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Last Post
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
1266
plc
Feb 23, 2016 12:31 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
969
deejay08
Feb 17, 2016 5:49 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
642
deejay08
Feb 15, 2016 9:38 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
1647
plc
Feb 08, 2016 7:31 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
1490
deejay08
Jan 29, 2016 4:42 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
1024
plc
Jan 28, 2016 6:41 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
949
plc
Jan 28, 2016 6:29 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
513
plc
Jan 28, 2016 5:58 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
1252
naritas
Jan 27, 2016 10:29 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
1050
plc
Jan 12, 2016 12:30 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
994
building-expert
Jan 10, 2016 1:05 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
2325
pieeater
Dec 24, 2015 11:05 am
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
492
cloudy
Dec 13, 2015 11:44 pm
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
1357
plc
Nov 20, 2015 11:37 pm
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
978
kew23
Nov 06, 2015 4:16 pm
12
1984
New_Robinhood
Nov 06, 2015 11:43 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
682
aloenyx
Nov 01, 2015 6:41 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
1618
alymei
Oct 29, 2015 5:44 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
792
Barb2build2016
Oct 24, 2015 4:08 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
1637
Nic and Shell 1
Oct 24, 2015 12:15 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
822
naritas
Oct 18, 2015 8:50 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
527
travelbug
Oct 14, 2015 4:46 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
554
naritas
Oct 13, 2015 7:06 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
737
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
1137
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
503
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
597
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
1057
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
942
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
1401
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
518
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.

7
910
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
908
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"…

4
1471
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

32
2166
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

11
1401
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
836
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
1111
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
651
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
1177
becjarrettdalton
Jul 23, 2015 10:47 am
becjarrettdalton
3
590
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
586
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
731
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
573
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
895
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
965
plc
Jun 26, 2015 2:54 am
4
719
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
643
becjarrettdalton
Jun 17, 2015 1:12 pm
becjarrettdalton

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