Hi
Not sure how your going with the boarding house project but here's a few hints.
1. There are grants available for boarding house ( it's limited now and i think there's plan to axe it or reduce the amount around mid this year...so get in quick!
http://www.housing.nsw.gov.au/Centr...e+housing/Boarding+house+-+New+supply+grants/)
From exp some of our clients has gotten around $5,000 per boarding room...better than nothing
2. Make sure the numbers stack up....are you planing on keeping this for rental yield or selling it off? ( it's not easy to sell...- look at the price and demand if you sold as a boarding house VS a new luxury house etc...)
http://www.news.com.au/finance/real...e-homes-for-2014/story-fncq3era-1227200605515
3. Make sure you have the funding capacity...this is a commercial loan...and to a point a specialized commercial development loan as well...should you only finish half the project- it be VERY HARD for the bank to sell this project off.
No point you spending 2-5k on all these checks and realize the bank is not gonna fund you.