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plc
plc
4 January 2013

construction loan for renovations - the initial valuation

construction loan for renovations - the initial valuation

Definitely construction loan then. Just need to be aware that because the extension will cost about 300K doesn't mean that it will add $300K to the valuation, the value…

4
662
plc
Jan 04, 2013 4:05 pm
Miss Mia
Miss Mia
3 January 2013

Help? Title/settlement of land and how to pay?

Help? Title/settlement of land and how to pay?

Cross collaterising won't make a 90% LVR loan decrease to 80% LVR Magically....it's just the way the loan is structured and a simple game of…

12
1082
Miss Mia
Jan 03, 2013 9:21 pm
jb_money
jb_money
3 January 2013

Anyone know RAMS policy?

Anyone know RAMS policy?

Last copy of Rams policy I have (2010) says that bonus is unacceptable income. However note that sometimes…

3
1070
jb_money
Jan 03, 2013 4:28 pm
jb_money
jb_money
18 December 2012

Home Loan Structure

Home Loan Structure

Namz if you want to have a higher proportion of your payments as principal in the early years then you just have to make extra repayments. Making extra repayments is the…

2
647
jb_money
Dec 18, 2012 3:24 pm
mynameisjonas
mynameisjonas
5 December 2012

Keystart new loan limit $450k 2% dep

Keystart new loan limit $450k 2% dep

But that argument doesnt make sense.. because for the majority of families these days, if something happens in their life whether they paid a…

19
3229
mynameisjonas
Dec 05, 2012 6:02 pm
stellabella
stellabella
26 November 2012

Finance

Finance

When we were going through the process of getting finance, etc, we'd had so much trouble from the bank who lost a few of our forms and things like that, and ended up with…

4
754
stellabella
Nov 26, 2012 9:37 pm
stellabella
plc
plc
25 November 2012

Tax deductible if building an investment property to sell?

Tax deductible if building an investment property to sell?

Same as the rental answer. Need to prove to the ATO in case you get audited that the intention was to rent the place before you decided to sell it. The property history as…

6
1301
plc
Nov 25, 2012 12:36 am
leisadent
leisadent
17 November 2012

help! condition of property holding back loan approval

help! condition of property holding back loan approval

I got the unconditional approval anyway! The LMI people were satisfied that I have extra savings to cover essential repairs. I'm going ahead with the building inspection…

3
656
leisadent
Nov 17, 2012 10:28 am
notremaison
notremaison
17 November 2012

We are stuck...bad valuation

We are stuck...bad valuation

We bought a property at a really good price a few years ago now. Full renovated 2 bedroom off street car park in a small block. Perfect investment, we went back to the…

16
4487
notremaison
Nov 17, 2012 6:07 am
bears-bub
bears-bub
1 November 2012

CS Legal

CS Legal

uh oh, Honeywood use CS Legal! Might have to look around while I can...

2
909
bears-bub
Nov 01, 2012 9:28 pm
shape
shape
31 October 2012

Circle Credit Union

Circle Credit Union

They are mortgage mangers for a variety of credit unions, meaning they don't lend their "own" funds...they are just the middle man- which is fine... There Construction…

2
988
shape
Oct 31, 2012 6:18 pm
shape
Marty McDonald
Marty McDonald
24 October 2012

HELP, Problem with Westpac

HELP, Problem with Westpac

Not a good situation but I agree wirth Ed. They signed off on it thier problem. I have had a few lenders try and pull their approvals on me / my clients but thankfully…

4
1123
Marty McDonald
Oct 24, 2012 5:46 pm
zahirarose
zahirarose
15 October 2012

Townsville property manager

Townsville property manager

Hi OP, something worth considering is talking to The Tenants Advocacy Group about their experiences with various agents. I know there are some agents in Townsville have a…

3
1502
zahirarose
Oct 15, 2012 11:51 pm
plc
plc
10 October 2012

Construction loan questions - urgent

Construction loan questions - urgent
1, 2

....most pre-approvals are so useless, it's just a marketing tool in my eyes. Seen so many people still get rejected, even after they have the so…

28
3050
plc
Oct 10, 2012 12:34 am
shape
shape
5 October 2012

Anyone self-employed and had trouble getting a home loan?

Anyone self-employed and had trouble getting a home loan?

What I'm worried about is that the brokers use the system generated ways to tell you if you can borrow a certain amount or not, but like…

10
1346
shape
Oct 05, 2012 4:15 pm
shape
gonecountry
gonecountry
2 October 2012

Current St George Loan Process Time - A JOKE!

Current St George Loan Process Time - A JOKE!

