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Home Finance
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Last Post
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
1389
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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4180
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/

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912
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…

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1313
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
415
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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2426
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
726
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
551
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
1355
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
537
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…

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1769
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
1068
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
1578
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
2118
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
1316
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
674
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
1154
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…

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1224
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
1119
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
455
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
547
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
848
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
1080
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
846
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
950
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
882
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
490
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
748
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
1449
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
900
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
900
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
992
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
874
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
991
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
1362
jb_money
Dec 08, 2014 2:37 pm
6
3474
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…

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1849
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
721
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
2529
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
1951
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%?

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2701
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
1903
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
1437
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.

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1563
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
1201
emperor_j
Nov 15, 2014 8:33 am
5
955
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
1659
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
805
becjarrettdalton
Nov 10, 2014 6:45 pm
becjarrettdalton

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