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jb_money
jb_money
2 August 2010

confusion on building

confusion on building

It is very much a "how long is a piece of string" question. It would depend on the lender policy, how much the land was, how much construction is etc. As a general rule if…

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837
jb_money
Aug 02, 2010 11:34 am
Casa2
Casa2
9 August 2010

Agent fails to get 10% Deposit

Agent fails to get 10% Deposit

Let me see if I understand this correctly. 1) The agent sold your house 2) You got 90% of the price If so, the agent is…

6
906
Casa2
Aug 09, 2010 7:31 pm
Titch101
Titch101
10 August 2010

Land Equity

Land Equity

Thanks so much for clearing that up for me, it gives me some valuable info to go back to my broker with.

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2256
Titch101
Aug 10, 2010 9:52 am
John L
John L
19 August 2010

ANZ Breakfree package

ANZ Breakfree package

We've had this package for around 6 months now and no complaints. Had to ensure everything was set up correctly in the first place - but who doesn't have a problem with…

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2697
John L
Aug 19, 2010 11:08 pm
Helyn
Helyn
24 August 2010

Re-amortising (sp) loan.....

Re-amortising (sp) loan.....

Thanks for your explanation Ceebs - Not Confusing at all. :D If I come across this term again, I will know what it means. :D

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692
Helyn
Aug 24, 2010 5:43 pm
Helyn
pammerz
pammerz
26 August 2010

Owner builder finance. Experiences?

Owner builder finance. Experiences?

Hi Meg, Intellichoice are the finance specialist we went through. They help us aquire our funds and we were able to build our ghome based on the end value. We had…

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6546
pammerz
Aug 26, 2010 9:05 am
FireFox
FireFox
27 August 2010

Measuring land of your new property- is it needed?

Measuring land of your new property- is it needed?

we are planning on a knock down rebuild, and got our block measured and drawn up for $220 was for the demolition plan, you also get your exact block size and found out our…

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1191
FireFox
Aug 27, 2010 11:40 am
FireFox
MissVintage
MissVintage
31 August 2010

Advice Wanted

Advice Wanted

Thanks guys I am a bit calmer today and not so panic'd at trying to find such a big deposit at the last minute. Lets just hope I have enough equity in the block to pay a…

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975
MissVintage
Aug 31, 2010 12:52 pm
MissVintage
jb_money
jb_money
1 September 2010

Buying out Co-Borrowers

Buying out Co-Borrowers

When there is a change in the borrowers or the owners of the security property then the loan needs to be re-written. What this means is a full loan application from the…

1
480
jb_money
Sep 01, 2010 3:11 pm
slknv
slknv
2 September 2010

Can you borrow $ short term to build investment property?

Can you borrow $ short term to build investment property?

Firstly to sell in 9 months you will pay double the CGT that you would pay if you sold after 12 months so I'd avoid that. I'd use a line of…

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1035
slknv
Sep 02, 2010 10:31 pm
Deemaree
Deemaree
6 September 2010

Paying more than interest on const loan

Paying more than interest on const loan

Isn't interesting how they can change their tune when you do some research????? Glad that it's worked out for you! :: ::

10
870
Deemaree
Sep 06, 2010 7:08 pm
Deemaree
Huggy_B
Huggy_B
7 September 2010

To buy OR not to buy???

To buy OR not to buy???

Equity? By your calculations you have ~$25k equity available (for investment loans) and $60k to open a line of credit for reno's. Before you start looking at houses, go…

4
728
Huggy_B
Sep 07, 2010 10:03 pm
Huggy_B
Helyn
Helyn
8 September 2010

Developing Loan Questions

Developing Loan Questions

Do you mean CGT (capital gains tax) - which you will have to pay.

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864
Helyn
Sep 08, 2010 9:02 am
Helyn
jb_money
jb_money
14 September 2010

HIA standard contract and construction loan

HIA standard contract and construction loan

You should be able to negotiate that into it. Most of the contracts we see have a subject to finance clause where almost all of the deposit is refunded if finance is not…

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1213
jb_money
Sep 14, 2010 7:52 pm
grace_slick
grace_slick
15 September 2010

Finance options for buying before you sell

Finance options for buying before you sell

Well, technically sort of, yes. Lol. The only issue would be is if the property went too high, and then we’d be out-priced, sadly. The only other thing which stresses…

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733
grace_slick
Sep 15, 2010 1:46 pm
grace_slick
MissAlison
MissAlison
15 September 2010

How long to wait for final payment of a contruction loan?

