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Last Post
bank
bank
20 June 2016

Pay LMI or save up some more?

Pay LMI or save up some more?

Yes there would be no LMI on the land loan. Then some or none on your construction loan depending on if you save 20% of the build cost by the time you want to build. …

7
1261
bank
Jun 20, 2016 11:33 am
bank
aussieta
aussieta
21 May 2016

Title Insurance and Caveat worth it?

Title Insurance and Caveat worth it?

dont worry about the caveat basically means nobody can sell the land without your approval the finance company will have lodged their own caveat until you pay the loan…

11
3015
aussieta
May 21, 2016 1:07 pm
aussieta
plc
plc
11 May 2016

Deposit/loan advice

Deposit/loan advice

When the bank does the valuation, they will take into account the land and construction as one for LVR purposes. As the OP already has equity in the land (and assuming it…

5
2182
plc
May 11, 2016 2:21 am
Saluja
Saluja
5 May 2016

Land Contract Advise

Land Contract Advise

Hi Thomas Which city are you in, I may be able to recommend a professional in the area who can help you with your situation. Regards, Harish

2
865
Saluja
May 05, 2016 10:45 am
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
2049
Ponzu
May 04, 2016 12:09 am
nakedmind
nakedmind
19 April 2016

Investment loan for construction

Investment loan for construction

Hi all, How feasible is it these days to get a 95% LVR construction investment loan?

0
445
nakedmind
Apr 19, 2016 2:27 pm
Glendale45
Glendale45
26 March 2016

Land valuation

Land valuation
1, 2

Thank you, I've heard so many different days that it lasts. But our broker is telling me it is only good for the one contract we take to the bank. If we take a different…

21
3021
Glendale45
Mar 26, 2016 10:58 am
Glendale45
aloenyx
aloenyx
18 March 2016

Recommend a good broker in melbourne

Recommend a good broker in melbourne

Your probably sorted already, but my broker has been fantastic. She's got an office on Stud Road, in one of the shopping centers. Happy to give you her details, send me a PM :)

3
1386
aloenyx
Mar 18, 2016 9:08 pm
aloenyx
naritas
naritas
29 February 2016

Confirmation on loan amount

Confirmation on loan amount

Hi OP, Just thought I'd chime in given you're asking about wanting to borrow more money than your broker had told you was feasible. You may be right in thinking some…

7
1586
naritas
Feb 29, 2016 10:40 pm
naritas
plc
plc
23 February 2016

Selling and Buying - current loan is guaranteed

Selling and Buying - current loan is guaranteed

You are really out of luck I would say Zelda. Lenders only allow security guarantors nowadays, the only lender I know that allows servicing guarantors (income) are ANZ but…

4
1327
plc
Feb 23, 2016 1:31 am
deejay08
deejay08
17 February 2016

HIA CONTRACT

HIA CONTRACT

How far could they have gotten in to your build if the finance hadn't been secured? I'm guessing a site survey and plans/tender prep is about it? So depends on how much…

2
1004
deejay08
Feb 17, 2016 6:49 pm
deejay08
deejay08
15 February 2016

Altering builder contract/tender if not approved

Altering builder contract/tender if not approved

Oh no you just need your tender to apply for a construction loan...your contract will be submitted later.

2
671
deejay08
Feb 15, 2016 10:38 pm
plc
plc
8 February 2016

Changing Lender from Land Loan to construction loan

Changing Lender from Land Loan to construction loan

Obviously some people don't read the rules prior to joining this forum. You included. Your first post and it's a blatant self servicing advertisement. Not even a hint of…

16
1752
plc
Feb 08, 2016 8:31 pm
deejay08
deejay08
29 January 2016

Loan approval prior to land registration

Loan approval prior to land registration

Yeah we would be classed as no 3 in your scenario naritas..sort of. We went direct to the lender so no broker in the middle (don't like them) and have an off the shelf…

9
1576
deejay08
Jan 29, 2016 5:42 pm
plc
plc
28 January 2016

Borrowing after construction is completed

Borrowing after construction is completed

If your builder doesn't want to do it, but your bank allows third party quotes, get them done for the fencing, etc and include them along with your building contract to…

7
1102
plc
Jan 28, 2016 7:41 pm
plc
plc
28 January 2016

Employment history and loan application

Employment history and loan application

It all depends on what the mitigating circumstances are. If you are moving within the same industry and you have moved to a higher paying role, even with probation it…

5
1000
plc
Jan 28, 2016 7:29 pm
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
542
plc
Jan 28, 2016 6:58 pm
naritas
naritas
27 January 2016

Suncorp Bank Home LOan

Suncorp Bank Home LOan

Hi Gunners13, Suncorp is somewhat overpriced for construction lending at present. Our company has placed a significant volume of loans with them over the years and the…

4
1465
naritas
Jan 27, 2016 11:29 am
naritas
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
1107
plc
Jan 12, 2016 1:30 am
building-expert
building-expert
10 January 2016

Provision Cost

Provision Cost

On the face of it no because your bank is lending you for the building contract and they will be advancing against payments to the builder not to you. Another issue is…

2
1018
building-expert
Jan 10, 2016 2:05 pm
building-expert
pieeater
pieeater
24 December 2015

ING For Construction Loan

ING For Construction Loan

Although it is a little of track I think it might benefit some by relaying my experience with ING Bank and their home loans. It has been 2 months since I first posted and…

18
2444
pieeater
Dec 24, 2015 12:05 pm
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
512
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
1397
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
1006
kew23
Nov 06, 2015 5:16 pm
12
2028
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
712
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
1672
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
811
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
1775
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
866
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
563
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
587
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
755
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
1168
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
528
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
617
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
1076
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
983
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
1558
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
549
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
930
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
1026
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
1507
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
2287
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
1425
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
848
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
1170
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
670
becjarrettdalton
Jul 23, 2015 9:57 pm
becjarrettdalton

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