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Interest Only Payments end after construction?

Interest Only Payments end after construction?

You know you're allowed to pay extra, and any extra you pay comes off principal...if that helps. If you're wanting to start sooner

5
205
becjarrettdalton
Nov 08, 2017 5:00 am
becjarrettdalton
plc
plc
27 July

Bank Loan - shortfall

Bank Loan - shortfall

Oh, I didn't realise that you went with a broker. The way you were saying that you were calling a bank direct is something that a broker would do on your behalf. So sorry…

7
586
plc
Jul 27, 2017 10:45 pm

House and Land Package Finance - Nervous First Home Buyers

House and Land Package Finance - Nervous First Home Buyers

HI Caydenn, I haven't run the numbers on affordability as thats a much bigger conversation. Your broker has the full story so I would trust them. As mentioned above, the…

3
464
becjarrettdalton
Jun 05, 2017 3:35 pm
becjarrettdalton
plc
plc
15 May

Parent Security and FHOG - Qld

Parent Security and FHOG - Qld

Hi RachM, In that case still eligible for FHOG. Don't understand why the broker is asking for a stat dec from them though, I would have thought that the guarantors would…

3
264
plc
May 15, 2017 1:59 pm

Westpac Home Loan - Draw Down process

Westpac Home Loan - Draw Down process

Definitely sign the invoice (when you're satisfied the work is done) and write "please pay" or something like that, add the form Westpac sent you in the beginning for that…

7
629
becjarrettdalton
Apr 02, 2017 7:13 pm
becjarrettdalton
kiriray
kiriray
16 March

Home Valuation Trouble - New Construction

Home Valuation Trouble - New Construction

That's great news! Shame about the savings but once your place is built and you're in you can scrimp and save for a bit to catch up. We're using an architect and it's…

6
1612
kiriray
Mar 16, 2017 9:01 pm
plc
plc
14 February

Adding in items after loan approval

Adding in items after loan approval

Generally any additions after a loan has been approved need to be paid out of your pocket. If you do want to add it into the contract as a post contract variation to…

2
763
plc
Feb 14, 2017 12:32 am
jono6466
jono6466
9 January

Confused.....

Confused.....

the debt is in his personal name, spread across a number of personal credit cards in his name.

5
763
jono6466
Jan 09, 2017 10:10 pm
Kagan1042
Kagan1042
7 October 2016

Qld FHOG under Substantially Renovated Clause

Qld FHOG under Substantially Renovated Clause

Hi All Has anyone managed dto receive the FHOG for a substantially renovated property? I'm wondering how easy this process is, or if its not even worth the paper its…

0
1143
Kagan1042
Oct 07, 2016 12:40 pm
MoodyBlue
MoodyBlue
18 September 2016

Which bank?

Which bank?

We've changed twice over the years and are currently with G&C Mutual Bank. Have been with them for about 4 years and so far the positives are: Great customer service - I…

10
1882
MoodyBlue
Sep 18, 2016 7:00 pm

Do Any Banks Pay Lump Sums?

Do Any Banks Pay Lump Sums?

The bank will lend the $$$ as per the builders contract fixtures and fittings. If you want the platinum taps and gold drains and its not in the builders contract, dont…

6
1036
new_senior_citizen
Jul 06, 2016 5:13 pm

Valuation risk on build cost?

Valuation risk on build cost?

Everyones 'opinion' on what the per sq metre range means diddy squat. Talk to local agents and get a variance of price point. The only 'opinion' that carrys ANY weight is…

8
1438
new_senior_citizen
Jul 06, 2016 4:28 pm

Low bank valuation ...much difference with a second??

Low bank valuation ...much difference with a second??

The valuer is writing part of the risk cover for the loan. If the loan goes bad (default > repo) and the bank cannot cover the valuers OPINION (within a suitable time…

8
1711
new_senior_citizen
Jul 06, 2016 4:18 pm
Ponzu
Ponzu
3 May 2016

Broker's advice - no construction loan!

Broker's advice - no construction loan!

Odd this, every estate sales office I visited advised I could do subject to finance. Always pays to ask though For what term? What state? Apologies I…

13
1706
Ponzu
May 04, 2016 12:09 am
plc
plc
28 January 2016

portable loan

portable loan

Hi Yvette, Bec summarised it pretty effectively. Portability works great for people who are downsizing because as pointed out the loan size isn't able to be increased.…

2
386
plc
Jan 28, 2016 6:58 pm
plc
plc
12 January 2016

Increasing borrowing power with lots of dependents?

Increasing borrowing power with lots of dependents?

