Just a couple of simple ones for the board…
1. I know it varies area to area, but can anyone out there give us an indication as to how rates are worked out?
2. If you had a property that was a house, plus some units, would it be treated for the purpose of finance as commercial?, or does anyone know if you could arrange finance as residential?
Ta,
matt[
]Hi Matt,
By rates, do you mean council rates?
If so, then this extract is taken from a local shire council
quote:
Cardinia Shire Council rates are based on the Capital Improved Value of each property.
A rate in the dollar is declared by comparing the total valuation to revenue required. Rates are then apportioned against each property on the basis of individual valuation.
The formula for calculating general rates (excluding any additional charges and arrears) is the valuation multiplied by the rate in the dollar.
For example if the Capital Improved Value of a property is $250,000 and the council rate in the dollar is set at 0.0042 cents, the rate bill would be $1050 ($250,000 x 0.0042).
Councils determine the rate in the dollar as part of their budget process.
How your rates are calculated will be set out on your rate notice.Re: commercial lends… every lender has a different policy. For example, I’ve found the CBA policy to be the most restictive and Suncorp Metway to be about the most liberal.
You need to check it past several lenders and shop around for the best deal.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
I always thought that the councils simply thought of a number, trebled it and sent you a bill !!
Topnotch
On The Sunshine Coast Of Queensland Where Our Bones Are Always Warm
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