I’m buying a duplex, and I am wondering if anyone has had any experiences with subdividing the land and duplexes to get a higher LVR from the bank. (I will probably be using ANZ). I won’t be doing anything extra to the property (unless I have to due to council regulations).
JackW
Giday Jack,
I have no experience except that I looked into buying a house with the outlook of building a douplex out the back.
What I have learned is that separating Titles comes in two flavours, Green Title and Strat Title. Green Title subdivision is where you want to turn one large property into two properties. Strata Title is where you have your douplexes or unit blocks and you wish to subdivide to be able to sell them separately with out the physical separation (if that makes sense). I have also been told that the process can take up to 18 months depending on your local shire/Town Council.Hope that helps.
Cheers
C@34
Jack
The first place to go to is the duty planner on your council front desk.
Take the DP & Lot # and a survey plan, that ought to be attached to the contract. And ask the planner, “can this be done here.” Having done it many time ourselves it can be done quickly and without a great deal of cost, however our aim was not for a higher LVR.
Things to look out for;
if the block slopes away from the street, and you cannot get the stormwater away without an easement, then don’t bother, (there are easier deals out there), and
people who mean well but don’t have a demonstrable track record.
Gook luck
Tony
if the block slopes away from the street, and you cannot get the stormwater away without an easement, then don’t bother, (there are easier deals out there)
Tony is right on the money there!!
I am looking at a 3 month hold up on a subdivision of my own block for that very reason.
I can’t get a builder until March 2005 otherwise l would be tearing my hair out
Steve
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