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Last Post
cloudy
cloudy
14 December 2015

Building home on parent's vacant block - tenants in common

Building home on parent's vacant block - tenants in common

Background: - My father owns three blocks of land which makes up his farm in WA. One he is living on, the second has sheds and house (I live and rent in) and the third is…

0
463
cloudy
Dec 14, 2015 12:44 am
plc
plc
21 November 2015

HELP!!!! HOME LOAN QUESTION.

HELP!!!! HOME LOAN QUESTION.

McKenz, As Bec alluded to, 5% is a minimum nowadays (plus extra to cover stamps and excess of LMI over the allowable cap). You being a FHB also allows you to claim a…

3
1302
plc
Nov 21, 2015 12:37 am
kew23
kew23
6 November 2015

Land Valuation

Land Valuation

Hi I'm new to the forum and i was just wondering is there anyone who has bought land in Mandalay Beveridge. Has anyone had any problems with getting their land Valued.

0
952
kew23
Nov 06, 2015 5:16 pm
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1894
New_Robinhood
Nov 06, 2015 12:43 pm
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
624
aloenyx
Nov 01, 2015 7:41 pm
aloenyx
alymei
alymei
29 October 2015

FHOG and Home loan

FHOG and Home loan

We are both from NZ and its not been a problem. We also got FHOG, although we had owned a property in NZ, but we had to pay stampduty. Our NZ passports were lodged with…

13
1415
alymei
Oct 29, 2015 6:44 pm
Barb2build2016
Barb2build2016
24 October 2015

Paying mortgage whilst building

Paying mortgage whilst building

Hi, Just wondering if anyone knows how I can get my mortgage, or if I have to move, my rent paid whilst I build? I'm either looking to buy a small property and build at…

0
757
Barb2build2016
Oct 24, 2015 5:08 pm
Nic and Shell 1
Nic and Shell 1
24 October 2015

Urgent bankwest construction loan q

Urgent bankwest construction loan q

Sorry for the late reply, you might have better luck with them, we had issues but I was pleased with the customer service they always answered emails relatively quick. And…

14
1494
Nic and Shell 1
Oct 24, 2015 1:15 pm
naritas
naritas
18 October 2015

Thoughts on mutual banks?

Thoughts on mutual banks?

Hi LisaDern, In short, organisations such as mutuals, building societies and credit unions can provide some excellent value products. That said, they normally have their…

5
755
naritas
Oct 18, 2015 9:50 pm
naritas
travelbug
travelbug
14 October 2015

Substitution of Security

Substitution of Security

Yes I've done that. Speak to the bank ASAP so you have all the paperwork in place for settlement.

2
472
travelbug
Oct 14, 2015 5:46 pm
naritas
naritas
13 October 2015

Owner Occupied Loan Rental for 6months

Owner Occupied Loan Rental for 6months

Hi VA773ER, You'll find an extremely useful article on this topic located here:…

2
515
naritas
Oct 13, 2015 8:06 pm
naritas
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
710
Ponzu
Oct 09, 2015 9:58 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
1093
aloenyx
Sep 26, 2015 10:16 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
466
becjarrettdalton
Sep 09, 2015 12:36 pm
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
565
becjarrettdalton
Sep 08, 2015 2:36 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
1015
SaberX
Sep 06, 2015 2:34 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
881
1st-timers
Sep 04, 2015 8:45 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
1275
plc
Sep 04, 2015 3:21 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
481
becjarrettdalton
Aug 30, 2015 10:48 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.

7
877
becjarrettdalton
Aug 17, 2015 5:37 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
757
becjarrettdalton
Aug 17, 2015 9:22 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"…

4
1416
Leksie5000
Aug 07, 2015 3:58 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

32
1939
Holly_wood81
Aug 04, 2015 4:28 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

11
1359
sko24
Jul 28, 2015 11:31 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
817
Ponzu
Jul 27, 2015 1:30 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
1047
jb_money
Jul 24, 2015 9:18 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
619
becjarrettdalton
Jul 23, 2015 9:57 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
1070
becjarrettdalton
Jul 23, 2015 11:47 am
becjarrettdalton
3
567
Linda01
Jul 22, 2015 1:20 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
560
plc
Jul 21, 2015 12:31 am
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
661
travelbug
Jul 20, 2015 5:49 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
527
Building4my3tots
Jul 17, 2015 10:06 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
801
becjarrettdalton
Jul 07, 2015 11:08 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
891
plc
Jun 26, 2015 3:54 am
4
675
jas0nt
Jun 17, 2015 10:05 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
591
becjarrettdalton
Jun 17, 2015 2:12 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
1311
plc
Jun 17, 2015 12:08 am
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
3975
Roomeat
Jun 16, 2015 11:51 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
838
becjarrettdalton
Jun 16, 2015 11:18 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
1211
becjarrettdalton
Jun 16, 2015 11:12 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
379
Gunna
Jun 15, 2015 12:04 pm
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…

18
2270
leighton
Jun 13, 2015 6:58 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
701
Stuart05
Jun 13, 2015 2:17 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
520
plc
Jun 03, 2015 3:03 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
1323
plc
May 28, 2015 1:38 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
514
Cherie4444
May 17, 2015 10:10 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
1643
Shambini
May 08, 2015 7:39 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
1030
annielee
Apr 30, 2015 12:00 pm

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