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Last Post
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
694
Ponzu
Oct 09, 2015 8:58 am
aloenyx
aloenyx
26 September 2015

first home buyer very confused about finance on home and lan

first home buyer very confused about finance on home and lan

I did the same as yourself, put a $1,000 down on a piece of land in July 2014 expecting titles in April 2015. I had preapproval, once I paid the $1,000 my broker applied…

3
1073
aloenyx
Sep 26, 2015 9:16 pm
aloenyx
becjarrettdalton
becjarrettdalton
9 September 2015

Finance Question for experienced owner builders

Finance Question for experienced owner builders

For what purpose? I don't think you'd find a lender who would accept a guarantee with owner builder. It comes back to having the equity or the cash to fund the build…

3
447
becjarrettdalton
Sep 09, 2015 11:36 am
becjarrettdalton
becjarrettdalton
becjarrettdalton
8 September 2015

Land and construction loan with same bank. Benefits?

Land and construction loan with same bank. Benefits?

You can't separate the lenders, the lender wants security over your property and there's only the one security. Talk to a broker who can choose the right lender for…

1
555
becjarrettdalton
Sep 08, 2015 1:36 pm
becjarrettdalton
SaberX
SaberX
6 September 2015

Construction Loan Questions

Construction Loan Questions

If you hurryy things along with your builder is your apply with Westpac they're still doing their extended 85% lvr no lmi deal by 5 Oct. You have to settle by 31 Dec…

9
978
SaberX
Sep 06, 2015 1:34 pm
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
847
1st-timers
Sep 04, 2015 7:45 am
plc
plc
4 September 2015

Low valuation problem for construction loan

Low valuation problem for construction loan

Also 1 thing I dont understand about the bank why would they touch the credit file before the valuation and go ahead and put mark in the credit…

7
1189
plc
Sep 04, 2015 2:21 am
becjarrettdalton
becjarrettdalton
30 August 2015

Self Employed and Credit Default going for construction loan

Self Employed and Credit Default going for construction loan

It comes back to how big the default is, if it was ignored or paid quickly, who it's to, any story behind it & the percentage you need to borrow. Lenders don't love…

2
456
becjarrettdalton
Aug 30, 2015 9:48 am
becjarrettdalton
becjarrettdalton
becjarrettdalton
17 August 2015

Can we choose how much to borrow?

Can we choose how much to borrow?

Yep 80% of the land then you can borrow 80% of the build as a construction loan when that starts. I can give you a great broker n Toukley if that helps.

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851
becjarrettdalton
Aug 17, 2015 4:37 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
17 August 2015

Bank Cheque question (OR BEARER)

Bank Cheque question (OR BEARER)

In all but extraordinary cases a bank cheque can only be cancelled by taking it back to the bank - the only exception being where it is lost, and there is a process behind…

7
641
becjarrettdalton
Aug 17, 2015 8:22 am
becjarrettdalton
Leksie5000
Leksie5000
7 August 2015

Construction contract - subject to finance?

Construction contract - subject to finance?

Or will not approve loan. Anyone heard of such a detailed payment schedule? Builder says this is the "new"…

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1392
Leksie5000
Aug 07, 2015 2:58 pm
Holly_wood81
Holly_wood81
4 August 2015

Home Loan Approval Time for 97% LVR

Home Loan Approval Time for 97% LVR
1, 2

refinancing the land and adding construction

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1872
Holly_wood81
Aug 04, 2015 3:28 pm
sko24
sko24
28 July 2015

Home loan . Please advise

Home loan . Please advise

Land price 210K or 220K if its 220k minus 11k deposit will leave 209k plus LMI and other charges

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1340
sko24
Jul 28, 2015 10:31 am
Ponzu
Ponzu
27 July 2015

Progress payments

Progress payments

they only re check after pre approval expires. Pre approval is only good for a period for a reason. Things can change. However, when you've drawn down your first payment,…

4
803
Ponzu
Jul 27, 2015 12:30 pm
jb_money
jb_money
24 July 2015

genuine savings question

genuine savings question

Hi mitchiib, Some lenders can be a bit tricky in the genuine savings space, especially rookie credit assessors so be sure to try and get it escalated if you are not…

5
998
jb_money
Jul 24, 2015 8:18 am
becjarrettdalton
becjarrettdalton
23 July 2015

credit on loan

credit on loan

Good work, if you want to check you can ask the bank what are the "funds remaining" and check that against the contract balance remaining.

3
596
becjarrettdalton
Jul 23, 2015 8:57 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
23 July 2015

95% loan

95% loan

There is one lender who will do 95% plus cap the full mortgage insurance - as everyone has said the mortgage insurance won't be cheap but in a rising market saving extra…

6
980
becjarrettdalton
Jul 23, 2015 10:47 am
becjarrettdalton
3
551
Linda01
Jul 22, 2015 12:20 pm
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
539
plc
Jul 20, 2015 11:31 pm
travelbug
travelbug
20 July 2015

Paying off debt before home loan application?

Paying off debt before home loan application?

They also look at the limits on your credit cards. Even if you pay them off each month. So if you have one (or a couple) reduce the limit to what you really need.