Just heard on Friday we received unconditional approval from Westpac! Can't believe what took St George 3 MONTHS took Westpac 9 days!! Sweet sweet relief :)

17
2853
gonecountry
Oct 02, 2012 9:26 am
gonecountry
gonecountry
gonecountry
2 October 2012

Our Construction Loan Nightmare

Our Construction Loan Nightmare

Just heard on Friday we received unconditional approval from Westpac! Can't believe what took St George 3 MONTHS took Westpac 9 days!! Sweet sweet relief :)

8
2456
gonecountry
Oct 02, 2012 9:26 am
gonecountry
MalinViktoria
MalinViktoria
29 September 2012

Paying rent while building

Paying rent while building

Just thought I should check in on this thread; a lot has changed! :lol: Thanks kitkat and juski for your recent replies! Here is an update on our situation and plans: Location…

9
6012
MalinViktoria
Sep 29, 2012 12:58 pm
MalinViktoria
akashra
akashra
26 September 2012

Homeside Processing Times

Homeside Processing Times

I originally had my loan with Homeside. I similarly had multiple issues where responses and outcomes were communicated to be occurring on particular days, and those…

6
1107
akashra
Sep 26, 2012 2:46 pm
andystar70
andystar70
21 September 2012

ANZ Processing Time?

ANZ Processing Time?

Congrats! Where are you buying / building? Yes indeed it was comforting to know we weren't alone!!! :-)

4
2532
andystar70
Sep 21, 2012 7:24 pm
andystar70
shape
shape
13 September 2012

Construction loan

Construction loan

Hi i am going to apply for a construction loan with homestart,we are borrowing $120,000 after we have put a dep of $30,000 down,is a…

10
2961
shape
Sep 13, 2012 6:08 pm
shape
crystarr
crystarr
10 September 2012

Builder Needing Proof of Finances

Builder Needing Proof of Finances

Seems like different people have had different experiences - thanks for your input guys. Was just wondering what everyone else had to do...

9
1114
crystarr
Sep 10, 2012 2:09 pm
plc
plc
9 September 2012

First house - mortgage questions

First house - mortgage questions

tompab, as mentioned by travelbug, if getting a variable rate, look at getting an offset account linked to your home loan instead of relying on redraw. An offset account…

5
1152
plc
Sep 09, 2012 4:58 pm
plc
plc
7 September 2012

Land Price Negotiations

Land Price Negotiations

It doesn't hurt to ask, and see what they say. As for demand, one way of telling is how long they have been on the market. If they're newly released, might be worthwhile…

3
1206
plc
Sep 07, 2012 7:33 pm
macmaz
macmaz
6 September 2012

Can we pay Holding Deposit through Credit Card?

Can we pay Holding Deposit through Credit Card?

Thanks for your replies guys. I have read else where bank doesn't really care how much balance you'd have on your credit cards. It will only check your limits. And…

8
1403
macmaz
Sep 06, 2012 6:17 pm
Konrad
Konrad
26 August 2012

Questions on construction valuation and stockland contracts

Questions on construction valuation and stockland contracts

Hi all, Been reading through alot of the valuable info available on this forum but thought i'd sign up so I could ask a couple of questions specific to my current…

0
623
Konrad
Aug 26, 2012 10:14 pm
laser
laser
23 August 2012

sell/rent/build/move, advice?

sell/rent/build/move, advice?

We did your Option 2 (sorta) .... bridging finance to buy the land, sell our current house, rent between the sale and the completion of the build, then move in to the new…

4
1101
laser
Aug 23, 2012 11:33 am
Echo2k3
Echo2k3
22 August 2012

Confused-conditional approval

Confused-conditional approval

That makes much more sense. Thank you so much plc!

4
940
Echo2k3
Aug 22, 2012 3:35 am
leighton
leighton
20 August 2012

are deposits to builders refundable?

are deposits to builders refundable?

you should definitely seek legal advice as it could be worse than not getting your deposit back . good luck leighton

5
1729
leighton
Aug 20, 2012 2:01 pm
leighton
Caz76
Caz76
19 August 2012

Bank evaluation problems? Anyone has been under-evaluated?

Bank evaluation problems? Anyone has been under-evaluated?
1, 2

Yeah I had trouble with BW who had the valuation done and it came back at 2k less than what I am paying for the house and there was a comment by the valuer that land…

26
4546
Caz76
Aug 19, 2012 3:19 pm
Ian Black
Ian Black
17 August 2012

Paying 5% Deposit on land

Paying 5% Deposit on land

Just be careful to make sure the bank has acknowledged funds paid to the builder so they can adjust the net amount available for your loan settlement. For example if you…

7
1542
Ian Black
Aug 17, 2012 2:05 pm
Ian Black
Ian Black
Ian Black
17 August 2012

Quotes required for mortgage on a new build?

Quotes required for mortgage on a new build?

Most banks will want more than just a tender price as it doesn't provide a fixed price nor does it provide the progress payment schedule that the banks must ensure is…

11
2163
Ian Black
Aug 17, 2012 2:02 pm
Ian Black
greenfish
greenfish
12 August 2012

interest only loan

interest only loan

We have interest only as well and have so far managed to keep an offset account going. I transfer money in and out as need be - figuring even if its only in there a few…

9
1546
greenfish
Aug 12, 2012 10:57 am
greenfish
smorgzzz
smorgzzz
10 August 2012

First home owners grant (NSW)

First home owners grant (NSW)

Or perhaps it's to stimulate the struggling construction industry in…

11
1334
smorgzzz
Aug 10, 2012 9:32 am
smorgzzz
shape
shape
7 August 2012

Best bank for a home loan?

