Posts by Karthik_K • Home Renovation & Building Forum

30 April 2021

Apr 30, 2021 8:04 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 allowance...

Thanks Tom. Our borrowing capacity is good and both are in settled jobs and our credit score is very good(Equifax) it's...

29 April 2021

Apr 29, 2021 8:47 pm

They've asked already. Banks change credit policy all the time. If this was a H&L package that was assessed at the same time, but there was a delay on the construction portion due to titles or something, chances are they'd be flexible because of the credit policy that was used to underwrite the...

Will this be a situation even if I had a pre-approval for construction when I purchased the land ? I got an pre approva...

29 April 2021

Apr 29, 2021 8:44 pm

As a lender myself, I strongly recommended when you purchase a piece of land and has an intension to build in 12 months...

29 April 2021

Apr 29, 2021 10:36 am

Any Recommended good bank for my scenario .. construction loan with 88% LVR

28 April 2021

Apr 28, 2021 10:30 pm

Hello All, Sorry for the long post. I came here for your inputs on the trouble I have to get a construction loan with 88%LVR in NAB. Here is my situation 1. Bought a land with 90%LVR last year June 2020. 2. with saved deposit + Increase in land valuation I applied to a construction loan with 88%LVR...

it maybe one of those score card decline, if this is the case, it's hard to overturn the decsion and they don't need to...

28 April 2021

Apr 28, 2021 10:23 pm

Get your agent to submit your application but NOT through there system. They must have a BDM that can help with it getting submitted. If its that tough I would go elsewhere My agent is talking with their BDM but what they say is they can't overide the system.

My agent is talking with their BDM but what they say is they can't overide the system.

28 April 2021

Apr 28, 2021 9:36 pm

Nab is an automated system - what they refer to as their "internal credit score", and yes it is tighter now... but that said - you are an existing client of theirs and hopefully have good history with them - has it been submitted? If not, worth a shot. Its not impossible. Over 90% (they d...

My agent have submitted but the System rejects and they are unable to give any reason for it. We have an LVR of 88% but...

Construction loan with 88% LVRHome Finance

28 April 2021

Apr 28, 2021 7:01 pm

Hello All, Sorry for the long post. I came here for your inputs on the trouble I have to get a construction loan with 88...