You also need to factor stamp duty, legal fees and building and pest inspection fees. These will equate to about 5% – so if you are aiming for an 80% LVR then you need to have around 25% deposit.

The only thing I don't get is why not go for 95% or 90% LVR loan and use less deposit. Less its LMI – but often cash is king.

Are the above numbers on the property you currently own?

How much is the debt currently owing on your existing property? 

If you have had defaults – it makes it easier to get a loan if the LVR is under 80%.

You can still get a loan if its in LMI (over 80% LVR) territory however that it dependent on a number of things (and this also applies to under 80% LVR loans) such as default type (utilities vs financial institution) amount of default (over $1,000 or under), date…[Read more]

Looking good oscar – what material have you used for the second level?

3 units on a single title means a long form valuation and all lenders will want this regardless of LVR. Also with 3 units on a single title there will always be a lack of comparables because of obvious reasons 3 units on a single title isn't as common as your traditional bread and butter stock. The benefit of doing it via NAB is you are doing the…[Read more]

Title in single name and loan in joint names. What visa does your partner have? Best to speak to an accountant about tax optimisation if she is a non resident.

Most if not all lenders are now giving little privileges but these privileges don't mean much when their post settlement service is lousy to say the least. They also need to get real with their LMI premiums which are just uncompetitive. 

You must have excellent servicing/income if you are going with Heritage. I would only use Heritage for 4 dwelling construction. You have a lot more options when it comes to 3 dwellings. I would have gone with NAB who have their own DUA and no postcode restriction plus they do upfront valuations. Hope I am not missing something but this is pretty…[Read more]

Whether you get the new loan for the new purchase with the same bank or a new bank is a smaller part of the equation. You really should have an approval in place for the new loan with the assumption that you still have the existing loan debt. There should be no requirement for you to sell the current property. This is what you should be aiming…[Read more]

Yes but depends on the lender. I would consider a CBA rather than a St George in this scenario. 

You can go up to 95% LVR.

Consider Land Tax thresholds and genative gearing when deciding the name to have on the titles. I would personally prefer single names on the title but both on the loan in order to increase servicing.

Do you have a copy of the valuation? Which lender did you go with? Are the units fully self contained? 

Go for the land its a no brainer. Its a massive piece of block that lends itself for future development (if not short term).

Who is the lender? and why are you not ordering an upfront valuation?

I think there is still room for perth to keep going.

Leave that option as a last resort. Talk to your broker or banker and see if you can service both debts taking into consideration the proposed rental income or the property you are not living in. Who is your lender?

Have you previously paid LMI against your current loan? 

Also how are you calculating equity?

I know is a very different (cheaper) pricing model building in Melbourne and Sydney vs Sydney and Perth. Not sure about regional vic though. Best to engage a builder. I would contact Oscar who posts on this forum. 

If you are drawing upon the equity from your current property which you have paid LMI then you have the LMI credits. If she has told you otherwise then she is mistaken or there is some form of miscommunication. 

Just tell her to do what has been advised in this thread. Print out and take it to her.

depends on the area i.e. state and city. Also are we talking about up and down units or side by side units? How many metres high? Scaffolding is not cheap.

What's your strategy and budget? i.e. are you looking for yield, capital growth, development?