Best bank for a home loan?
1, 2, 3

^ gonecountry - Spot on.

43
6333
shape
Aug 07, 2012 11:57 pm
shape
winglilian
winglilian
6 August 2012

Question about caveat title

Question about caveat title

Thanks so much for your reply, much appreciated!!!

4
732
winglilian
Aug 06, 2012 11:03 am
plc
plc
31 July 2012

We're Building.. Do we sell our first home or rent it out???

We're Building.. Do we sell our first home or rent it out???

Thanks heaps for the input guys, much appreciated. I never considered an "interest Only Loan" that would be appealing as it would bring the…

7
911
plc
Jul 31, 2012 2:15 am
Marcoola32
Marcoola32
30 July 2012

Home Budget

Home Budget

This is a pretty broad question but I'll attempt an answer, it also depends on your supplier and location too. We are a couple, going to be living in a 32sq home with…

1
851
Marcoola32
Jul 30, 2012 5:39 pm
shape
shape
5 July 2012

Question about block/house loans?

Question about block/house loans?

Hi Kimmy! Ill try to answer your questions without writing a whole essay ....i'll try :) 1. The 2 loans are separate 2. You first get your land loan- and what ever deposit…

5
1158
shape
Jul 05, 2012 10:44 pm
shape
jonmardell
jonmardell
26 June 2012

Current loan question

Current loan question

Hi Westpac is the most expensive lender for most people even with their standard package discount of 0.70% At the moment you should be aiming to…

12
1760
jonmardell
Jun 26, 2012 2:37 pm
theanonyuser
theanonyuser
24 June 2012

First home buyers question

First home buyers question

If you're in Victoria, as bubblynutter says, you pay stamp duty on the land only. You will also get a reduction on the stamp duty if the house you…

5
1138
theanonyuser
Jun 24, 2012 10:54 am
plc
plc
22 June 2012

'subject to finance' clauses and OTP contracts

'subject to finance' clauses and OTP contracts

There's generally phases with them - for example, mine was subject to finance for the first 30 days, and the unconditional at which time there…

4
1439
plc
Jun 22, 2012 2:34 am
plc
plc
22 June 2012

Home and Contents insurance for a unit with a body corp.

Home and Contents insurance for a unit with a body corp.

Hi pj. Yes this is quite normal. The cost of the building insurance is covered within the body corporate fees so you only need to organize…

3
824
plc
Jun 22, 2012 2:09 am
jonmardell
jonmardell
20 June 2012

Mortgage for house & renovation

Mortgage for house & renovation

Are you using any other property as security? Some lenders will lend you up to 95% of the purchase price plus the renovations. If you have equity in other property then…

2
889
jonmardell
Jun 20, 2012 9:44 am
Team PD
Team PD
31 May 2012

Porter Davis and Choice home loan

Porter Davis and Choice home loan

I love PD designs but hate the process of all this. I will refuse to get choice to assess my situation when the time comes. We have a letter from…

7
2178
Team PD
May 31, 2012 12:35 pm
Team PD
stormjr
stormjr
27 May 2012

When FHOG will be paid to us?

When FHOG will be paid to us?

Ok, I have the answer from the horse's mouth! AKA the SRO! It depends how you applied for it, if it was direct to the SRO they will not consider your application until…

4
1021
stormjr
May 27, 2012 10:45 am
Marcoola32
Marcoola32
25 May 2012

First Home Owners Grant and Construction Loan

First Home Owners Grant and Construction Loan

NICOLE1983 - if you look on the Victorian State Revenue Office website it tells you - click on the link…

4
1197
Marcoola32
May 25, 2012 2:30 pm
mr.21
mr.21
24 May 2012

FHOG After Construction????

FHOG After Construction????

Not too worry. In my case, it was debited into my account couple of weeks after the first progress payment.

7
1261
mr.21
May 25, 2012 12:28 am
mr.21
Nicole1983
Nicole1983
24 May 2012

Only land loan no construction loan, how to apply for FHOG?

Only land loan no construction loan, how to apply for FHOG?

Hi All, My first Home owners grant and bonus been approved by SRO. First Progress payment paid to builder by bank yesterday, but i didn't got my first Home owners grant…

5
1282
Nicole1983
May 24, 2012 11:29 pm
Nicole1983
Nicole1983
24 May 2012

First progress payment to builder

First progress payment to builder

Hi All, My first Home owners grant and bonus been approved by SRO. First Progress payment paid to builder by bank yesterday, but i didn't got my first Home owners grant…

1
1043
Nicole1983
May 24, 2012 11:29 pm


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