

Happy reading

Regards

Michael 

Negative Gearing was removed/reduced when Paul keating was PM- Back in 1998? sorry not 100% sure about the date…def before my time

From an insurance point of view- even if you have "Rent default " , the rent need to have defaulted for more then x number of weeks ( standard is 4- but it differs insurer to insurer) before you can claim, as your bond should suffice. 

Hi Mat,

I'll  won't comment on the finance, capital gain or investing strategy side of things as you seem more interested in the fees.

Some of the standard fee and cost with Over 55's- 

* Strata – self explanatory

* Special levies,  sinking fund– self explanatory HOWEVER it's slightly different for over 55's in that once every x number of years the complex will undergo a major refurbishment ( paint, upgrade the chairs, kitchen etc…) and this can cost quite a bit…so a always check HOW often they do these " major refurbishment " , sometime called capital maintenance or replacement.

You have to remember, the owner/body corp that's running this complex is also running a "business" so it''s not your standard unit/strata apartment; like all business it requires upgrades so that it remains competitive.

Damage to shared faculties are more common- self explanatory

Insurance – Not your standard insurance

Each over 55's village has its own terms for fees and charges. Depending on the type of legal structure and  body corporate.

That's all i can think of for now…

Regards

Michael 

You are required to live in the house for a minimum of 6 months in the first 12 months. So no you don't need to move in straight away; however there are Capital gain benefit ( and the 6 years rules)  that you may have to weigh up and consider. 

Boarding houses with management right and short term rental will be treated more like a "business" loan rather then a commercial loan; so if your after a true "boarding" house with less hassle- aim for one with medium-long term residental  rental rather then your "motel/backpackers style" boarding houses. 

$1,700 ….thats one costly structure…

Save the $1,7000 and switch bank i'll say….80% LVR on NRAS is freely available ( interest rate as low as 5.39% fixed or 5.60% variable)  + there's no need to cross securitize your loan…

+ some banks do offer no LMI up to 85%…

Hi Jason,

I understand your frustration, however given that it takes a good 2-4 hours ( research, calling, confirming with the banks, evaluations, writing up the recommendation)  just to plan the preliminary strategy and recommendation per client, it make sense in certain circumstances to ask for paperwork as " commitment". 

Most brokers i know works close to 10-12 hours a day, and to make it fair to our clients we try to dedicate as much time as possible to each client and not to rush through any steps or recommendations- after all we are helping our clients to finance and structure one of the most important asset of their lives!!!!  so we have to allocate our time in a smart and fair fashion, by helping the ones that really needs help and the ones that respect our service, even if it's free. 

Personally 70% of the time i would be more then happy to spend 2-4 hours on a new potential client and provide my advice freely; however for most new self employed clients or mass email clients   i will always ask for either; A sale contract, Payslips or tax returns after the 2nd phone/email appointment …in fact they can hide their names/personal details if you really wanted too.

Self employed- Most clients have no idea how to read a tax return from a banks perspective ( rolling lost, add backs etc..) 

Mass emails – You know they have spammed 10 another brokers for advice…atleast have the respect to address me by my name ( rather then Dear Sir/madam) and have the the courtesy to let me know if you have found a broker already, so we don't waste yours or my time. 

Regards

Michael