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Last Post
jb_money
jb_money
20 January 2015

What can you include in your construction loan.

What can you include in your construction loan.

Hi Bec, It is important that you provide the bank and valuer all quotes including floor coverings and try and see if you can include the driveway and landscaping into the…

2
807
jb_money
Jan 20, 2015 9:31 am
becjarrettdalton
becjarrettdalton
14 January 2015

CUA construction loan

CUA construction loan

Glad to know you had a great broker and got there - that I LOVE to hear, it's why I love my job! FIFO is tough, you do it for a reason, shouldn't be the reason you aren't apprved.

7
785
becjarrettdalton
Jan 14, 2015 6:40 pm
becjarrettdalton
questionable
questionable
9 January 2015

Help, what would you do??

Help, what would you do??

Wanted to cover all bases! Would love to avoid renting if we could, but do accept it may be the way things have to be..

8
825
questionable
Jan 09, 2015 12:43 pm
becjarrettdalton
becjarrettdalton
18 December 2014

Bank val for construction loans

Bank val for construction loans

I absolutely understand! There's only one way to find out - get your broker to order a valuation and see what you're working with. There are lenders who will consider up…

3
803
becjarrettdalton
Dec 18, 2014 9:17 am
becjarrettdalton
becjarrettdalton
becjarrettdalton
17 December 2014

Progress Payments

Progress Payments

Yep, exactly, if they're satisfied the work is done - and yes your repayments creep up a little with each progress payment - you should be paying interest only on the plan…

4
844
becjarrettdalton
Dec 17, 2014 10:01 am
becjarrettdalton
jb_money
jb_money
8 December 2014

Having one Loan for Land and House

Having one Loan for Land and House

Hi There, You can do a land loan first with most lenders with a 5% deposit depending on valuation and then do another one just for the build. In total it can work out to…

3
1273
jb_money
Dec 08, 2014 2:37 pm
6
3352
emski83
Dec 05, 2014 9:03 am
becjarrettdalton
becjarrettdalton
3 December 2014

In a bit of a dilemma...

In a bit of a dilemma...

Oh no, the point is if it's not needed the builder varies it back out - it's a simple fix and often done. Not a cent more is spent than needs to. Happy to explain to…

19
1584
becjarrettdalton
Dec 03, 2014 7:49 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
28 November 2014

Mortgagehouse

Mortgagehouse

Ahhh, how big is the footprint? Get the builder to lay your plans on there so you get the aspect. Need room for a swing set or a trampoline!

5
619
becjarrettdalton
Nov 28, 2014 6:26 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
27 November 2014

Land valuation @ The Ponds and Surrounds ..

Land valuation @ The Ponds and Surrounds ..

OK, so it can go one of two ways - the valuer could say at settlement it was worth the price you paid - and therefore give that value, or, hopefully it goes on comparative…

19
2451
becjarrettdalton
Nov 27, 2014 3:02 pm
becjarrettdalton
jb_money
jb_money
25 November 2014

Help for first home buyer!

Help for first home buyer!

Hi Steve, Yeah being a first home buyer is hard especially when you aren't sure where to even start. You generally need a minimum of 5% genuine savings + costs as a…

5
1850
jb_money
Nov 25, 2014 7:05 am
becjarrettdalton
becjarrettdalton
23 November 2014

Where to start for a two newbies!

Where to start for a two newbies!

HI, How far away is your build contract? What state are you building in? And what do you need to borrow as a percentage of the total cost, for example are you borrowing 80%?

19
2431
becjarrettdalton
Nov 23, 2014 12:01 pm
becjarrettdalton
Oak Laurel
Oak Laurel
20 November 2014

Land settlement fees

Land settlement fees

Hi there, your conveyancer is the one who will do all of the calculations and give instructions on who gets paid what amount on settlement. They will direct the bank to…

17
1719
Oak Laurel
Nov 20, 2014 6:57 pm
Oak Laurel
Oak Laurel
Oak Laurel
20 November 2014

Adding a pool to the mortgage?

Adding a pool to the mortgage?

Hi, usually having interest only a loan and not having paid down the loan much will not be a factor in the bank's criteria for extending your home loan. As Rebecca (above)…

4
1295
Oak Laurel
Nov 20, 2014 6:11 pm
Oak Laurel
Leksie5000
Leksie5000
16 November 2014

Construction loan advice

Construction loan advice

Thanks Tom this was my interpretation also.

8
1434
Leksie5000
Nov 16, 2014 4:53 pm
emperor_j
emperor_j
15 November 2014

New home & land purchase - loan situation - questions!

New home & land purchase - loan situation - questions!

Hi, It is good to here that all things are sorted now, well-getting loan is very difficult thing to achieve. One of my friend has taken loan with the help of Eden Loans…

3
1112
emperor_j
Nov 15, 2014 8:33 am
5
821
becjarrettdalton
Nov 10, 2014 9:52 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
10 November 2014

Construction Loan - All Approved BUT unexpected situation

Construction Loan - All Approved BUT unexpected situation

Hi Joshua, generally once the loan is approved and settled (even if only partially) the bank doesn't re-check your employment - they don't want to be stuck with a half…

5
1515
becjarrettdalton
Nov 10, 2014 7:10 pm
becjarrettdalton
becjarrettdalton
becjarrettdalton
10 November 2014

Include inclusions/upgrades in quote for Valuation?

