Loan for Regions Property

Viewing 11 posts - 1 through 11 (of 11 total)

MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
June 24, 2004 - 10:30 am
Hi there,
“Banks will only lend 65% of value of Regional Property” – any truth in this…?
Cheers[strum]
wilandel
Member
@wilandel
Join Date: 2003
Post Count: 761
June 24, 2004 - 10:42 am
Hi again Marisa,
No, no truth at all…
Where did you hear that? We have had no problem getting 80% finance in regional towns (we haven’t tried for any higher finance). We have never bought in towns less than 5000 people though.
Regards,
Del
MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
June 24, 2004 - 10:49 am
Hi Del, I actually heard it from a morgage broker here in WA. He has dealt with our business loans only.
I must admit I was surprised, as I had not heard of this before.
I thought this applied only to commerical props.
Strange, will investigate further…. [rolleyesanim]
MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
June 24, 2004 - 11:06 am
Thanks MA, not close to 80%. Postcode, but somehow I dont think this is the issue here. Regional town servicing 15,000…
PS
Interesting Ava[exhappy]tsjdjdjdjf (whatever you call it!!)
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
June 24, 2004 - 11:29 am
Hi Marisa,
While the town serves 15 000 the town itself is only ~3800 – this may be the essence of your problem.
Derek
[email protected]
Property Investment Support Available. Ongoing and never stopping. PM welcome.
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
June 24, 2004 - 1:55 pm
Marisa, seems like a country town, not a “regional” centre, or regional city.
kay henry
MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
June 24, 2004 - 2:40 pm
Hi all,
without mentioning details of town it is officially referred to as A REGIONAL CENTRE services an area with population of over 18,000 people.
All official documentation (including Gvt literature) states it is a “Regional Centre” and I can only assume must meet a particular criteria. I have 14 (A4 pages) listing all the businesses in this centre.
Out of interest I would like your definition on country town?
[biggrin]
kay henry
Member
@kay-henry
Join Date: 2003
Post Count: 2,737
June 24, 2004 - 2:55 pm
Marisa,
I’m finding it hard to find a “definition” that might be used for general use in all situations. However, DEST uses the following definition in funding students:
• Rural students are those living in settlements of less than 5,000 persons.
• Isolated students are those living more than 100 km from a town of 10,000 persons or more.
http://www.dest.gov.au/schools/CAP/Paymentinfo.htm
The above might be useful in determining some kind of definition for your purpose.
kay henry
MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
June 24, 2004 - 3:20 pm
Kay Henry, thanks for info …. will look into further. Cheers[biggrin]
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
June 25, 2004 - 12:13 am
You can generally borrow up to 95% in most areas of Australia if the loan is under $150,000. One mortgage insurer (PMI) approves these.
Check the postcode at:
http://www.pmigroup.com.au/LocationWizard.asp
Terryw
Discover Home Loans
North Sydney
[email protected]
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
MTR
Participant
@marisa
Join Date: 2004
Post Count: 663
June 25, 2004 - 1:27 pm
MA & Terry, thanks for help, sheds some light on the issue.
Cheers[biggrin]