Recent content by Rimski

Thanks Marty will ensure the broker considers this approach.

A very good idea!

Thanks. Land value (with exempted development improvements taken into account) less dwelling removal would probably still come in at or marginally above the purchase price

Yes it is possibly a very good deal. That said no exchange will happen until all the due diligence reports are compiled. Someone recommended I should speak with the local CBA lending manager with full disclosure if the broker comes back tomorrow with pessimistic feedback from her CBA contact and...

Thanks Bear. I will see if the mortgage broker is proposing to follow this route. The main thing is that I am not forced to misrepresent on the application. We can't have any chance the deal could be reneged by the bank between exchange and settlement.

Good advice there. Do you think a lender would be more satisfied if title or mortgage risk insurance was in place? And/or if there was a clear plan and timeframe of getting to DA submission standard?

Thanks for your help Rolf. I'm new to this so what exactly is a COV val? And also what is DUA? I get this sinking feeling that because the house is unapproved we are not going to get any joy :-( Even though we are currently taking all steps to document with expert input and meeting the council...

Very encouraging thanks! The evaluation is expected to be a healthy margin above the purchase price. So if I understand you correctly the immediate task is the valuation and once that is done then the mortgage app.

Hi. Yep the vendor has made it clear 'no conditions' with the agreed substantially reduced price.

Hi everyone. First post here (and a long one too!). I hope you don't mind me jumping in to tap into your expertise. This is the scenario that might just hit a finance hurdle. My partner and I have made a written offer for a property in the Byron Shire hinterland - exchange will happen...