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plc
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plc Overview307Posts

plc

Niddrie VIC
Joined 22 June 2012
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plc
30 April 2021
Re: Construction loan with 88% LVRHome Finance
21
Apr 30, 2021 6:44 pm
From what you say, it seems that you underestimated construction costs and you need to borrow a lot more now than expected. As a result you're stretching yourself more and that may be the reason why the lender is rejecting you. Do you have any income that is discretionary like overtime or allowances...
From what you say, it seems that you underestimated construction costs and you need to borrow a lot more now than expect...
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plc
22 April 2021
Re: Land loan then build - deposit requirementsHome Finance
4
Apr 22, 2021 11:03 am
We bought the cheapest block of land in the newly released housing estate March 2020. selling price then was same as bank valuation. Block was tricky west to east upslope of 4 meters and 1 meter upslope south to north(back). Due to finding the right design we were delayed. We just signed a fixed co...
You did well there thanks to the rising market. Obviously your land increased by enough that the equity was more than w...
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plc
2 March 2021
Re: Valuation for constructionHome Finance
8
Mar 02, 2021 10:12 am
ok thanks I wasn't really sure what the point of the Valuer General is, I guess it's just used by the council for land rates purposes. Anyways apologies if I was a bit vague in explaining our situation. We currently have an investment property purchased 10 years ago which we would like to knock dow...
Yes. Any new valuation going forward will be determined by current land value plus the new construction. Then it will b...
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plc
2 March 2021
Re: CGT on land divisionHome Finance
4
Mar 02, 2021 9:54 am
This is only a question for your accountant, sorry! If I am following, you've moved out of your PPOR for 6 years - the 6 year rule - and now you're going to sell that place? If you're moving into the block it becomes your PPOR and if you aren't selling it then no CGT on it right now - I think, conf...
This is why I don't understand. I understand what you're saying about the current house, but what I don't understand is...
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plc
21 January 2021
Re: Loan for H&L Package - Where to start?Home Finance
3
Jan 21, 2021 12:09 pm
When you say H&L package, is it two separate contracts for land and construction, or is it one contract which settles after completion of everything? As they are treated differently in terms of a loan scenario. Cheers, Tom
When you say HL package, is it two separate contracts for land and construction, or is it one contract which settles aft...
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plc
3 January 2021
Re: Govt 5% deposit schemeHome Finance
2
Jan 03, 2021 6:15 pm
My understanding is that the building contract needs to be entered into prior to settlement/funding for the land. At least that is the process with CBA. Not sure about other lenders. You must have received your spot via a particular lender. Contact them to see what their policy is in regards to this...
My understanding is that the building contract needs to be entered into prior to settlement/funding for the land. At lea...
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plc
6 October 2020
Re: Land Loan and Construction Loan SequenceHome Finance
2
Oct 06, 2020 2:54 pm
Technically you can have your building contract formally signed at any point. That is between you and the builder. However in terms of the loan, you will have to show evidence that you have access to the funds to complete of $330K before a lender will approve. At a worst case scenario, this will be ...
Technically you can have your building contract formally signed at any point. That is between you and the builder. Howev...
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plc
13 July 2020
Re: Question Reg FHOGHome Finance
4
Jul 13, 2020 2:29 pm
Great to hear it got sorted! Cheers, Tom
Great to hear it got sorted! Cheers, Tom
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plc
8 July 2020
Re: Does our current mortgage bank need know knockdown rebuiHome Finance
5
Jul 08, 2020 4:19 pm
Sorry but what is a CDC?
Sorry but what is a CDC?
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plc
8 July 2020
Re: Does our current mortgage bank need know knockdown rebuiHome Finance
3
Jul 08, 2020 2:29 pm
Yes, you do need to get the banks consent. As they hold a mortgage over it they need to be informed of major changes, of which a knockdown and rebuild is. It shouldn't be too much of a hassle, as you are paying cash and the bank will have a property that will assumingly be worth more than it current...
Yes, you do need to get the banks consent. As they hold a mortgage over it they need to be informed of major changes, of...
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plc
8 July 2020
Re: Question Reg FHOGHome Finance
2
Jul 08, 2020 2:19 pm
That sounds a bit weird. As its your money it is above and beyond the loan. Unless they did a drawdown and then released the money into your account? What happened to the other $3K in FHOG? Cheers, Tom
That sounds a bit weird. As its your money it is above and beyond the loan. Unless they did a drawdown and then released...
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1 person likes this.
plc
22 November 2019
Re: Mortgage with 92% LVRHome Finance
6
Nov 22, 2019 9:41 am
I have found that once you are above base 90% LVR, then banks look at applications in a more conservative light. Not only banks, but the LMI provider gets involved as well. Needs to be a strong application, but it is doable. What you might also want to be wary about is to apply for the land and con...
Yes, I understand. Would you suggest I try another broker? On the second part, would this be an issue if the lender is ...
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plc
21 November 2019
Re: Mortgage with 92% LVRHome Finance
3
Nov 21, 2019 10:57 pm
I have found that once you are above base 90% LVR, then banks look at applications in a more conservative light. Not only banks, but the LMI provider gets involved as well. Needs to be a strong application, but it is doable. What you might also want to be wary about is to apply for the land and cons...
I have found that once you are above base 90% LVR, then banks look at applications in a more conservative light. Not onl...
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plc
21 November 2019
Re: Stamp Duty QuestionHome Finance
9
Nov 21, 2019 10:46 pm
I've had this before with people buying investment properties first in Victoria. As long as it was bought after July 2000 and it was never lived in by the purchaser then they were eligible First Home Buyers when it came time to buy an owner occupied property. It's a technicality that not many people...
I've had this before with people buying investment properties first in Victoria. As long as it was bought after July 200...
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plc
20 October 2019
Re: Building a house with a MortgageHome Finance
12
Oct 20, 2019 8:47 pm
If you are comfortable with the repayments holding both properties for that temporary period, then it can be a worthwhile exercise. What are some of your concerns you have after discussions with your conveyancer? Cheers, Tom
If you are comfortable with the repayments holding both properties for that temporary period, then it can be a worthwhil...
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plc
16 September 2019
Re: Construction Administration Fee by BankHome Finance
3
Sep 16, 2019 11:31 pm
As Bec says yes it is. What Macquarie charge is really on the high side compared to a lot other lenders for the same thing, but there is not much you can do about it unfortunately. Cheers, Tom
As Bec says yes it is. What Macquarie charge is really on the high side compared to a lot other lenders for the same thi...
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plc
6 September 2019
Re: Lots of questions Re: first mortgage for land/constructiHome Finance
3
Sep 06, 2019 12:19 am
Just to add to Bec's post, you need to take into account the possibility of a valuation shortfall, or unexpected contingency costs that may come up that are on top of the building contract price which would need to come out of your own pocket. With already a small deposit, the above could really imp...
Just to add to Bec's post, you need to take into account the possibility of a valuation shortfall, or unexpected conting...
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plc
12 June 2019
Re: Using a new broker after pre approval expiresHome Finance
5
Jun 12, 2019 12:53 am
As Bec said, you can basically do what you want whether its go direct with a bank or with another broker. There may be other options out there now that weren't present when you did the first pre-approval. As you had pre-approval beforehand, unless you had some major changes with your financial circu...
As Bec said, you can basically do what you want whether its go direct with a bank or with another broker. There may be o...
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plc
12 May 2019
Re: Worried about Land ValuationHome Finance
6
May 12, 2019 1:52 pm
Have to say that current lots being sold for $370,000 compared to the $430K you paid doesn't bode well for any valuation if they are of a similar size and dimensions to what you bought. When it comes time for the valuation, it would help if you or your broker could try and find some comparable sales...
Have to say that current lots being sold for $370,000 compared to the $430K you paid doesn't bode well for any valuation...
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plc
12 May 2019
Re: 95% LVR land loan, or alternativesHome Finance
5
May 12, 2019 1:41 pm
How much is the minimum down payment nowadays that the bank requires for land + construction loan? I'm not a first home buyer. Is it easy to get approval with 90% LVR? Thanks It all depends on how strong your overall application is. Having a 10% deposit overall (plus additional for closing costs su...
It all depends on how strong your overall application is. Having a 10% deposit overall (plus additional for closing cos...
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