Hi
The Gold Coast council has recently changed the dual dwelling rule and now a property that is 950 sq mtr or more can have application made to council, a new dwelling built on the property and then have the property strata'd so that both dwellings have their own title.
The house i live in meets this criteria. I already have a 60% LVR loan on the property so I'm wondering how the bank would treat this as the seperate title & valuation is in the future.
Has anyone done this? I think it maybe it's easier to have a vendor finance partner, sell the lot on completion and share the profits.
Hi Kerrie
I am at a loss why you would want to have a vendor finance partner become involved when subject to criteria you could obtain an on completion loan to carry out the subdivision, fund the application and complete the construction yourself.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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