You really need to engage an experienced accountant – lot of considerations other than just transfer of income.

I would think outside the square with western sydney and find decent sized lands that are due to have zoning changes. 

These guys are quite good:

Home

They are cross securitising you and taking you to the cleaners. I would move onto another banker or find a decent broker.

Re LMI – whatever you have paid in LMI you can use this as credits so make the banker aware of this. This is really important when it comes to an equity draw.

I prefer a std variable loan with a linked offset (separate account) unless im using macquarie bank.

Did you pay LMI with your PPOR purchase? Is the valuation a bank ordered valuation or your valuation?

You can have separate loan accounts without the need of a LOC. Some will suggest LOC and some will suggested a standard variable with a linked offset. 

Good idea to have all income income the rent, salary, etc going into offset against the…[Read more]

Interesting – thank guys.

If it were in NSW I could give you some guidance but vic is out of scope for me.

If I were you I would talk to Oscar from here www.completedevelopment.com.au

What are the disadvantages with using online packs, if any,?

What is the state and what is the council?

I have sent you a PM with the details – its 2 x 3 storey dwellings.

I recently had a client get DA for 2 detached dwellings on a 280sqm block in eastern suburbs syd. She will clear at least $800 profit. Purchase price of $1.5mil and DA fees of $150k.

Good town planner and understanding of planning requirements is a must. 

Development. 

Contact a town planner – like this guy:

http://www.aaronsice.com.au

You have 2 options for 105% finance (5% is for the stamp duty and additional charges like legals).

Option 1 – draw upon the equity from your current property and use this as a deposit for the new purchase. You purchase the unit in August and I think property prices have since increased so you may be able to draw upon some equity there.

Option 2…[Read more]

You do not need to cross securitise. Either pay for the offset or just have the loan sitting in redraw. Just make sure its a separate loan account and you are not contaminating deductible loans. 

There is a misconception that some banks give better valuation or some valuation companies give better vals than others. This is incorrect. Valuations…[Read more]

jwareham1985 wrote:
Loving the information guys, keep it coming.

Shahin you suggested earlier that I should sit down with someone to have a more in depth chat to about this, Is there anyone that you guys can suggest me to sit down and have a more in depth chat to that's based in Melbourne? Preferably for a cheap fee rather than too…[Read more]

Depends on the age and servicing but more so the lender. Most lenders will look at your age and servicing and then determine that you need to start paying the principle down.

In another scenario – if the loan is an investment loan and its with Westpac then they have a no age policy so as long as you can service the loan you do not need to pay the…[Read more]

Ok you will need a minimum deposit of $82,000 plus legals so lets say $84,000 in order to keep the loan at 80%.

If the IP is worth $425k then you have $66k in equity there so you just need a further $18k. 

I would order the upfront val ASAP. NAB does this. Do this before submitting any applications. 

Also you have already been cross…[Read more]

Some lenders like Suncorp, St George and Macquarie allows you to easy create sub accounts. 

If we are talking about a loan amount of $595k  then Westpac will do 4.97% (plus $1,000 cashback), CBA will do 4.95%, Homeside (NAB) will do 4.94%. 

Second tiers lenders will even go lower but again don't focus on rate – focus on who will give you the…[Read more]