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  • Profile photo of wazlwazl
    Member
    @wazl
    Join Date: 2005
    Post Count: 16
    February 10, 2006 - 11:21 am

    Am looking to sub divide my land into 2, keeping the existing house on the side of the land. I need to spend a fair bit of money ($5500) in order to get plans, council approval etc. (done by a development company) before I can get an exact-figure-quote so I can get finance. A broker has reccomended Westpac, though they need an exact quote before lending, on a end valuation basis.

    What other options do I have? It seems to be a lot to pay, knowing that I may not get finance. Or am I worrying too much? Banks are keen to give us money aren’t they?

    Cheers,

    Wazl

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    February 10, 2006 - 12:32 pm

    Hi Wazl,

    $5,500 for plans and taking the application through to permit stage is pretty cheap. I would be concerned about the quality at that price.

    As you wouldn’t need the extra money unless you received a permit anyway, you should not be too concerned about having to pay it out before you receive a finance approval. Your broker should be able to tell you whether or not you will be able to service the loan, therefore the only thing that is of concern is the final LVR. Unless you are really pushing it this shouldn’t stop you from getting a loan.

    Regards
    Alistair Perry

    Profile photo of learnsharelearnshare
    Member
    @learnshare
    Join Date: 2003
    Post Count: 105
    February 11, 2006 - 4:43 am

    Hi Alistair,

    How much does it cost to get a DA for a normal residential land. Say, for building a duplex or two detached houses. Some one quoted me about $8,000 for the DA, And another $4,000 for a CC.
    Are they quite resoanable?

    Thanks,

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    February 13, 2006 - 12:43 am

    Hi Learn&Share,

    You can do it well for about $10,000. Your major cost will be the designer, then you have a town planning consultant and finally a surveyer. There is also the possibility of needing other consultants such as an aroborist or traffic engineer, although these are not always required.

    It is important to understand that when you are in the design and approval stage of a project, the skill of your consultants will have a direct baring on the time taken and the quality of the end product. You are not purchasing a commodity! This directly effects holding costs and, more importantly, the value of the end product.

    Regards
    Alistair Perry

    Profile photo of learnsharelearnshare
    Member
    @learnshare
    Join Date: 2003
    Post Count: 105
    February 13, 2006 - 11:31 am

    Alistair,

    Thanks for your input and advice. much appreciated.

    Cheers,
    Herman

    Profile photo of AnitamarshallAnitamarshall
    Participant
    @anitamarshall
    Join Date: 2005
    Post Count: 79
    February 15, 2006 - 7:34 am

    You can always apply for pre-approval subject to council approval !!!

    Anita Marshall
    Advanced Finance Solutions
    http://www.advancedfinance.com.au
    [email protected]

Viewing 6 posts - 1 through 6 (of 6 total)

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