Azid Rush Donating doesnt allow you to be an idiot! Member 692 Member For: 17y 10m 17d Gender: Male Location: Newcastle Posted 17/04/08 07:28 AM Share Posted 17/04/08 07:28 AM Hey guysWe are seriously considering buying land to either build, or invest in for a while. Pretty much, how do you go about getting the loan for land? Do you use a home loan, personal loan or what?that's it Link to comment Share on other sites More sharing options...
Grudgee Every Mod's Favourite Member Member 1,496 Member For: 16y 9m 29d Gender: Male Location: Melbourne Posted 17/04/08 07:46 AM Share Posted 17/04/08 07:46 AM It's the same as any other homeloan. Beware the fact that a vacant block has very little avenue to show you a return, whereas any other investment with a dwelling will at least be able to be rented out. Link to comment Share on other sites More sharing options...
Paranormal Member 469 Member For: 21y 4m 10d Location: Brissy Posted 17/04/08 07:49 AM Share Posted 17/04/08 07:49 AM Hi ya mate don't know about the finance I'd imagine it would be a home loan you'd need. Anyways investment wise you might want to look at home and land package and building a duplex, we've just moved into a new area in Rothwell, QLD and 80% of the homes are large duplex 2x 3br with double garages small yards though, this way you can live in one duplex and rent the other or rent both. Were paying $290pw rent so the landlord is taking near $600pw where as if he just built one 4br house you wouldnt get near that return.Also if your a first home buyer your probably eligable for the first home owners grant.And if you dont have enough to buy in your area and it's just for investment you might want to look at buying house and land near a military base the military do have very long term garenteed rental agreements. Link to comment Share on other sites More sharing options...
mic Donating Members 1,725 Member For: 16y 11m 16d Gender: Male Posted 17/04/08 08:09 AM Share Posted 17/04/08 08:09 AM Rocket investment loans with westpac work. It is a good time to buy not to sell. Remember that when purchasing. Better to buy with cash if you have. Link to comment Share on other sites More sharing options...
XRPete Member 673 Member For: 17y 3m 24d Gender: Male Location: Here Posted 17/04/08 08:22 AM Share Posted 17/04/08 08:22 AM Yer mate just a normal home loan. You will only get the home owners grant if you build and live in there for 12 months. I'm paying of a 2nd block off at the moment to build a rental on soon. Link to comment Share on other sites More sharing options...
our06t Mmmmm......BOOST Member 3,135 Member For: 17y 8m 6d Gender: Male Location: central coast Posted 17/04/08 09:28 AM Share Posted 17/04/08 09:28 AM check out some of the local brokers they are better at convincing banks that it's a good thing they deal with them every day and know what they want to hear so they can give you some advise too Link to comment Share on other sites More sharing options...
Grudgee Every Mod's Favourite Member Member 1,496 Member For: 16y 9m 29d Gender: Male Location: Melbourne Posted 17/04/08 09:53 AM Share Posted 17/04/08 09:53 AM (edited) check out some of the local brokers they are better at convincing banks that it's a good thing they deal with them every day and know what they want to hear so they can give you some advise tooThis man speaks the truth. A good broker will always find you the best deal and will also get those 50/50 loans across the line. If anyone ever needs one in Melbourne, I have the best bloke in the business. He'll always get it sorted, be it property loans, business loans, personal loans or even car loans (as long as you promise to give him your property stuff too!). He's a one-stop loan shop and makes any transaction a breeze. I bought my last 2 cars on finance and did nothing more than sign the papers he provided a picked up the keys. Never once spoke to a bank or lending crew. I love it.After re-reading that, it sounds like I want to root him. Edited 17/04/08 09:53 AM by Grudgee Link to comment Share on other sites More sharing options...
our06t Mmmmm......BOOST Member 3,135 Member For: 17y 8m 6d Gender: Male Location: central coast Posted 17/04/08 10:32 AM Share Posted 17/04/08 10:32 AM yeh they do save you a lot of stress ,their well worth it Link to comment Share on other sites More sharing options...
Grudgee Every Mod's Favourite Member Member 1,496 Member For: 16y 9m 29d Gender: Male Location: Melbourne Posted 17/04/08 10:43 AM Share Posted 17/04/08 10:43 AM yeh they do save you a lot of stress ,their well worth itEspecially since they cost you ZERO. Banks pay a commission to them, which in no way effects the costs incurred by you. Get one, use them up and pay zippety! Link to comment Share on other sites More sharing options...
Mondie Firm Member Donating Members 2,924 Member For: 22y 2m 2d Location: Adelaide Hills Posted 17/04/08 10:51 AM Share Posted 17/04/08 10:51 AM Land can be a risky investment long term as you cannot claim any of the holding costs as it is not revenue producing. Best bet is to find a really shagged out house on a god block so you can negatively gear, even if the rent is minimal it is at least income producing and all costs and interest are claimable.Cheers Mondie Link to comment Share on other sites More sharing options...
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