Res BR4 was under the old town planning act. The new term for it is LMR. Low to Medium Residential. It is one of the most flexible of all residential zonings - its main highlight being no minimum lot size. Also enables you to build townhouses.
No minimum lot size Rick? The mind boggles. Whilst in Amsterdam a tour guide pointed out a house with a frontage under two metres (no kidding). It was about 5-7 floors tall and reasonable deep, but can you imagine a row of townhouses like that???
"Have fun, be successful, make lots of money, be someone who makes a difference, and above all else, don't forget the view."
I am currently buying a house in Brisbane and I am paying cash for it.
(I am getting it financed soon, as I don't have enough time to get it
arranged before settlement.)
I am using ConveyancingWorks, has anybody used them before? are they
reliable? The last thing I want is paying out the cash and find out that
the Solicitor skips town with my money.
And also, with paying cash, do I get the Deed to the house? and is the
cash Bank cheque made to the solicitors Trust account? or to the owner
or their bank's mortage account? And with stamp duty, who do I make the
Most of those questions should be directed to a solicitor. But anyway, your cheque to pay Stamp Duty in QLD will be made out to Office Of State Revenue, but only if you make the bank cheque out yourself.
Or, you can put all the monies needed to purchase the property and costs your solicitor can organise this.
If you are having second thoughts about your current solicitor I can suggest another one that I use regularly. Tunns Laywers, speak with Cameron or Vanessa on 07 3229 9722. They charge me $400 + disbursments, though regular charges are $450 + disbursments. They do a very good job and keep on top of everything that you need, plus provide to you a dated time frame of what needs to occur and when.
Hi. It is good to be able to buy with cash. I thought about buying something for cash (from LOC) and then getting a mortgage on it later. eg buy for 200,000 and then tell the bank you've done all sorts of renovations/repairs and getting it valued at, say, $250,000 and getting a 90% lend on this. It would be like a no money down deal. Is this what you are doing?
Actually, I haven't thought of this, but now I will definitely think
about doing it this way. I was only thinking of refinancing it the
normal way, and I wasn't planning to do any renovations on it just yet,
as the property is in good condition.
From: propertyforum Listmanager
Sent: Monday, 16 September 2002 10:13 PM
Subject: HELP! Buying property with Cash
From: "The Husband" <email@example.com>
Hi. It is good to be able to buy with cash. I thought about buying
something for cash (from LOC) and then getting a mortgage on it later.
eg buy for 200,000 and then tell the bank you've done all sorts of
renovations/repairs and getting it valued at, say, $250,000 and getting
a 90% lend on this. It would be like a no money down deal. Is this what
you are doing?
As you have 100% equity in the property at time of refinance, the bank loan may not be deemed, for tax purposes, to have been used to acquire an income producing property. Therefore interest on loan may not be tax deductible. Perhaps this can be clarified by one of the resident tax experts.
A lot will depend upon the exact facts and, to what use the borrowed funds are put.
Replacing one loan with another does not trigger any change in the tax treatment providing you do not increase the loan and use the extra funds for personal purposes. If the extra funds are used to buy more IP's then we will not have a problem.
If, however, a person effectively loans money to their trust to make settlement, and then replaces that private loan with a bank loan, there should not be any problems at all.