Ex-Housing Commission Houses

Discussion in 'Accounting & Tax' started by melbournian, 1st Apr, 2016.

Join Australia's most dynamic and respected property investment community
  1. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    Came across many semidetached houses on sizeable blocks of land 550-650sqm (which really are gems). I spoke to RAMS who says the normally would not consider these houses? is this something that is across the board?
     
  2. DaveM

    DaveM Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    Well theres your problem ;)

    Did tey give you any reason why they are not acceptable security? Sounds like a bit of BS
     
  3. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

    Joined:
    4th Mar, 2016
    Posts:
    556
    Location:
    Level 2 287 Collins St Melbourne VIC 3000
    I'm surprised RAMS said that, I have never had any issues getting clients loans on old housing commissions places.

    What reason did they give for not considering them?
     
  4. melbournian

    melbournian Well-Known Member

    Joined:
    2nd Sep, 2015
    Posts:
    3,038
    Location:
    melbourne
    @Simon Moore it was a person i knew which i just asked. Seems she was on the assumption that it was like in a complex or something when it was a stand alone property on 600sqm.
     
    Simon Moore likes this.
  5. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

    Joined:
    4th Mar, 2016
    Posts:
    556
    Location:
    Level 2 287 Collins St Melbourne VIC 3000
    @melbournian Ah, sounds like you are getting some bad advice. I'm Melbourne based, happy to have a chat, if you need any help drop me a message.
     
  6. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,212
    Location:
    Sydney
    I saw this with a client who tried to buy old houso 1bed units. Asbestos was the deal breaker and the bank said no due to risk
     
  7. 2FAST4U

    2FAST4U Well-Known Member

    Joined:
    3rd Jul, 2015
    Posts:
    2,304
    Location:
    Democratic People's Republic of Australia
    I love ex-trust homes. They are generally all built like bomb shelters and have decent sized back yards.
     
    Mustafa Salehi likes this.
  8. MTR

    MTR Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    27,755
    Location:
    My World
    I doubt this is correct when you consider a larger proportion could be sitting on valuable land. Makes no sense to me whatsoever
     
  9. norwoodman

    norwoodman Well-Known Member

    Joined:
    20th Jun, 2015
    Posts:
    383
    Location:
    Adelaide SA
    Pretty much everything built after World War II up in to the mid 1980s has asbestos in it in some form or another. It's not so much the non-friable stuff that is hazardous to handle as it is the friable type.