How long to wait for final payment of a contruction loan?

So I rang for the 'have you got the paper work and how's it going?' And, yes, exactly as you say. They have ordered the valuation, good. But, I was told that I need to…

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1187
MissAlison
Sep 15, 2010 7:38 pm
Stressed
Stressed
20 September 2010

Builder having problem obtaining indemnity insurance

Builder having problem obtaining indemnity insurance

Thanks for the responses so far. We have signed a contract and it might not be so easy to get out of. As far as I am concerned they have breached it but trying to get…

4
724
Stressed
Sep 20, 2010 4:48 pm
fitnhealthy
fitnhealthy
21 September 2010

Sale of contract - Do you always have to pay 10% deposit?

Sale of contract - Do you always have to pay 10% deposit?

Thank you everyone for taking the time to respond to my question. It helps to be well informed especially when one place I went to look at 2 days after it went on market…

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1851
fitnhealthy
Sep 21, 2010 8:08 pm
foresterxt
foresterxt
21 September 2010

Bank valuation less than purchase price

Bank valuation less than purchase price

Hey Cookie Monster If you can find the $60k , this would make life some what easier (just to get the block settled). Then A. Ask the bank to revalue the block in 6…

12
2701
foresterxt
Sep 21, 2010 8:23 pm
6
1988
onebiggumby
Sep 22, 2010 1:36 pm
mel_mox
mel_mox
22 September 2010

Tender process?

Tender process?

Got a copy of our site tests today :-) Don't fully understand it but says m slab required which I know no upgrade! Great! Also says slight to moderate fall! Hopefully it's…

6
2465
mel_mox
Sep 22, 2010 9:32 pm
grace_slick
grace_slick
26 September 2010

SIGH - we can't get finance. Ever.

SIGH - we can't get finance. Ever.

Meh. Was passed in at $360,000 vendor bid after an opening bid of $300,000, one other bid of $320,000 and that's it. Our max price is $320,000. Blown out of the water I'm…

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1713
grace_slick
Sep 26, 2010 3:29 pm
grace_slick
TazR
TazR
26 September 2010

Construction Insurance vs Home Warranty Insurance

Construction Insurance vs Home Warranty Insurance

From some research I have done, it seems that the Home Warranty insurance covers you when the builder fails to satisfy their obligations. So in the case of vandalism, the…

1
695
TazR
Sep 26, 2010 8:53 pm
Eoh
Eoh
28 September 2010

Capital Gains vs LVR & LMI

Capital Gains vs LVR & LMI

Good news. Our loan docs have been certified and we are going on sites pretty soon. Our LMI have also been adjusted without the 110% construction loading.

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1351
Eoh
Sep 28, 2010 5:04 pm
11
1046
Bam
Sep 28, 2010 9:37 pm
Bam
Bam
Bam
28 September 2010

Consequences of a second mortgage?

Consequences of a second mortgage?

We have a Line of Credit. Only thing to be cautious of is the higher interest rate.

3
671
Bam
Sep 28, 2010 11:19 pm
Bam
jb_money
jb_money
30 September 2010

Financing options without enough deposit

Financing options without enough deposit

There are some lenders that allow you to refinance at 95% LVR (very few allow this these days). This would allow you to release funds as a deposit. The problem is that LMI…

3
883
jb_money
Sep 30, 2010 9:13 am
builda
builda
1 October 2010

invoice advice/whinge

invoice advice/whinge

Is your contract for staged payments eg: Base, Frame, Lockup, Fix and Final? If so, then those stages are as defined in the legislation in most states and my…

1
533
builda
Oct 01, 2010 4:23 pm
builda
jb_money
jb_money
5 October 2010

Asbestos Roofing...on a duplex we are buying...

