Recent content by Chris Vitale

my first small lot development

This is a 4 small lot house development I am currently building 100% pre-sold @ $379,000. Bought the block 2 years ago for $170,000 contruct costs $800,000 - in Townsville

Low Doc commercial Fullsk, You could generally get up 70% Low Doc Commercial - however it will be at a price - 8.5% - 9.5% depending on your financial position. Regarding upfront fees the going rate is 2% of loan amount (1% for funder and 1% for broker) - you can negotiate the brokerage a...

Try Townsville, Mackay and Cairns - these are the large regional Qld areas which it is still quiet easy to find Cash Flow positive properties.

Hi all, Does anyone know of a lender who lend LOW DOC on the construction of 4 Units ($379k each) separate title - Loan amount $1,000,000 - End Value $1,510,000- LVR - 66%. Ideally without LMI cause we have Current LMI balances of $526,500 (GE) and $106,000 (PMI). The units can be sold...

Dale, Thanks for the reponse, I fully undrestand the benefits of having a mix of discretionary/Unit Trust (hybrid Trust) however a hybrid trust loses a lot of it's shine if you can't get CGT releive on the sale of your asset. Has anyone out there claimed a CGT exemption on a asset that...

Hi all, I am in the process of structuring a Hybrid trust, My accountant has informed me that a Hybrid Trust does not get the CGT releif a discretionary trust does. Can anyone elaborate on this???? Regards Chris

Townsville Hi All, I follow the Townsville market, I believe as far as a Major QLD Regional City goes it has to have one of the strongest economies. Aswell as BHP's expansion at Yabulu, The defence force has just finished it's $300 mil upgrade on Lavarack Barracks, The airforce is spending...

With a servicability of 1.5:1 an applicant can obtain approval without any genuine savings at all. However the applicant will need to be VERY strong on ALL other criterior.

Gail, It actually is quite a good 100% loan. There is actually no Mortgage Insurance payable however St George charge a Loan Extension Fee of 2.5% of the loan amount. There is a $750 application fee and the interest rate is .3% higher than their normal standard variable or fixed rates.(no a...

It would be the Halifax Pub

Hi The Large Deposit approved institutions ie. CBA/NAB/ANZ/WES/BOQ - don't insure their loans when the lvr is less than 80% - like rolf suggested they carry their own risk on these loans. There is a ratio of balance sheet to funding and i will come back to you on that figure I was...

Townsville Carolyn, I own 6IP's in Townsville, all in the inner city area. North Ward is the best area in Townsville for growth, and unit blocks are in high demand. What type of work are you looking to complete?, I have two builders that i use up there for various jobs, let me know what...

After working for one of "them" for years: ....I can tell you we were always taught "All Money all Security". There is only one party who benefits in xcoll and thats the bank....they get two properties to sell instead of one..if the loan goes pair shaped. The good thing here is brokers...

Kidders, I assume if you purchased your first IP for $220,000 and you currently owe $259,000 then you must of used your existing property $320k as security and borrowed the full amount including costs. If this is the case then you won't be able to access the funds from your $320 property...