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Starting journey to developer

Discussion in 'Introductions' started by NathanBoxa, 21st Sep, 2016.

  1. NathanBoxa

    NathanBoxa Member

    Joined:
    21st Sep, 2016
    Posts:
    6
    Location:
    Dandenong
    Hi all, ive recently seen a mortgage broker about buying a property to develop into a dual occupancy, it was very informative seeing her.

    I found this place researching 95%+2%MI loans, which is the path ill have to take to get myself into a property, this will be as an PPOR not as an investment, i need to research that a bit more as it doesn't add up when the time comes to borrow to build at the rear of the property.

    Im a registered Builder in Victoria DB-M, i had a go at running a small building company but it wasn't viable, i have done some dual occupancies with my old man, all was going well until 2008 and its just now that ive saved up a few dollars to start developing again. My father handled the money side of the things so i have little knowledge about finance, that's why im here.

    Any help in sending me in the right direction would be much appreciated

    Thanks in advance for any info :)
    Nathan
     
    Colin Rice likes this.
  2. Ace in the Hole

    Ace in the Hole Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    1,516
    Location:
    Sydney
    Welcome.
    Read and learn.
    All the answers are here.
     
  3. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

    Joined:
    9th Jul, 2015
    Posts:
    1,078
    Location:
    Perth
    Welcome to PC @NathanBoxa

    Sounds like you may be onto a winner there with the dual occ as the extra rent will help to pay the mortgage and/or store it in an offset for future deals.