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The Jindabyne thread..

Discussion in 'Snow Talk' started by Donzah, Aug 12, 2020.

  1. skichanger

    skichanger A Local

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    Community title should not affect the ability to get loans. Each block is torrens title. There is common property, i.e. roads and other things, that a Neighbourhood Association is responsible for. There are levies. It is like strata but flat.

    the tourist bit might but not sure why. I don't know enough about it to comment.
     
  2. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    I think the tourist bit means you are a higher risk to the banks so you need to have a much larger deposit for the loan.
     
  3. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Like Lakewood estate?
     
  4. zac150

    zac150 A Local Ski Pass: Gold

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    Community title isn’t treated the same as strata by banks. Community title can have a few more restrictions in the bi laws on who owns so are typically treated with more risk by banks even when there isn’t really any difference.

    Most banks restrict loan to value ratios to 80% and some of the smaller banks won’t lend.

    Now this is where my understanding starts to get a little grey (in NSW) but I understand community title is generally used to circumvent some approval requirements / channels. In the ACT we would use community title to have greater controls on buyer - say over 55’s.
     
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  5. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    It's not community title I am questioning it the 'tourist' bit.

    It was written as a sentence above.

    But interesting to note! The even Lakewood is not easy as a 'Normal, lot (notwithstanding the 80% is typically the norm.
     
  6. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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  7. zac150

    zac150 A Local Ski Pass: Gold

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    The way the add is written is poor (apart from the pet friendly and mtn bike part). It appears to confuse the issue of community title and tourist zoning.

    Some of the land around Jindy is zoned in a way that any development supports tourism, by zoning the land as tourism there will be agreements in the bi laws that dictate usage of the site.

    I.e it may try and ban permanent occupancy.

    The bi laws would dictate a banks comfort in lending I.e the more restrictive the less likely a bank will lend as this will reduce the number of people who could buy the property
     
  8. Legs Akimbo

    Legs Akimbo Grumblebum Ski Pass: Gold

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    Anything that restricts sale makes banks a little more nervous. With tourist restrictions the market is confined to investors, not investors plus the great unwashed who might want to live there. It restricts the price as well - there are some tourist developments up here and the price can be up to $100k less than what look like comparable properties.
     
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  9. SMSkier

    SMSkier One of Us Ski Pass: Gold

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    I sat with the developer, in his office and discussed that proposed new subdivision whilst being there on another matter. It runs between The Station and Sport and Rec. Originally slated for circa 120 blocks. The proposal was also attached to part of the fence line for anyone to view as is required. I viewed it when it was there.

    First step was a zoning change before any DA could be submitted. Owners brought the land on spec a very long time ago. They are developers. They also purchased another property (at overs) to afford alternate access.

    It’s quite likely changed (since) as part of the approvals process. If approved, it’s likely (eventually) going to significantly add to usage in The Barry Way. Hence one of my prior posts regarding speed limits on that road needing a reduction back to 80kms/hr.

    Development in the area has been inevitable given the volume of people enjoying the various activities available to them in the mountains.

    Keeping any personal opinion out of this one. Just saying what I was aware of at that point in time. Could have changed since.
     
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  10. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Even more confusing push the pets bit then!

    There are large blocks yeah?

    So strange.
     
  11. Interruptedbyfireworks

    Interruptedbyfireworks One of Us Ski Pass: Silver

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    I dunno, every time I’ve looked for pet friendly accommodation in the area it’s rare to find what I’m after. I always end up going back to Pender Lea or Bimblegumbie. So maybe it’s that there is a demand for pet friendly tourist accommodation
     
  12. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Oh for sure, but most people's concerns is the 'potential' damage to inside the property. So not sure what this fixes.

    My parents let pets come to their flat - on application.

    They unfortunately had a few issues when they allowed a freeforall. And decided it's not worth the stress.

    But the had a family stay this winter with a dog.
     
  13. skichanger

    skichanger A Local

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    There is a huge difference between may and must.

    My place in Sydney is community title so I do have some experience of it. There have been no issues with finance and banks. There have been some issues due to 2 total jerks who were original purchasers. Some people get access to the Neighbour Hood association meeting minutes. Not a good look when these 2 were constantly making trouble for people. They causes us a lot of problems and cost someone else a lot of money. Thankfully they have moved on and everyone else gets along.

    Being rural is more likely to be a limiting factor with banks. Com Bank is one of the few that will look seriously at rural properties. The others..... good luck!

    This is probably why they are pushing the pet friendly thing. There are so many people who want to bring their pet with them. We see this both in Aus and Japan.
     
