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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
2366
light487
Apr 13, 2015 6:11 pm
light487
plc
plc
10 April 2015

Mortgage Broker

Mortgage Broker

Thanks Bec for the recommendation. Yes, Werribee is in my zone of service, so the OP can contact me if they want. Cheers Tom

2
1552
plc
Apr 10, 2015 1:44 am
8
5770
becjarrettdalton
Mar 25, 2015 2:45 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
25 March 2015

Construction loan query - docs for items outside contract

Construction loan query - docs for items outside contract

Its more about the bank being unable to hold a security that doesn't have a kitchen, and being unable to force you to use the money to put a kitchen in. We all know you're…

8
2708
becjarrettdalton
Mar 25, 2015 12:52 pm
becjarrettdalton
sprakk
sprakk
19 March 2015

Increasing Borrowing Power

Increasing Borrowing Power

Very good reads. Extremely informative. Thanks for that Bec. I hope moving from the car loan onto the new personal loan doesn't affect my prospects too much. But I think…

13
3969
sprakk
Mar 19, 2015 11:06 am
questionable
questionable
17 March 2015

Building a new home while also having a mortgage

Building a new home while also having a mortgage

Forgot to add that we have everything sorted with a builder so they're ready to build as soon as we say so. We don't have as high figures as you but pretty much the same…

7
3239
questionable
Mar 17, 2015 1:57 pm
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
1041
becjarrettdalton
Mar 17, 2015 1:23 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
17 March 2015

Query about land and construction loan

Query about land and construction loan

Hi Mansawant - they do a valuation on the complete package - what the finished house on the land is worth. If you have equity in the land and a large deposit for the build…

1
1079
becjarrettdalton
Mar 17, 2015 1:21 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
11 March 2015

Question about home loan and untitled land

Question about home loan and untitled land

your solicitor will want you to have an approval by that date or rescind the contract - or explain the repercussions in regards your deposit of you don't get finance in…

3
2303
becjarrettdalton
Mar 11, 2015 10:44 pm
becjarrettdalton
Ponzu
Ponzu
10 March 2015

2nd home loan

2nd home loan

You don't say the value of the current house so no idea on what equity you have in that house. So you have the deposit for the next purchase?…

10
2986
Ponzu
Mar 10, 2015 4:08 pm
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
2412
travelbug
Feb 24, 2015 10:27 am
becjarrettdalton
becjarrettdalton
19 February 2015

Finance decline and getting our deposit back

Finance decline and getting our deposit back

Agree with Tom, and you sound like you could be approaching the sunset clause date - also get a second opinion on the finance, you may have other options. Not all lenders…

2
1618
becjarrettdalton
Feb 19, 2015 2:29 pm
becjarrettdalton
ObuRamaraj
ObuRamaraj
17 February 2015

Saving money on your home loan

Saving money on your home loan

Hi First_sale, Both Bec and jb_money are right. If you want to pay off your home loan, you have to pay extra money into your loan. The choice depends on your strategy…

3
2133
ObuRamaraj
Feb 17, 2015 10:48 am
ObuRamaraj
Matt1
Matt1
9 February 2015

Reasonable Conveyancer Pricing & Practise?

Reasonable Conveyancer Pricing & Practise?

I paid $990 (each) to sell a house and buy a block of land in the middle of 2013 (in NW Sydney). Around $1000 was fairly common in NW Sydney at the time. I would have no…

1
1317
Matt1
Feb 09, 2015 8:26 pm
Matt1
bigdreamer
bigdreamer
5 February 2015

Credit Report - Consumer Credit Enquiries

Credit Report - Consumer Credit Enquiries

Thanks so much for your replies! I only have 2 inquiries for last year (none in the last 6 months) and none for this year so sounds like I should be okay. I wonder why my…

4
2421
bigdreamer
Feb 05, 2015 6:19 pm
4
2593
adoreman
Feb 02, 2015 1:18 pm
Leksie5000
Leksie5000
21 January 2015

Getting loan while pregnant

Getting loan while pregnant

Well, my thought on that is it's not impossible she was right, it's also not impossible she was wrong, bank staff are under a lot of…

10
3212
Leksie5000
Jan 21, 2015 12:59 pm
jb_money
jb_money
20 January 2015

What can you include in your construction loan.

What can you include in your construction loan.