As Bec says, it all depends on the how the lender will treat the situation. Some allow more in terms of living expenses for dependents than others, however the good news…

5
926
plc
Jan 12, 2016 1:30 am
aloenyx
aloenyx
1 November 2015

Just A Quick Question

Just A Quick Question

I paid $1k to the land people, then signed the contract with a 21 day finance clause. On the last day the bank approved my finance, then I paid the balance of the 5%…

4
614
aloenyx
Nov 01, 2015 7:41 pm
aloenyx
Ponzu
Ponzu
9 October 2015

Do We Need To Keep Reapplying?

Do We Need To Keep Reapplying?

so you have two loans, one for the land and one for the construction? if so then your broker is right, because even if you have unconditional, its only valid for a period…

7
709
Ponzu
Oct 09, 2015 9:58 am
1st-timers
1st-timers
4 September 2015

What Does The Bank Value On?

What Does The Bank Value On?

My hisband has now decided to be difficult and won't listen to a word I say. Hes been swayed by the person building the house next door who is a valuer and is building a…

6
874
1st-timers
Sep 04, 2015 8:45 am
plc
plc
20 July 2015

Is This Normal Procedure For Settlement

Is This Normal Procedure For Settlement

Yep, as others have suggested, that is normal, that's the reason you pay your conveyancer/lawyer, to act on your behalf. They will do all the work behind the scenes, all…

6
553
plc
Jul 21, 2015 12:31 am
becjarrettdalton
becjarrettdalton
7 July 2015

Need To Know If This Is True

Need To Know If This Is True

Ask them to apply for discretionary pricing and see what they can do. Happy to look at what I think it should come in at. I'm assuming it's only a fairly small loan…

11
787
becjarrettdalton
Jul 07, 2015 11:08 pm
becjarrettdalton
Roomeat
Roomeat
16 June 2015

Make Sure You READ Your Contract!!

Make Sure You READ Your Contract!!
1, 2

It's all one loan. I don't have separate loans

39
3933
Roomeat
Jun 16, 2015 11:51 pm
Roomeat
becjarrettdalton
becjarrettdalton
16 June 2015

Between A Rock And A Hard Place

Between A Rock And A Hard Place

Tom's right/ If it gives you some comfort get prepared for the maximum loan amount you think you will need, and then it's only the valuation thats a variable - removes one…

9
1200
becjarrettdalton
Jun 16, 2015 11:12 pm
becjarrettdalton
light487
light487
13 April 2015

Does Everyone go Over Budget??

Does Everyone go Over Budget??

Funnily enough we came in under budget, only by about $500 but still under. It was on account of the builder over estimating what was required like they estimated we'd…

4
1258
light487
Apr 13, 2015 6:11 pm
light487
becjarrettdalton
becjarrettdalton
17 March 2015

Rams or Westpac??

Rams or Westpac??

They are independent and have completely different policies so you may fit better with one than the other. pricing is similar and fees too. They're neither of the the most…

1
428
becjarrettdalton
Mar 17, 2015 1:23 pm
becjarrettdalton
travelbug
travelbug
24 February 2015

Better to sell first, rent while building a new house or not

Better to sell first, rent while building a new house or not

The most important thing is to speak to your bank. Some banks don't like lending for a build when they have no collateral (ie the land). You don't want to be buying…

4
779
travelbug
Feb 24, 2015 10:27 am
jb_money
jb_money
25 November 2014

Help for first home buyer!

Help for first home buyer!

Hi Steve, Yeah being a first home buyer is hard especially when you aren't sure where to even start. You generally need a minimum of 5% genuine savings + costs as a…

5
1873
jb_money
Nov 25, 2014 8:05 am
Oak Laurel
Oak Laurel
20 November 2014

Adding a pool to the mortgage?

Adding a pool to the mortgage?

Hi, usually having interest only a loan and not having paid down the loan much will not be a factor in the bank's criteria for extending your home loan. As Rebecca (above)…

4
1349
Oak Laurel
Nov 20, 2014 7:11 pm
Oak Laurel
emperor_j
emperor_j
15 November 2014

New home & land purchase - loan situation - questions!

New home & land purchase - loan situation - questions!

Hi, It is good to here that all things are sorted now, well-getting loan is very difficult thing to achieve. One of my friend has taken loan with the help of Eden Loans…

3
1132
emperor_j
Nov 15, 2014 9:33 am
building-expert
building-expert
28 September 2014

Credit Report problems

Credit Report problems

I think it is not their qualifications that is an issue, they will have a degree or diploma, but the risk management. They will have to assume likely value in the event of…

13
1677
building-expert
Sep 28, 2014 9:15 am
building-expert
shadowarrior
shadowarrior
10 September 2014

Ready cash calculation for purchasing land and building

Ready cash calculation for purchasing land and building

Hi Guys, Thanks for the replies. I think I was making the mistake of thinking that 5% deposit (real savings) needs to be deposited with bank which is on top of our cost…

3
842
shadowarrior
Sep 10, 2014 5:08 pm
plc
plc
4 September 2014

Low valuation - what to do?