  14. Interruptedbyfireworks

    Interruptedbyfireworks One of Us Ski Pass: Silver

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    The Jindabyne area in general is a concern for banks at the moment too. Well, specifically, the companies who provide lenders mortgage insurance. They have a lot of exposure in that area and all of a sudden they are high risk investments - with the fires last year and now the pandemic, tourism to the area is seen as a risk, when collectively the insurance company has such a huge share of the mortgages in the area. It’s really interesting to talk to the lenders about what areas are seen as high risk etc.
     
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  15. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    80% LVR is pretty standard though.

    But I think tourist is 50%?

    It seems like this land has both!! Yikes. Double whammy for the banks nerves.

    And buying the land with 50% would likely be easy for some people. Then when they try to borrow to build it might become a struggle.
     
  16. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    I wondered this! I have serious concerns with over capitalisation in the area. It's what makes me nervous with buying here.
     
  17. telecrag

    telecrag Old n' Crusty Ski Pass: Gold

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    All this talk of schools and roundabouts, the thing Jindy will need in a hurry is a new shitworks!
     
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  18. BlueHue

    BlueHue One of Us Ski Pass: Gold

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    Yep, I did not realise this DA was for subsequent stages so makes sense to me now.
     
  19. BlueHue

    BlueHue One of Us Ski Pass: Gold

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    And filtered water.
     
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  20. skichanger

    skichanger A Local

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    Well at $30k+ to get connected they should be able to afford to build something.

    There is some weird stuff wrt this in East Jindy. People that have been on septic forever foced to connect to the sewage. Some of the new development not able/allowed to and are likely to have stuff from their property running straight in to the dam if their system fails. Disaster in the making imo.
     
  21. zac150

    zac150 A Local Ski Pass: Gold

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    The whole point of the community title in the Jindabyne area on tourism sites is to encourage development of property that supports winter tourism. The council have been very strict on this in the past, and yes I have experience of this as I funded a development on the alpine way which was tourist zoned and community title. I have also had some experience other development in the area.

    actually CBA have changed policy recently and reduced rural down to around 100acre max. I recently funded a property through NAB that was 151 near Berridale and we used NAB as their policy is more suitable.


    This is not strictly true, sorry. There are two mortgage insurers in Australia, as well as a few banks that self insure.

    One of the mortgage insurers class Jindy as a Category 4 postcode hence they cap lending, the other has no issue with Jindy. I know if you speak to people in the bank they will try and justify the mortgage insurer policy.
     
  22. Interruptedbyfireworks

    Interruptedbyfireworks One of Us Ski Pass: Silver

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    Fair enough. What I said maybe only applies to CBA and their insurer then, as that’s who we went through.
     
  23. zac150

    zac150 A Local Ski Pass: Gold

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    yep Genworth, are the insurer who class Jindy as a cat 4, they do not like the post code.
     
  24. Telemark Phat

    Telemark Phat Pass the butter Ski Pass: Gold

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    Won't fix the problem. There needs to be a lot of riparian restoration in the cleared country to the south and west of town.
     
  25. Telemark Phat

    Telemark Phat Pass the butter Ski Pass: Gold

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    That development is a good distance to the lake through wooded country and a long way from the water inlet. A few houses won't discharge enough sewage to create an issue beyond the sterilisation capability of standard chlorination.
     
  26. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    I'm just be happy to drink town water 365 days a year!
     
  27. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Well shite.

    I would be hoping to swap the asset under my CBA mortgage if I bought here (if my life plans work out I'll never be able to borrow the same amount that CBA allowed me to borrow).
     
  28. zac150

    zac150 A Local Ski Pass: Gold

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    there are other great funders who use qbe as the mortgage insurer and they will lend more. Just an FYI banks will still do an assessment if you want to port your security and CBA have one of the worst port process if you are buying and selling.
     
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  29. skichanger

    skichanger A Local

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    Are we talking about the same development? I am talking about the community title development in East Jindy that is lakeside.

    I am sure it is fine when everything is working well. But ....things go wrong some times.

    I know there are good small scale sewage systems. I have one in Japan. It puts out clean water. But if my bacteria die or it is not aerated I may have a problem.
     
  30. BlueHue

    BlueHue One of Us Ski Pass: Gold

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    Buying into Jindabyne, so many traps. Keep it simple or know your stuff
    oor
    It will help to an extent but the kind of filtration and disinfection required to manage the risk well is probably beyond the means of council. Totally agree about restoration of all riparian zone.
     
  31. Telemark Phat

    Telemark Phat Pass the butter Ski Pass: Gold

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    I'm talking about Willow Bay.
     
  32. Telemark Phat

    Telemark Phat Pass the butter Ski Pass: Gold

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    The problem with high sediment loads is no matter how much chloride you put in the water it will electrostatically bond with clay particles in the water rather than be available to kill microbes.