Hi Bec, It is important that you provide the bank and valuer all quotes including floor coverings and try and see if you can include the driveway and landscaping into the…

2
1754
jb_money
Jan 20, 2015 10:31 am
becjarrettdalton
becjarrettdalton
14 January 2015

CUA construction loan

CUA construction loan

Glad to know you had a great broker and got there - that I LOVE to hear, it's why I love my job! FIFO is tough, you do it for a reason, shouldn't be the reason you aren't apprved.

7
2338
becjarrettdalton
Jan 14, 2015 7:40 pm
becjarrettdalton
questionable
questionable
9 January 2015

Help, what would you do??

Help, what would you do??

Wanted to cover all bases! Would love to avoid renting if we could, but do accept it may be the way things have to be..

8
2875
questionable
Jan 09, 2015 1:43 pm
becjarrettdalton
becjarrettdalton
18 December 2014

Bank val for construction loans

Bank val for construction loans

I absolutely understand! There's only one way to find out - get your broker to order a valuation and see what you're working with. There are lenders who will consider up…

3
1620
becjarrettdalton
Dec 18, 2014 10:17 am
becjarrettdalton
becjarrettdalton
becjarrettdalton
17 December 2014

Progress Payments

Progress Payments

Yep, exactly, if they're satisfied the work is done - and yes your repayments creep up a little with each progress payment - you should be paying interest only on the plan…

4
2121
becjarrettdalton
Dec 17, 2014 11:01 am
becjarrettdalton
jb_money
jb_money
8 December 2014

Having one Loan for Land and House

Having one Loan for Land and House

Hi There, You can do a land loan first with most lenders with a 5% deposit depending on valuation and then do another one just for the build. In total it can work out to…

3
2554
jb_money
Dec 08, 2014 3:37 pm
emski83
emski83
5 December 2014

Gift as deposit and genuine savings

Gift as deposit and genuine savings

Speak to a mortgage broker

6
5194
emski83
Dec 05, 2014 10:03 am
becjarrettdalton
becjarrettdalton
3 December 2014

In a bit of a dilemma...

In a bit of a dilemma...

Oh no, the point is if it's not needed the builder varies it back out - it's a simple fix and often done. Not a cent more is spent than needs to. Happy to explain to…

19
4321
becjarrettdalton
Dec 03, 2014 8:49 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
28 November 2014

Mortgagehouse

Mortgagehouse

Ahhh, how big is the footprint? Get the builder to lay your plans on there so you get the aspect. Need room for a swing set or a trampoline!

5
1655
becjarrettdalton
Nov 28, 2014 7:26 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
27 November 2014

Land valuation @ The Ponds and Surrounds ..

Land valuation @ The Ponds and Surrounds ..

OK, so it can go one of two ways - the valuer could say at settlement it was worth the price you paid - and therefore give that value, or, hopefully it goes on comparative…

19
4256
becjarrettdalton
Nov 27, 2014 4:02 pm
becjarrettdalton
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
3618
jb_money
Nov 25, 2014 8:05 am
becjarrettdalton
becjarrettdalton
23 November 2014

Where to start for a two newbies!

Where to start for a two newbies!

HI, How far away is your build contract? What state are you building in? And what do you need to borrow as a percentage of the total cost, for example are you borrowing 80%?

19
5735
becjarrettdalton
Nov 23, 2014 1:01 pm
becjarrettdalton
Oak Laurel
Oak Laurel
20 November 2014

Land settlement fees

Land settlement fees

Hi there, your conveyancer is the one who will do all of the calculations and give instructions on who gets paid what amount on settlement. They will direct the bank to…

17
5646
Oak Laurel
Nov 20, 2014 7:57 pm
Oak Laurel
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
4087
Oak Laurel
Nov 20, 2014 7:11 pm
Oak Laurel
Leksie5000
Leksie5000
16 November 2014

Construction loan advice

Construction loan advice

Thanks Tom this was my interpretation also.

8
3101
Leksie5000
Nov 16, 2014 5:53 pm
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
2631
emperor_j
Nov 15, 2014 9:33 am
becjarrettdalton
becjarrettdalton
10 November 2014

Const. loan - surplus funds question

Const. loan - surplus funds question

That does hurt, that's a long delay.