Low valuation - what to do?
1, 2, 3

Ok thanks for that! When do you find out if it's been undervalued etc, when they come back with their finance offer? Does the bank actually tell…

45
12113
plc
Sep 04, 2014 1:01 am
Crazyk
Crazyk
11 August 2014

overcapitalisation ???

overcapitalisation ???
1, 2

Be careful with gifted funds if you plan to give them back. The lender will make them part of the loan. As the OP said, and you said yourself, he has no issue with…

27
2708
Crazyk
Aug 11, 2014 8:38 pm
Crazyk
CH2012
CH2012
2 June 2014

FHOG Question - One eligible person in couple

FHOG Question - One eligible person in couple

Also they ask for a copy of the contract if I recall correctly, which shows you both purchasing

13
1347
CH2012
Jun 02, 2014 9:48 pm
plc
plc
9 May 2014

Valuations - street vs area vs suburb

Valuations - street vs area vs suburb

They will be using the plans and specifications, etc from the builder to determine the valuation for construction. Total valuation is based on the land value plus build…

2
1274
plc
May 09, 2014 1:23 am
lila rose
lila rose
23 April 2014

Building for less than contract value.

Building for less than contract value.

This sounds like a really terrible plan. First of all, I think you were ill advised by your broker and cannot understand why they would give you such advice, except…

8
1066
lila rose
Apr 23, 2014 9:45 pm
lila rose
Nibbles55
Nibbles55
13 April 2014

Pursuing damages for buyers terminating unconditional contra

Pursuing damages for buyers terminating unconditional contra

Would you mind explaining why the agent is entitled to 50% of the deposit when the sale has fallen through? In NSW the commission does not get paid till settlement. I…

8
1101
Nibbles55
Apr 13, 2014 4:03 pm
shape
shape
23 March 2014

Land, tender, finance - which order to do them in?

Land, tender, finance - which order to do them in?

Hi, Maybe a dumb question but we've got to start somewhere! We found a block and a design we like, but in order to finance the block &…

3
908
shape
Mar 23, 2014 7:13 pm
shape
2
1080
Java Bean
Jan 27, 2014 7:02 pm
Building_new_home
Building_new_home
1 November 2013

First Progress Payment

First Progress Payment

Oh wow, I haven't heard anything and it has been 3 weeks today. Might follow it up.

3
743
Building_new_home
Nov 01, 2013 2:30 pm
jb_money
jb_money
15 August 2013

$420/week disposable income - is this enough?!

$420/week disposable income - is this enough?!

Affordability is a tough one to work out. To be honest to figure it out properly then we'd really need to see everything (gross income, debts, etc) as we stress test the…

9
1914
jb_money
Aug 15, 2013 2:25 pm
jb_money
jb_money
5 August 2013

Non-applicant spouse that is self-employed (UPDATE)

Non-applicant spouse that is self-employed (UPDATE)

Congratulations!!! That is great news Dant. Commonsense lending is hard to come by these days. However it seems like you found one of them which can accept one year…

13
2038
jb_money
Aug 05, 2013 7:17 pm
plc
plc
22 July 2013

Another construction loan Q - re: finance timeframe

Another construction loan Q - re: finance timeframe

Hi Dant, It's likely that the land and construction loans will be two separate applications however they can be submitted at the same time. You aren't able to obtain…

4
1182
plc
Jul 22, 2013 2:03 am
MyH1Login
MyH1Login
13 July 2013

Rate question

Rate question

Hi jb_money That was a great post, worth more than 2 cents, really benefited me. Thanks!

5
1098
MyH1Login
Jul 14, 2013 12:29 am
MyH1Login
Agape
Agape
10 June 2013

How long for finance approval?

How long for finance approval?

I think it depends on a lot of things, we didn't think it would take long to get approval for the construction of our home (we already had the land). However -we have a…

15
3658
Agape
Jun 10, 2013 1:11 pm
plc
plc
22 April 2013

Investment property questions

Investment property questions

Thanks, jb_money! Out of curiosity, I just went onto Westpac's website and used their equity calculator, and it tells me I have no…

9
983
plc
Apr 22, 2013 9:14 pm
30
2328
Munchy
Apr 05, 2013 11:23 pm
Munchy
colebatchd
colebatchd
27 March 2013

How did you decide when to stop spending??

How did you decide when to stop spending??

I have this conversation with my wife all the time. I'd say there are two points to consider: 1. The resale value added by the spend, as others have said above. 2. The…

4
831
colebatchd
Mar 27, 2013 2:46 pm
Tysonut
Tysonut
2 March 2013

Deposit on new home contract = equity?

Deposit on new home contract = equity?

Thanks. That was my thinking. Broker gave us the go ahead for a construction loan based on current financial situation. So we have the land and just progressing toward a…

6
914
Tysonut
Mar 02, 2013 10:06 pm
Tysonut


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