Vic Wasteland Thread - 15.0

[alr33x]

I've decided housing affordability = directly proportional to Alex's financial position

Well it goes a little against the grain of what your saying though doesn't it.. Cos if houses were more affordable.. Then more people would buy them so I'd make even more money.

Hrmm...

[emts]

last realestate q for the day.

lets say I'm looking at a 250K block and a 350K house.

buying block off the plan so won;t be ready for a bit so will prob be at least 12 months between buy block and start house.

lets say i have 100K for deposit

How does that work with a loan.

Do I take out loan with full deposit for the block, then when ready for house refinance for the full amount.

or is the initial loan for the full amount and just withdraw and needed?

or take out loan with part the deposit for the house then use the rest when financed the house itself?

[alr33x]

exactly right.

a farmer is sub diving a Padock into 6 lots

5 - 6 acres each.

but that said he needs to run power/water to each (that part of the advertisement) plus fencing and such.

it's interesting there 6 blocks 5 currently at 350K 1 at 280

so they obviously trying to work out what price they should be at, from other blocks seen for sale I think 5 are 220ish and the one I want 250-260K

Just offer what you feel it's worth in writing if he knocks it back no harm done

[alr33x]

last realestate q for the day.

lets say I'm looking at a 250K block and a 350K house.

buying block off the plan so won;t be ready for a bit so will prob be at least 12 months between buy block and start house.

lets say i have 100K for deposit

How does that work with a loan.

Do I take out loan with full deposit for the block, then when ready for house refinance for the full amount.

or is the initial loan for the full amount and just withdraw and needed?

or take out loan with part the deposit for the house then use the rest when financed the house itself?

If it's 12 month settlement (title) you can't take out a loan as finance pre approvals are only valid for like 3 months so you pay deposit and work out the rest closer to settlement

But down the track you'd ideally borrow no more than 80% to avoid LMI

[HEKT1K]

Just saw old mate Waleed in Richmond

Walking along with a vintage Tigers hoody on lol

[joeyjoejoejuniorshabadoo]

last realestate q for the day.

lets say I'm looking at a 250K block and a 350K house.

buying block off the plan so won;t be ready for a bit so will prob be at least 12 months between buy block and start house.

lets say i have 100K for deposit

How does that work with a loan.

Do I take out loan with full deposit for the block, then when ready for house refinance for the full amount.

or is the initial loan for the full amount and just withdraw and needed?

or take out loan with part the deposit for the house then use the rest when financed the house itself?

Are you going to be using a major registered builder like henley homes etc or is it a mates build type thing?

There are huge differences in how BICOE funding works depending on who's building it.

The long and the short of it, try to keep as much of your deposit free for the construction loan, not the land loan.

12 months apart they will be 2 separate deals.

So maybe use $30k max to pay deposit and legals for the block and keep as much of the remaining $70k as possible for the build.

[alr33x]

Id try for 5% deposit on the land but if it's a developer likely they'll demand 10%

[joeyjoejoejuniorshabadoo]

Unless it's a major apartment block type thing where you do the deposit then loan to pay upon completion type deal but that doesn't sound very Martin

[joeyjoejoejuniorshabadoo]

Id try for 5% deposit on the land but if it's a developer likely they'll demand 10%

I read that as he needs to buy the land in entirity first, in which case he will need a bigger deposit for the LVR

[alr33x]

What he pays to the developer though is just the security against th deal he may still give a 20-30% payment towards it at settlement just better if you can not tie up 10% for 12 months

[joeyjoejoejuniorshabadoo]

No, I meant I read "block off the plan" as "buying a block that is yet to be subdivided" and then will then build himself later.

[alr33x]

Yeah..?

[emts]

Ham is correct.

the sub divide is passed with the council and shit but the work not done.

else would be easier.

I expect will take 12 months at least for the block to be ready to build

for ease of work this is the block looking at:

http://www.realestate.com.au/property-residential+land-vic-nagambie-201233937

and the builder something like:

http://diversebuilders.com.au/HomeDesigns/DesignDetails.aspx?dpk=20

(looking at a few builders but all similar)

and if you guys are confused think where I'm at!

[alr33x]

I get that but that's why I'm saying it's only deposit down now as you can't settle till subdivision comes through so less u outlay now the better as it sits in trust anyway

[emts]

nah that makes sense, min deposit for land till settled and sorted then rest for house and combine loans

[joeyjoejoejuniorshabadoo]

If the subdivision is approved then it shouldn't take that long.

I thought you meant you personally wouldn't be ready to build for 12 months.

[joeyjoejoejuniorshabadoo]

That should all be doable as 1 deal so long as you pay the deposit out of your own pocket.

They are a registered builder so that deposit should be sufficient.

[Rekin]

Ham is correct.

the sub divide is passed with the council and shit but the work not done.

else would be easier.

I expect will take 12 months at least for the block to be ready to build

for ease of work this is the block looking at:

http://www.realestate.com.au/property-residential+land-vic-nagambie-201233937

and the builder something like:

http://diversebuilders.com.au/HomeDesigns/DesignDetails.aspx?dpk=20

(looking at a few builders but all similar)

and if you guys are confused think where I'm at!

A rumpus, living room & family room. I wouldn't know what to do with all that space!

Makes my shoebox of a townhouse look even smaller in comparison to that haha

[joeyjoejoejuniorshabadoo]

All those kit homes seem to have a living and "rumpus" room

it's just more cleaning IMHO

[emts]

yeah if we go with that will be adding in an extra bedroom or 2 as well.

need space for friends to crash.

the 2 I short listed both have a bar that the most important thing....