Include inclusions/upgrades in quote for Valuation?

I absolutely agree, show the bank everything, you don't have to borrow more but if its included in the valuation it could even get you out of mortgage insurance territory…

2
735
becjarrettdalton
Nov 10, 2014 6:45 pm
becjarrettdalton
MyH1Login
MyH1Login
16 October 2014

Stamp Duty Reduction for first home buyers in Victoria

Stamp Duty Reduction for first home buyers in Victoria

Just called SRO- Victoria You have bought a land that has settled on or after 01 Jul 2013 and paid full stamp duty. Then you have entered…

4
1086
MyH1Login
Oct 16, 2014 9:08 pm
MyH1Login
vivmak
vivmak
5 October 2014

Would you build with these finances?

Would you build with these finances?

Nobody else but you would need to find answer to the following question : Will the price of my current dwelling go up ir down in the time new house is being built? Also,…

7
1187
vivmak
Oct 05, 2014 7:40 pm
building-expert
building-expert
28 September 2014

Credit Report problems

Credit Report problems

I think it is not their qualifications that is an issue, they will have a degree or diploma, but the risk management. They will have to assume likely value in the event of…

13
1559
building-expert
Sep 28, 2014 8:15 am
building-expert
harryaustin
harryaustin
26 September 2014

Personal Finance Calculator: What do you use?

Personal Finance Calculator: What do you use?

These works really fine... I.m also using the one named "Loans Calculator For Australia" which is a smartphone app and makes every financial calculations with much ease.

1
936
harryaustin
Sep 26, 2014 11:08 pm
CB Invest
CB Invest
22 September 2014

Value adding upgrades?

Value adding upgrades?

Hi, Adding value really depends on the property, the suburb, the attributes of the home and what the land can be used for. It all comes down to the comparable properties…

1
677
CB Invest
Sep 22, 2014 5:44 pm
plc
plc
16 September 2014

Knock down rebuild with an existing mortgage

Knock down rebuild with an existing mortgage

Yep, the construction is normally a separate loan during building drawn in stages, and then amalgamated into one at completion. As for LVR, it can go up to 95% LVR, but…

1
894
plc
Sep 16, 2014 12:14 am
travelbug
travelbug
14 September 2014

FHOG enquiry

FHOG enquiry

You can own an investment property (as long as you haven't lived in it) and still get the grant so I don't see how a block of land would be any different.

6
1218
travelbug
Sep 14, 2014 7:53 pm
shadowarrior
shadowarrior
10 September 2014

Ready cash calculation for purchasing land and building

Ready cash calculation for purchasing land and building

Hi Guys, Thanks for the replies. I think I was making the mistake of thinking that 5% deposit (real savings) needs to be deposited with bank which is on top of our cost…

3
820
shadowarrior
Sep 10, 2014 4:08 pm
trixee
trixee
10 September 2014

How long should a response from a mortgage broker take?

How long should a response from a mortgage broker take?

I'd ditch her and move on too. My broker answers all my emails pretty much straight away, bless her as I have been a little bit of a pest I think, been keeping in contact…

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1491
trixee
Sep 10, 2014 1:06 am
trixee
bermuda23
bermuda23
9 September 2014

Construction loan questions

Construction loan questions

Yes, you're right. The loan is with Macquaire. The application fee and valuation is nil in their schedule of fees and charges. But this construction loan admin fee is very…

2
751
bermuda23
Sep 09, 2014 10:05 am
DarrenB
DarrenB
7 September 2014

GOOD broker in Melbourne?

GOOD broker in Melbourne?

Cheers for the replies. I will get in contact with them this week and see how we go. :)

3
783
DarrenB
Sep 07, 2014 11:01 am
plc
plc
4 September 2014

Low valuation - what to do?

Low valuation - what to do?
1, 2, 3

Ok thanks for that! When do you find out if it's been undervalued etc, when they come back with their finance offer? Does the bank actually tell…

45
11593
plc
Sep 04, 2014 12:01 am
archetto
archetto
3 September 2014

WA - FHOG & Stamp Duty refunds

WA - FHOG & Stamp Duty refunds

Found out we can apply for it now that we have a signed building contract but it doesn't get paid until the slab has been laid. When we get a letter in the mail that our…

2
622
archetto
Sep 03, 2014 3:43 pm
archetto
AussieMark
AussieMark
3 September 2014

westpac miscalculate interest

westpac miscalculate interest

Raise it to customer service and articulate what your instructions were. They will pull out what instructions they have on file and if they have wrongly charged you they…

5
829
AussieMark
Sep 03, 2014 1:41 am
Drekko
Drekko
1 September 2014

Can i afford to live in my home

Can i afford to live in my home

If you are planning on the property bring an investment property down the track then borrow the 90% and the LMI. Down the track when…

17
1544
Drekko
Sep 01, 2014 1:18 pm
Drekko
Cranzy
Cranzy
26 August 2014

Land first then construction - confusing calculation.

