r/AusPropertyChat

Does anyone have experience with bridging finance?

There is a property I want to buy for $2m, inner city suburb. I have existing assets, but would need to restructure:

- $550k land (0 owing)

- $550k shares (0 owing)

- $950k house (750k owing)

- $800k house (240k owing) - rented $700p.w

- $1.2m house (320k owing) - rented 700 p.w

- $450k cash

My salary is $290k, with 80k commission. My wife's salary is 48k.

Would a broker be able to provide bridging finance for a loan for this property, assuming I will restructure assets over 12m?

In order to ease the financial burden, a lot of people have sold their houses and downsized to a townhouse / villa / apartment.

I’m wondering if anyone has regretted this decision? I‘d love to hear from those with kids especially!

thanks

been looking around lismore lately and something bugs me. feels like the whole town gets treated as "floods = cheap" but not every house actually floods the same right?

so i went through the ones for sale atm and checked the flood levels. gap is way bigger than i thought. some of them genuinely sit above the 1 in 100 line, others copped 2m+ through the floor in 2022. but the prices dont really seperate the two.. theyre all just LISMORE CHEAP

like theres one at 589k, nice character home, looks lovely.. then right at the bottom of the ad the 2022 flood was ~2.3m OVER the floorboards. and then a couple of the higher set ones look barely touched but priced about the same??

so my q for the ppl who actually know the area - is the market pricing this street by street, or is it just lazy and everything gets the cheap tag.. meaning the safe ones are actually underpriced?

genuinely keen to know cause im probably missing something

So Im one of these sad sack vendors who is in the position of trying to sell their PPOR with the worst timing ever. Melbourne, inner SE. Selling due to divorce.

As part of the divorce settlement, had our house valued by professional valuers late last year at 4M. Seemed legit, was very thorough and based on comparable sales in the local area.

The house went on the market about 2 months ago, just as things started going to shit with Trump, Iran, interest rate rises and then the flagged CGT changes etc. REA had said we’d put a range of 3.2M - 3.5, “priced to get the punters through the door”, which then became 3.1-3.4M. Auction was delayed so we could get a permit from council approved to put in a driveway, which was knocked back at the 11th hour (don’t ask that’s a saga for another day!)
So the range went down again to 3.0-3.3. This is now 700K-1M lower than the valuation 7 months ago. Auction passed in, no bids, after what seemed like lots of interest during the campaign.

Only offer since then was from a party who had done B&P, got their finance approved, showed up to auction, didn’t bid. They offered 2.9 with conditions a few days later, even though the agent had told them the offer needed to be over 3 to get any interest at all.

I know the narrative at the moment is that vendors who won’t come down to meet the buyers are stupid or greedy. But the fact is that I have already dropped price expectation by 25%. I know the 3-5M market is really fragile too, as it’s not a FHB market. But it’s very frustrating seeking other properties that are similar (but not really comparable) selling while ours has not after 2 months.
Any friendly advice or hopeful stories?

UPDATE: We have just put a best and final offer in of $570K - fingers crossed!

We put in an offer on a property that we knew would likely get rejected (560K). It was initially listed at $625K, reduced to $600K and now the agent is saying they will accept $580K. Our broker has told us we will likely get approval for up to 580K but we will be living on bread crumbs (roughly 50% of our income would go to mortgage and house bills). A bit more info is that we are on combined incomes of $120K before tax, we have 43K in the bank (15K of which our family has generously gifted towards the house). First home buyers so no stamp duty, no kids, we do have HECS but aren’t paying it yet. We also would be commuting quite a way in the first year or so until we are in the position to change jobs and work closer. The reason we are keen on this place is we believe it’s quite a good buy for where and what it is, it only requires cosmetic updates which we believe would add a decent amount of value (but who knows in this market) and the reason we are looking away from where we live is all we can afford here is flood zone or a unit. Do we bite the bullet and live on struggle street or do we keep saving and wait until one of us has get a pay rise, it’s just so hard because we don’t want to regret putting ourselves in a position of risking severe financial stress but we also don’t want to look back a year from now and think we should’ve bought when we could (if house prices have gone up). Would love others opinions on this.

So basically so put in to perspective
A building built in 1940 or 1980 you would assume would have asbestos somewhere in it or in vehicles or anything
Most buildings built in 1990s 2000s didn’t and after 2003 definitely didn’t.

But not all buildings built in that timeline had asbestos it was only when it was in use so just because a building was built in that time line doesn’t necessarily mean it has asbestos but it is a chance.
Sometimes it’s hidden to and not found until 10-20 years later particularly in more modern homes like mid 80s etc

Am I correct

Is buying a property even possible now with a budget of $600,000? Where in Brisbane do you think there would be properties around this value (houses, apartments etc)? I feel like the prices in RealEstate will go for more than the budget filter I set my searches to. Any other single/solo property buyers having a similar dilemma? Any tips etc. appreciated!

