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Last Post
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
847
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
619
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
1382
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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1849
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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1335
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
800
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
987
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
594
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
968
becjarrettdalton
Jul 23, 2015 10:47 am
becjarrettdalton
3
548
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
536
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
642
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
491
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
759
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
851
plc
Jun 26, 2015 2:54 am
4
646
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
554
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
1231
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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3766
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
808
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
1142
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
361
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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2107
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
678
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
496
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
1292
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
486
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
1550
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
1008
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
1439
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
1971
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
1216
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
617
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
1040
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
1104
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
914
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
411
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
482
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
688
becjarrettdalton
Mar 11, 2015 9:44 pm
becjarrettdalton
Ponzu
Ponzu
10 March 2015

2nd home loan

2nd home loan

You don't say the value of the current house so no idea on what equity you have in that house. So you have the deposit for the next purchase?…

10
895
Ponzu
Mar 10, 2015 3:08 pm
travelbug
travelbug
24 February 2015

Better to sell first, rent while building a new house or not

Better to sell first, rent while building a new house or not

The most important thing is to speak to your bank. Some banks don't like lending for a build when they have no collateral (ie the land). You don't want to be buying…

4
742
travelbug
Feb 24, 2015 9:27 am
becjarrettdalton
becjarrettdalton
19 February 2015

Finance decline and getting our deposit back

Finance decline and getting our deposit back

Agree with Tom, and you sound like you could be approaching the sunset clause date - also get a second opinion on the finance, you may have other options. Not all lenders…

2
888
becjarrettdalton
Feb 19, 2015 1:29 pm
becjarrettdalton
ObuRamaraj
ObuRamaraj
17 February 2015

Saving money on your home loan

Saving money on your home loan

Hi First_sale, Both Bec and jb_money are right. If you want to pay off your home loan, you have to pay extra money into your loan. The choice depends on your strategy…

3
791
ObuRamaraj
Feb 17, 2015 9:48 am
ObuRamaraj
Matt1
Matt1
9 February 2015

Reasonable Conveyancer Pricing & Practise?

Reasonable Conveyancer Pricing & Practise?

I paid $990 (each) to sell a house and buy a block of land in the middle of 2013 (in NW Sydney). Around $1000 was fairly common in NW Sydney at the time. I would have no…

1
437
Matt1
Feb 09, 2015 7:26 pm
Matt1
bigdreamer
bigdreamer
5 February 2015

Credit Report - Consumer Credit Enquiries

Credit Report - Consumer Credit Enquiries

Thanks so much for your replies! I only have 2 inquiries for last year (none in the last 6 months) and none for this year so sounds like I should be okay. I wonder why my…

4
641
bigdreamer
Feb 05, 2015 5:19 pm
Leksie5000
Leksie5000
21 January 2015

Getting loan while pregnant

Getting loan while pregnant

Well, my thought on that is it's not impossible she was right, it's also not impossible she was wrong, bank staff are under a lot of…

10
1278
Leksie5000
Jan 21, 2015 11:59 am


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