Land first then construction - confusing calculation.

The only variable will depend on your total "as if complete" valuation come construction time. So if you can retain the 20% equity in the land,…

6
1238
Cranzy
Aug 26, 2014 12:00 pm
Cranzy
Crazyk
Crazyk
11 August 2014

overcapitalisation ???

overcapitalisation ???
1, 2

Be careful with gifted funds if you plan to give them back. The lender will make them part of the loan. As the OP said, and you said yourself, he has no issue with…

27
2582
Crazyk
Aug 11, 2014 7:38 pm
Crazyk
Seethe1
Seethe1
6 August 2014

Nervous about approval

Nervous about approval

Do up your own budget and also adopt standard living costs at about 30k for a couple and 16k per child. For the loan repayments use a principal and interest calculator…

7
1324
Seethe1
Aug 06, 2014 8:31 pm
bpratt
bpratt
31 July 2014

Can anyone help with advise with a Land & Construction loan

Can anyone help with advise with a Land & Construction loan

I just joined, so I am not allowed to send any messages/replies. Would you have an idea as to when we are allowed to send messages, from…

10
2155
bpratt
Jul 31, 2014 9:20 am
plc
plc
31 July 2014

House & land package vs land first-negotiate with a builder?

House & land package vs land first-negotiate with a builder?

If you like the block, you like the builder and you are happy with the plan (or the builder is happy to make changes)…

8
1525
plc
Jul 31, 2014 2:38 am
KGsGirl
KGsGirl
29 July 2014

Builder Progress Payments

Builder Progress Payments

In the end, St G agreed to the builders list of progress payments except they swapped the last 2 around as they needed minimum 10% for the final payment. Builder agreed…

7
1321
KGsGirl
Jul 29, 2014 6:21 pm
KGsGirl
jb_money
jb_money
21 July 2014

FHO - having trouble with vacant lot finance w CBA

FHO - having trouble with vacant lot finance w CBA

Ah this is quiet a tricky predicament indeed... Property in close proximity (within 100m) to High Voltage Power lines will likely be considered unfavorably by most…

2
824
jb_money
Jul 21, 2014 4:39 pm
joannek
joannek
15 July 2014

Architect/design fees and deposit

Architect/design fees and deposit

Our plans became absorbed (deducted) from the construction cost. I think we were only left $2000 out of pocket for the plans.

6
862
joannek
Jul 15, 2014 11:09 pm
jane1970
jane1970
5 July 2014

Conveyancing & Legal Services?

Conveyancing & Legal Services?

Try Williams Boxsell Georgas Lawyers. We used them for complex property purchases and legal advises. http://www.wbglawyers.com.au/

1
557
jane1970
Jul 05, 2014 5:55 pm
jb_money
jb_money
23 June 2014

First home buyer: expecting low valuation

First home buyer: expecting low valuation

The main reason that valuations come in low is that the valuer did not find any comparable sales to support the value that you estimated. However there could be other…

7
1409
jb_money
Jun 23, 2014 11:34 am
LaceyM
LaceyM
3 June 2014

FINANCE or NOT heating&cooling & fencing & landscaping

FINANCE or NOT heating&cooling & fencing & landscaping

If you bought in an estate read over the design guidelines, in ours we must have all visible works (front landscaping, letterbox, fencing) done within the first 3 months…

3
816
LaceyM
Jun 03, 2014 1:49 pm
LaceyM
CH2012
CH2012
2 June 2014

FHOG Question - One eligible person in couple

FHOG Question - One eligible person in couple

Also they ask for a copy of the contract if I recall correctly, which shows you both purchasing

13
1218
CH2012
Jun 02, 2014 8:48 pm
Beetaloo
Beetaloo
30 May 2014

Construction Loan - Westpac Bank

Construction Loan - Westpac Bank

If you include such items as: - light fittings - landscaping - retaining walls - concreting - carpet - pergolas on the documents you lodge with your bank they will…

5
1492
Beetaloo
May 30, 2014 9:16 pm
Beetaloo
shape
shape
29 May 2014

Unconditional Approval, but questions around settlement

Unconditional Approval, but questions around settlement

14 days settles from date the notice was sere is common for Off the plan and vacant lands. 1. Try to get an extension to 21 days, it be less stressful for you. 2. Your…

10
3766
shape
May 29, 2014 7:50 am
shape
V1SHRNZ
V1SHRNZ
26 May 2014

Lender's mortgage insurance - how did you pay it?

Lender's mortgage insurance - how did you pay it?

LMI is capitalised onto the loan by the bank. However if you borrow more than 90% then the LMI amount shoots up drastically. Try to keep to a 90% lend as you will tend…

8
1226
V1SHRNZ
May 26, 2014 4:26 pm
V1SHRNZ
shape
shape
22 May 2014

St George Construction Loan

St George Construction Loan

Hi Yaditya Are you looking to use equity in the land that you're looking to build on? Have you settled on this land…

6
800
shape
May 22, 2014 11:03 pm
shape


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