    Most towns in Australia go on boil water alerts when there are large rain events during drought recovery. Filtration doesn't work due to the variety of particulate sizes. You can keep the water still until the large particles drop out of suspension, either in a tank or in the lake. However either option takes a few days.

    Or move to the east of the Lake. Water for those communities is extracted below bushland which stops the sediment from being washed into the lake in the first place.
     
    #882 Telemark Phat, Jan 2, 2021
    Last edited: Jan 3, 2021
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  33. BlueHue

    BlueHue One of Us Ski Pass: Gold

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    The advantage of proper catchment management! One of the reasons for the consistently good water quality in Sydney courtesy of Warragamba Dam. An extensive bush protection zone (although considerable sediment loads can still enter upstream) and a long narrow deep dam that generally takes many days for inflows to travel down allowing sediment and troublesome particulates to settle out. Country towns I guess don't have such luxuries...... well Jindabyne does to some extent.
     
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  34. Donzah

    Donzah Pool Room Ski Pass: Gold

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    But my tea bag water!
     
  35. Billy_Buttons

    Billy_Buttons Que Sera, Sera Ski Pass: Gold

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    That's Tassie.
     
  36. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Sheeeettt

    My LVR was fine. Bit still the only bank who would lend me what I needed. Mac bank were second.
     
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  37. zac150

    zac150 A Local Ski Pass: Gold

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    Mac self insure but base their policy off genworth as well. So you didn’t loose out there.
     
  38. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    But my LVR was over 80%
     
  39. dawooduck

    dawooduck relaxed and comfortable Ski Pass: Gold

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    Bloody city people and their endless real estate obsessions.

    More importantly, the fish are not biting at the moment.
     
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  40. Billy_Buttons

    Billy_Buttons Que Sera, Sera Ski Pass: Gold

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    Haven't had a bite for years in that lake. Too many propellers about. ;)
     
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  41. Telemark Phat

    Telemark Phat Pass the butter Ski Pass: Gold

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    Its heaps better than a whole heap of towns in NSW. Nothing like relying on alkaline bore water in town to the extent that the water stops being potable during drought.
     
    #891 Telemark Phat, Jan 3, 2021
    Last edited: Jan 3, 2021
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  42. Telemark Phat

    Telemark Phat Pass the butter Ski Pass: Gold

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    Jindy normally has fantastic water. Most of the catchment is in the park, which has a lot of soil with a heap of organic matter which de-ionises the water which passes through it. The water in lake jindy often has less salt than rain water. Such a shame most of the horsey people would rather drink worse water so horses can roam unmanaged in the park.
     
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  43. zac150

    zac150 A Local Ski Pass: Gold

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    that’s my point cba and Mac have similar policy so selecting one over the other hasn’t effected future plans.
     
  44. SMSkier

    SMSkier One of Us Ski Pass: Gold

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    First real taste of Summer today - Sunny and no wind. I’ve no insights as to how busy the resorts may be - however plenty of people in town this morning but passing through pretty quickly.

    The lake was getting its share of people enjoying a stunning day. Grandkids agree:).

     
  45. Ozgirl

    Ozgirl Part of the Furniture Ski Pass: Gold

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    Ive been working in the garden, and cleaning a unit for my parents!

    The grandkids here have been sent back to the parentals. (Their's)
     
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  46. Jacko4650

    Jacko4650 One of Us Ski Pass: Gold

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    Good to learn this stuff @zac150; thank you for the insights.
    Despite some of the financial cautions for loans in the Jindabyne area, it appears to have had no affect whatsoever on market prices. Some people love to ride the waves of property prices (I have both missed an awesome opportunity and nailed another), but I just want to get into the Jindabyne market for the long term; for myself, friends and family. I don't really care if the property market crashes or continues to grow wildly. I'm hoping that by getting into the market now with a non-perfect property, I will match the market should it go up or down, able to step across into the 'right' property should it pop up when the stars are better aligned and the assets are more liquid.
     
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  47. SMSkier

    SMSkier One of Us Ski Pass: Gold

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    Pic credit per below off FB...

    Jindy recycling centre. Why the blazes do folks do this?

     
  48. Billy_Buttons

    Billy_Buttons Que Sera, Sera Ski Pass: Gold

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    :headbang:
     
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  49. Jonathan_P

    Jonathan_P One of Us Ski Pass: Silver

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    :):)
    Shocking... what a mess!

    Our local one is pristine compared to that. Don’t go anymore though, have a sodastream to cut back on plastic bottles:)
     
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  50. Billy_Buttons

    Billy_Buttons Que Sera, Sera Ski Pass: Gold

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    Same :thumbs:
     
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