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Update Thought I would give an update. Thanks all for your responses. I ended up switching brokers, only wish I had of sooner. Ended up going with NAB as a residential construction loan. Broker advised they'll lend on residential terms up to 4 townhouse developments.

Thanks for the advice. I will try residential first. If we did need to go commercial, will a typical broker charge the client for their services or are they generally paid by the banks like residential? if so are thier commissions on commercial loans any higher than residential loans of the...

Sorry, forgot to list the end value of the Townhouses. Will be $1.7m combined.

Hi All, I have a small three townhouse development in Melbourne I am seeking some advice on how best to finance the construction component of the project. Some rough figures: 1/Purchase price on Land (without planning approval) $580K 2/Existing Loan on Land $465K (80% LVR) 3/Fixed...