Krogers
06-11-2010, 06:50 PM
Hi There,
For the last few months I have been tossing up between travel or 1st home and after careful consideration (and the date of my 31st Birthday fast approaching) i have decided now is the time for this girl to start building some security (no pun intended)!
Being my first home and on a single wage I want to take full advantage of the Government benefits and tax breaks around buying off the plan. So.. i have been diligently trotting around to various developments in and around Melbourne city and have potentially found a development about to be launched in South Melbourne.
Problem : I only have 5% of the cash deposit needed to provide to the developer - are they generally open to negotiation or am I wasting my time? Any other ideas where i can get the rest of the deposit if needed? Do we have silent Real Estate investors in Australia?? This is an OS thing I think.
Problem: This property whilst technically zoned to South Melbourne is on the border of Southbank. I have been told recently by a Mortgage Broker trying to ward me off buy off the plan that there are NO non-bank lenders to the city areas (stKilda Rd, Southbank, City, Docklands etc) and only CBA who will lend - but they are super strict. Does anyone know if the same applies to South Melbourne?
Are there any other traps hints tricks I should watch out for? I am very up to date with market prices simply because I like RE but not very well versed with the pit falls of buys having never been through it myself before.
Hope someone out there can help :)
K. :thumbs:
For the last few months I have been tossing up between travel or 1st home and after careful consideration (and the date of my 31st Birthday fast approaching) i have decided now is the time for this girl to start building some security (no pun intended)!
Being my first home and on a single wage I want to take full advantage of the Government benefits and tax breaks around buying off the plan. So.. i have been diligently trotting around to various developments in and around Melbourne city and have potentially found a development about to be launched in South Melbourne.
Problem : I only have 5% of the cash deposit needed to provide to the developer - are they generally open to negotiation or am I wasting my time? Any other ideas where i can get the rest of the deposit if needed? Do we have silent Real Estate investors in Australia?? This is an OS thing I think.
Problem: This property whilst technically zoned to South Melbourne is on the border of Southbank. I have been told recently by a Mortgage Broker trying to ward me off buy off the plan that there are NO non-bank lenders to the city areas (stKilda Rd, Southbank, City, Docklands etc) and only CBA who will lend - but they are super strict. Does anyone know if the same applies to South Melbourne?
Are there any other traps hints tricks I should watch out for? I am very up to date with market prices simply because I like RE but not very well versed with the pit falls of buys having never been through it myself before.
Hope someone out there can help :)
K. :thumbs: