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plc
302 Posts

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plc

Niddrie VIC
Joined 22 June 2012
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plc
13 July
4
Jul 13, 2020 3:29 pm
Great to hear it got sorted! Cheers, Tom
Great to hear it got sorted! Cheers, Tom
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plc
8 July
5
Jul 08, 2020 5:19 pm
Sorry but what is a CDC?
Sorry but what is a CDC?
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plc
8 July
3
Jul 08, 2020 3:29 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
2
Jul 08, 2020 3:19 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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plc
22 November 2019
6
Nov 22, 2019 10:41 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
3
Nov 21, 2019 11:57 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
9
Nov 21, 2019 11:46 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
12
Oct 20, 2019 9:47 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
3
Sep 17, 2019 12:31 am
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
3
Sep 06, 2019 1:19 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
5
Jun 12, 2019 1:53 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
6
May 12, 2019 2:52 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
5
May 12, 2019 2:41 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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plc
14 April 2019
2
Apr 14, 2019 10:02 pm
We have signed a contract on a block of land that is still being developed. We have finance approval subject to title. The developer has informed us title will be ready in approx 60 days but is rejecting our pre approval and is demanding unconditional finance approval. We are at a loss as to what t...
Are you sure it's a pre-approval? If you have had the application fully assessed and it is just subject to the block be...
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plc
20 February 2019
5
Feb 20, 2019 1:53 am
Not all - some are like that, the Adelaide product is unique. Check it out :) Even BOM (or St George to rest of the country) do it as well. Servicing on end debt only also.
Even BOM (or St George to rest of the country) do it as well. Servicing on end debt only also.
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plc
12 January 2019
3
Jan 12, 2019 11:22 am
We are wishing to purchase a (private sale) block and preferably want to do it all in one hit (land and construction loan in one) but the sellers do not wish to wait around while we draw up plans and get council approval.. So is our only option get a land loan then further down the track get a cons...
There are a few select lenders that still offer 95% LVR on vacant land, Bankwest is one that comes to mind. It's howeve...
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plc
29 May 2018
3
May 29, 2018 1:05 am
Hi All. Situation is, we've got a mortgage at the moment and have some decent equity in the home (House value is about 900k and Mortgage is at 600k). We want to buy land and build a house. Problem we have is, we want to be able to sell our current home and move straight into a the new home so we ca...
Two options. One as mentioned above, you can take equity out of your existing property as cashout to use as the deposit...
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plc
3 May 2018
7
May 03, 2018 2:34 pm
Might be the FHOG in that they have withheld it as part of the payment. Not sure how it works with CBA, I know with ANZ they will allow the client to draw down the full invoice amount at slab and then pay them the FHOG directly. Do you not have to pay anymore funds towards the construction? Is it a ...
Might be the FHOG in that they have withheld it as part of the payment. Not sure how it works with CBA, I know with ANZ ...
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plc
15 March 2018
3
Mar 15, 2018 3:10 pm
Hope someone can help clear up some confusion for me. I'll be paying LMI on my loan for my build. Its around the 90% LVR. Now I'm trying to keep it below 90% because I can get a much better interest rate that way, above 90% and LMI and interest rate shoots up. Where I get confused though it that wh...
The LMI is calculated on the base loan which is the amount at 89.7% in your case. If you pay the LMI with cash then the...
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plc
9 February 2018
3
Feb 09, 2018 11:04 pm
Hey Guys, My wife and I are planning on buying land soon and building our dream house. We are nearing the point where this is feasible, so we are obviously quite excited, but I'm wondering if I should cool my jets and wait a few months, or if I can proceed right now. Current situation: Own an inves...
As Bec says, only you can make the call. Its a lifestyle decision. Just make sure you are able to afford the loans with...
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