5
3377
becjarrettdalton
Nov 10, 2014 10:52 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
10 November 2014

Construction Loan - All Approved BUT unexpected situation

Construction Loan - All Approved BUT unexpected situation

Hi Joshua, generally once the loan is approved and settled (even if only partially) the bank doesn't re-check your employment - they don't want to be stuck with a half…

5
3073
becjarrettdalton
Nov 10, 2014 8:10 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
10 November 2014

Include inclusions/upgrades in quote for Valuation?

Include inclusions/upgrades in quote for Valuation?

I absolutely agree, show the bank everything, you don't have to borrow more but if its included in the valuation it could even get you out of mortgage insurance territory…

2
1707
becjarrettdalton
Nov 10, 2014 7:45 pm
becjarrettdalton
MyH1Login
MyH1Login
16 October 2014

Stamp Duty Reduction for first home buyers in Victoria

Stamp Duty Reduction for first home buyers in Victoria

Just called SRO- Victoria You have bought a land that has settled on or after 01 Jul 2013 and paid full stamp duty. Then you have entered…

4
2348
MyH1Login
Oct 16, 2014 10:08 pm
MyH1Login
vivmak
vivmak
5 October 2014

Would you build with these finances?

Would you build with these finances?

Nobody else but you would need to find answer to the following question : Will the price of my current dwelling go up ir down in the time new house is being built? Also,…

7
2583
vivmak
Oct 05, 2014 8:40 pm
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
4678
building-expert
Sep 28, 2014 9:15 am
building-expert
harryaustin
harryaustin
26 September 2014

Personal Finance Calculator: What do you use?

Personal Finance Calculator: What do you use?

These works really fine... I.m also using the one named "Loans Calculator For Australia" which is a smartphone app and makes every financial calculations with much ease.

1
1883
harryaustin
Sep 27, 2014 12:08 am
CB Invest
CB Invest
22 September 2014

Value adding upgrades?

Value adding upgrades?

Hi, Adding value really depends on the property, the suburb, the attributes of the home and what the land can be used for. It all comes down to the comparable properties…

1
1415
CB Invest
Sep 22, 2014 6:44 pm
plc
plc
16 September 2014

Knock down rebuild with an existing mortgage

Knock down rebuild with an existing mortgage

Yep, the construction is normally a separate loan during building drawn in stages, and then amalgamated into one at completion. As for LVR, it can go up to 95% LVR, but…

1
2223
plc
Sep 16, 2014 1:14 am
travelbug
travelbug
14 September 2014

FHOG enquiry

FHOG enquiry

You can own an investment property (as long as you haven't lived in it) and still get the grant so I don't see how a block of land would be any different.

6
2781
travelbug
Sep 14, 2014 8:53 pm
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
1675
shadowarrior
Sep 10, 2014 5:08 pm
trixee
trixee
10 September 2014

How long should a response from a mortgage broker take?

How long should a response from a mortgage broker take?

I'd ditch her and move on too. My broker answers all my emails pretty much straight away, bless her as I have been a little bit of a pest I think, been keeping in contact…

12
4831
trixee
Sep 10, 2014 2:06 am
trixee
bermuda23
bermuda23
9 September 2014

Construction loan questions

Construction loan questions

Yes, you're right. The loan is with Macquaire. The application fee and valuation is nil in their schedule of fees and charges. But this construction loan admin fee is very…

2
1590
bermuda23
Sep 09, 2014 11:05 am
DarrenB
DarrenB
7 September 2014

GOOD broker in Melbourne?

GOOD broker in Melbourne?

Cheers for the replies. I will get in contact with them this week and see how we go. :)

3
1794
DarrenB
Sep 07, 2014 12:01 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
20386
plc
Sep 04, 2014 1:01 am
archetto
archetto
3 September 2014

WA - FHOG & Stamp Duty refunds

WA - FHOG & Stamp Duty refunds

Found out we can apply for it now that we have a signed building contract but it doesn't get paid until the slab has been laid. When we get a letter in the mail that our…

2
1390
archetto
Sep 03, 2014 4:43 pm
archetto
AussieMark
AussieMark
3 September 2014

westpac miscalculate interest

westpac miscalculate interest

Raise it to customer service and articulate what your instructions were. They will pull out what instructions they have on file and if they have wrongly charged you they…

5
2090
AussieMark
Sep 03, 2014 2:41 am

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