Strata fees of high rise (and some low and medium rise) apartments are often 7-12k per annum.

PPOR house owners – how does the average annual cost of owning your property compare to strata fees? Is it more or less expensive? Or is it somewhere within that range? (If so, is it on the upper or lower end of it?)

What does everyone think of Yarraville as investment opportunity? Prices seem to have dragged. The village is cute, it’s close to the city but why is it 30% cheaper then equidistant suburbs north, south , east

Help

Hi all,

I am looking for recommendations..I am a bit nervous and overwhelmed with the process of buying and worried I will miss something when looking at the house in a short window. We are looking for our first home and I am considering if we might find a better/safer property for our first home if we go through this process.

We could save 15K required in 2 months, just trying to see if it is worth it.

Looking is SE suburbs, Melbourne

Hi friends, I’ve seen a ground floor apartment in Melbourne in a 2006 apartment that I really like. I read the conteact though and the OC has flagged roof replacement has been recommended. No quotes or dates set. Is this a big no-go?

Hello everyone,
I recently purchased a block of land in a newly developed residential estate. It's a decent-sized block and I’m incredibly excited, but this is my very first time buying land and building a home. Because of that, I didn't entirely know what hidden traps to look for in the civil works and contract details (btw i had a contract review prior to this and this wasn’t brought up).

My lot is located on a smaller side street branching off the main road. The access road/crossover structure to my lot is what I believe is called an "inverted crossing" (or concrete invert/crossover).

The Problem:
There is currently no concrete street or crossing in front of my land. The concrete road literally stops right at the boundary line of the neighbor's lot next to me. To actually drive onto my future driveway, I would have to drive off the concrete road, cross an un-concreted, turfed/grass nature strip area, and then hit my property line. This feels completely ridiculous for a brand-new, modern subdivision.

The Agent's Flip-Flopping:

1. First phone call: The real estate agent assured me the area in front of my land would be concreted.
2. Second phone call: He changed his tune, saying that per the contract, the concrete road won't fully cover the front of my land.
3. Latest update: He now claims the developer will cover half the cost to extend the concrete road/crossing to my lot, and I am expected to pay for the other half.

What the Contract Says:
The contract mentions something along the lines of the inverted crossing extending "5m north from the boundary lines" of my land and my neighbor's land. However, out on the physical site, it doesn't go 5m past the boundary at all—it stops dead on the property line. Even if they cement that 5m north to my property, there would still be remaining 15-20m of road needed to fully cover my lot, or atleast to be in lined to my driveway.

I strongly feel that I shouldn't be paying a single cent to construct or finish a road/crossing outside of my property boundary line, as that should be public infrastructure or part of the developer's subdivision requirements.
(But I do understand in the future that it will be my responsibility for any damages or to maintain that concrete road (but there’s nothing)).

My Questions for the Group:

1. What should my next steps be?
2. Is it legal for a developer to hand over a lot in a new estate without finished road/crossover access to the front of the boundary? (Regardless of what the contract says?)
3. Who actually approves this kind of infrastructure layout? Is this a local council issue or a developer cutting corners?

Thanks in advance!

We're about to sign off to build our first home in a rural area and all this talk of price crashing has us a little spooked. Is there any substance to the chatter or will the market stay propped up because too many politicians own investments?

We sold recently and something has bugged me since. During the campaign our agent would call every Monday with "feedback from the weekend." It was always vibes. "Good numbers through, a couple of interested parties, one couple came back twice." When I asked what the portal stats looked like, how many enquiries converted to inspections, how our numbers compared to similar listings nearby, I got a screenshot of the Domain dashboard and not much else.

Meanwhile I make decisions at work off dashboards all day. It felt strange that the biggest transaction of my life ran on a weekly phone call and gut feel.

So question: what information did you actually get during your campaign, and what did you wish you had?

Stuff I would have wanted:

• how my views/enquiry ratio compared to comparable listings, not just raw numbers
• whether the buyer feedback was verbatim or filtered
• some basis for the "the market is telling us to adjust the price" conversation beyond trust me

Or is it just me and most people are happy not knowing? Interested whether anyone's agent actually ran a properly transparent campaign because I'd love to know what good looks like.

I know in QLD it's common for offers to be presented as pre-signed Contract of Sales, and that all offers must be presented to the seller aswell as disclosing if there are multiple offers.

I've noticed a lot of agents using online 'offer forms' with acknowledgements such as 'not all offers will be presented to the seller', 'may have multiple offers', etc.

My question is what are the legal requirements from the selling agent on these offers? Do they not need to present them to the owner? Do they not need to disclose multiple offers?

Is this a real estate tactic to get around these things, or do they just use them to try and get more people to offer?