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TheFinanceShop
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February 19, 2013 - 11:27 pm
The broker should be able to contest it straight away. He needs to formally lodge it via Valex but informally he can contact the valuer and speak to him over the phone.
Whatever you do – refrain from getting further hits on your credit file without being 100% sure that the application will be approved.
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Shahin
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TheFinanceShop
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February 19, 2013 - 9:26 pm
What's your budget and what's your strategy?
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Shahin
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TheFinanceShop
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February 19, 2013 - 9:23 pm
SMSF is fantastic and extremely popular however be very careful about putting 'all your eggs in the one basket'. Some of the pros has been listed above – some of the cons include set up costs associated with lending and accounting. You will need to have approx 25% deposit which means higher than ordinary deposit funds required, you cannot borrow to renovate (however I hear through the grapevine that a lender is somehow about to change this and flip it on its head).
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Shahin
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TheFinanceShop
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February 19, 2013 - 9:04 pm
Macquarie is the last lender you should be using for 95% application. They don't have their own DUA at all.
In hindsight you shouldn't have gone with Macquarie and you should have ordered upfront vals.
Has the broker contested the valuation?
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Shahin
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TheFinanceShop
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February 19, 2013 - 11:05 am
My vote for tip of the year. I actually learnt this the 'hard' way with one of my developments.
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Shahin
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TheFinanceShop
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February 19, 2013 - 8:24 am
So your parents own the land and you want to give them effectively the funds to build the house – is that correct? If so where does the lending question come into play?
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Shahin
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TheFinanceShop
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February 19, 2013 - 7:01 am
Same rule – you will need to be able to show the bank you can service for your portion of the loan.
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Shahin
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TheFinanceShop
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February 19, 2013 - 7:00 am
1. Determine whether its a good idea to buy with a family member or whether its best to buy yourself only
2. Pick an IP strategy (or two). Is the plan to buy and hold? Subdivide? Development, Cashflow? CG? etc
3. Determine what your borrowing capacity is. You have a huge deposit so this will not be an issue. Having said that you need to plan for the future and that includes assessing whether its a good idea to use all of the deposit or some of it.
4. Note what the longer term IP strategy is and ensure that whatever lender you go with is suited not only for what you want to do today but also what you want to do down the track.
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Shahin
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February 19, 2013 - 6:49 am
Sounds like you need an accountant, solicitor and a banker/broker.
There are some good bargains in the hunter – which area are you specifically looking?
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Shahin
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February 19, 2013 - 3:57 am
Ok is the issue that your parents cannot service the loan? Or is there another issue?
You will not be able to jump on the loan as you are not on the title.
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Shahin
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February 19, 2013 - 3:16 am
So let's get this right – your parents subdivide their land and they still own it. You want to build on their land and they sell it and split the profits. Is that correct?
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Shahin
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February 18, 2013 - 9:11 pm
Do you have any experience in buying and subdividing? Do you specifically what is possible within the council? Have you done the numbers on each scenario?
Option 1 seems to be less risk since its your first buy however option 1 is very much a buy and wait strategy.
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Shahin
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February 18, 2013 - 9:04 pm
I think you are still going to need a DA to make the 2 dwellings into 4. You are effectively doing semi's.
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Shahin
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February 18, 2013 - 11:47 am
Forget it – that would be a dead set nightmare and incredibly hard to resell.
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Shahin
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February 18, 2013 - 11:46 am
But you will need DA to build the 2 houses?
Have you engaged a Town Planner to see what is possible?
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Shahin
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February 18, 2013 - 10:17 am
How big is the development and are we talking ground floor or 1st floor?
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Shahin
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February 18, 2013 - 9:53 am
Google maps has been the greatest invention since slice bread – the first thing I do with property is check out the locale via google maps. It amazing how technology made things easier.
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Shahin
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February 17, 2013 - 9:24 am
I agree but make sure its a decent building inspector. I have seen so many stories of people doing B and P and later finding issues which should have clearly been picked up with the BI.
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Shahin
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February 17, 2013 - 9:17 am
Its always a hard decision. It is costing you $6k per annum so the question is will the CG even in the long term outweigh this? If you do sell the property is there another IP vehicle that you have seen that has better numbers? i.e. Is it worth cutting your loses and changing strategy?
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Shahin
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February 17, 2013 - 9:11 am
If the loan services without the use of PAYG income then there are lenders that can accept this. If you cannot show that you can service the loan then there are other options but I don't think they would suit what you are trying to do.
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Shahin
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