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. …
Jun 20, 2016 11:33 am
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…
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…
Land Contract Advise
Which city are you in, I may be able to recommend a professional in the area who can help you with your situation.
May 04, 2016 12:09 am
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…
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
Confirmation on loan amount
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…
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…
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…
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…
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…
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.…
Suncorp Bank Home LOan
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…
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…
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…
HELP!!!! HOME LOAN QUESTION.
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…
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.
Nov 06, 2015 5:16 pm
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%…
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…
Paying mortgage whilst building
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…
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…
Thoughts on mutual banks?
In short, organisations such as mutuals, building societies and credit unions can provide some excellent value products. That said, they normally have their…
Substitution of Security
Yes I've done that. Speak to the bank ASAP so you have all the paperwork in place for settlement.
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…
Oct 09, 2015 9:58 am
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…
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…
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.
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…
Jul 28, 2015 11:31 am
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,…
Jul 27, 2015 1:30 pm
genuine savings question
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…
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.