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Last Post
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
909
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
750
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
893
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
806
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
445
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
654
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
1303
Leksie5000
Jan 21, 2015 11:59 am
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
813
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
798
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
831
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
810
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
866
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
1279
jb_money
Dec 08, 2014 2:37 pm
6
3365
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
1617
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
624
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
2454
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
1860
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
2451
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
1735
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
1307
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
1447
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
1118
emperor_j
Nov 15, 2014 8:33 am
5
835
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
1529
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
743
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
1096
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
1190
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
1578
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
950
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
684
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
909
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
1232
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
828
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…

12
1506
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
756
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
785
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
11749
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
627
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
845
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
1555
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
1247
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
2618
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
1336
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
2168
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
1547
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
1334
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
841
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
873
joannek
Jul 15, 2014 11:09 pm


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