6
646
travelbug
Jul 20, 2015 4:49 pm
Building4my3tots
Building4my3tots
17 July 2015

Paying off mortgage cheaper than 26 years ago

Paying off mortgage cheaper than 26 years ago

Definitely a Sydney thing! Old fibro houses are fetching over 1 mil in my suburb, It's so crazy! and building industry always catches on, so building cost just raise too!…

5
499
Building4my3tots
Jul 17, 2015 9:06 am
Building4my3tots
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
762
becjarrettdalton
Jul 07, 2015 10:08 pm
becjarrettdalton
plc
plc
26 June 2015

Can I use land as a deposit for a construction loan?

Can I use land as a deposit for a construction loan?

Yes, as others have said, you can use the equity in the land going forward on the construction loan. Note that there will be stamp duty to pay on market value even…

5
861
plc
Jun 26, 2015 2:54 am
4
652
jas0nt
Jun 17, 2015 9:05 pm
becjarrettdalton
becjarrettdalton
17 June 2015

AFG Home Loans?

AFG Home Loans?

At the end of the day when I am offering some lesser known lenders I say this: You're borrowing from them - so you have their money, not the other way around - if they…

4
561
becjarrettdalton
Jun 17, 2015 1:12 pm
becjarrettdalton
plc
plc
16 June 2015

how much extra to have on top of deposit?

how much extra to have on top of deposit?

As Rebecca said, minimum is 5% for deposit plus approx. 5% for closing costs. The issue will arise if valuation comes back short, then you will have to find more funds…

8
1248
plc
Jun 16, 2015 11:08 pm
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

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3828
Roomeat
Jun 16, 2015 10:51 pm
Roomeat
becjarrettdalton
becjarrettdalton
16 June 2015

Home Loan question

Home Loan question

NOT giving tax advice, here's a quick blog post I have written which might make sense of the above advice http://homeloancomparison.com.au/offset ... investors/

6
817
becjarrettdalton
Jun 16, 2015 10:18 pm
becjarrettdalton
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
1161
becjarrettdalton
Jun 16, 2015 10:12 pm
becjarrettdalton
Gunna
Gunna
15 June 2015

Building A New Home In Providence

Building A New Home In Providence

Mortgage broker? I used Jason Pritchard from Mortgage Choice

1
366
Gunna
Jun 15, 2015 11:04 am
leighton
leighton
13 June 2015

Valuation lower - what to do?

Valuation lower - what to do?

Quite a lot of builders charge a significant amount for site costs (these are not costs but charges) to make up for what is essentially a low base price. Just the way they…

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2145
leighton
Jun 13, 2015 5:58 am
leighton
Stuart05
Stuart05
13 June 2015

No Lawyer/Conveyancer for the construction Loan?

No Lawyer/Conveyancer for the construction Loan?

if you aren't comfortable at being able to understand the building contract then it may well be worth having a lawyer look over it (I think you will find a conveyancer…

5
683
Stuart05
Jun 13, 2015 1:17 am
plc
plc
3 June 2015

Loan Qs

Loan Qs

Hi Winderic, Unfortunately you have committed the worst sin for investing. As you mentioned by paying extra into your current property, you have effectively missed out on…

1
502
plc
Jun 03, 2015 2:03 am
plc
plc
28 May 2015

Finance Rate

Finance Rate

Average rate is presently 4.3X% or around there - depending on loan amount and % borrowed, but, there are great offers well under this…

10
1299
plc
May 28, 2015 12:38 pm
Cherie4444
Cherie4444
17 May 2015

finance and insurance issues

finance and insurance issues

I have terminated my builder now I need some advice on where to find builders that are willing to complete a half built house? Also can anyone explain the insurance and…

0
496
Cherie4444
May 17, 2015 9:10 am
Shambini
Shambini
8 May 2015

Understanding the KDR finance process

Understanding the KDR finance process

We also allowed a dollar amount in our contract for selection upgrades. We tried to include as much detailed pricing in the contract as possible. The builder had us do…

19
1564
Shambini
May 08, 2015 6:39 am
Shambini
annielee
annielee
30 April 2015

Applying credit card while waiting for loan

Applying credit card while waiting for loan

thanks for all the reply... the reason i wanted a credit card is to get point for QFF with some purchases that i might be buying before the house/land is ready.. im…

3
1014
annielee
Apr 30, 2015 11:00 am
becjarrettdalton
becjarrettdalton
17 April 2015

Land valuation confusion

Land valuation confusion

Thats ok - if you have any dramas let us know!

9
1453
becjarrettdalton
Apr 17, 2015 3:20 pm
becjarrettdalton
jb_money
jb_money
15 April 2015

Construction loan confusion

Construction loan confusion

Hi Psyherin: I suggest we look at St. George Bank. The reason is St. George Bank could possibly get a valuation for your before the construction is finished. You…

8
1992
jb_money
Apr 15, 2015 10:23 pm
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
1237
light487
Apr 13, 2015 5:11 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
622
plc
Apr 10, 2015 12:44 am
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
1051
becjarrettdalton
Mar 25, 2015 11:52 am
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
1106
sprakk
Mar 19, 2015 10:06 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
930
questionable
Mar 17, 2015 12:57 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
417
becjarrettdalton
Mar 17, 2015 12:23 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
484
becjarrettdalton
Mar 17, 2015 12:21 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
715
becjarrettdalton
Mar 11, 2015 9:44 pm
becjarrettdalton


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