Chapel St reVision - New "activity" zone. Can I refinance to residential?
I had no idea about these plans for Chapel St in Vic
http://www.stonnington.vic.gov.au/r...ng/strategic-planning-projects/chapel-vision/
They want to make the street more friendly to pedestrians and business' while also lessening traffic.
I own a commercial property located just off Chapel St and in the new "activity" zone that is set to be introduced. The property is currently zoned commercial 1 though it is used as a house and always has been.
Can anyone tell me if I might be able to refinance to a residential loan when this new "activity" zone comes in? I spoke to the council and they couldn't give me an answer though they noted my property is listed under use as a residential property even though its zoned commercial 1
Any brokers out there that might happen to know my options?
I have heard if I were to obtain a letter from the council advising that if the property was to be 100% destroyed I could replace it with a residential property then some banks would then consider a residential loan? Is this true?
I had no idea about these plans for Chapel St in Vic
http://www.stonnington.vic.gov.au/r...ng/strategic-planning-projects/chapel-vision/
They want to make the street more friendly to pedestrians and business' while also lessening traffic.
I own a commercial property located just off Chapel St and in the new "activity" zone that is set to be introduced. The property is currently zoned commercial 1 though it is used as a house and always has been.
Can anyone tell me if I might be able to refinance to a residential loan when this new "activity" zone comes in? I spoke to the council and they couldn't give me an answer though they noted my property is listed under use as a residential property even though its zoned commercial 1
Any brokers out there that might happen to know my options?
I have heard if I were to obtain a letter from the council advising that if the property was to be 100% destroyed I could replace it with a residential property then some banks would then consider a residential loan? Is this true?
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