Asbestos Roofing...on a duplex we are buying...

It is unlikely the valuer will even know it has an asbestos roof unless somebody tells him. If he does mention it in his valuation report and you are borrowing >80% of the…

3
641
jb_money
Oct 05, 2010 3:47 pm
jb_money
jb_money
5 October 2010

Can I just sell up and re invest the money as I see fit?

Can I just sell up and re invest the money as I see fit?

Just be aware that if you have a fixed rate it may be expensive to exit the loan as there are additional "break fees". If you have had your loan for over 4 years then the…

3
733
jb_money
Oct 05, 2010 3:51 pm
xquisite
xquisite
7 October 2010

pros and cons of refinancing... help!

pros and cons of refinancing... help!

There is no way I would be paying 4-5k in LMI for an extra 10k. That's lunacy! And SK is correct that you will end up paying more interest if you add it to your home loan…

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2513
xquisite
Oct 07, 2010 8:29 am
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8531
xquisite
Oct 07, 2010 8:31 am
kexkez
kexkez
7 October 2010

Grant

Grant

done

2
608
kexkez
Oct 07, 2010 10:08 am
kexkez
jb_money
jb_money
12 October 2010

Is this how Banks are here ??

Is this how Banks are here ??

That works out to be around $85 in additional interest. Yes it is annoying, however complaining to the bank and hassling them for it would probably take up more than $85…

1
775
jb_money
Oct 12, 2010 2:26 pm
Madison27AA
Madison27AA
12 October 2010

Craigieburn Valuations

Craigieburn Valuations

bump...We are currently also waiting for bank valuation. Can anyone share how much did the valuation (typical) come to ? We are building in Highlands Estate on a 472 sq…

1
695
Madison27AA
Oct 12, 2010 3:13 pm
MaxPower
MaxPower
19 October 2010

Construction Loan......Help

Construction Loan......Help

Hello We have recently purchased some land a few months back which we are paying a mortgage for. Have gone through the whole building thing and decided to build w/ Dennis…

0
452
MaxPower
Oct 19, 2010 10:21 pm
Eve Dweller
Eve Dweller
23 October 2010

FIRST HOME BUYERS

FIRST HOME BUYERS

Sure interest is dead money. But that expense is contributing to your own asset.

4
1087
Eve Dweller
Oct 23, 2010 9:46 am
emmamartin
emmamartin
27 October 2010

Paying a house with credit card?

Paying a house with credit card?

I ever tried citibank services so but obvious I had no vast knowledge about this but putting a house on a credit card was the best move .

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2202
emmamartin
Oct 27, 2010 1:56 pm
1
694
kb46
Nov 05, 2010 1:33 pm
YBBroker
YBBroker
16 November 2010

How do I pay the first progress payment

How do I pay the first progress payment

The above replies already answer the original question, so rather than double up i'll just agree with them. However, you say the first claim is 15%? Is this the building…

6
1092
YBBroker
Nov 16, 2010 12:50 pm
YBBroker
YBBroker
16 November 2010

having to pay back First homebuyers grant and keystart?

having to pay back First homebuyers grant and keystart?

I'd suggest just calling Keystart anonymously and ask them directly and explain your situation. They'll let you know exactly where you sit.

3
1128
YBBroker
Nov 16, 2010 12:54 pm
YBBroker
YBBroker
16 November 2010

Withdrawing after tender

Withdrawing after tender

It really depends on the paperwork you may have already signed when entering the agreement to go to tender. There are provisions in most building contracts also where each…

2
813
YBBroker
Nov 16, 2010 12:58 pm
YBBroker
YBBroker
16 November 2010

Help!! Construction Loan: Land title not due till June 2011

Help!! Construction Loan: Land title not due till June 2011

These kinds of contracts annoy me to say the least. Recently i met a client who had signed a similar agreement to purchase a block in North Coogee. They had 12 months to…

4
1161
YBBroker
Nov 16, 2010 1:03 pm
YBBroker
YBBroker
16 November 2010

Bank West

Bank West

In my previous life as a builder we had problems with claims through several banks, however none were particularly worse than the others. It's best to follow up yourself…

5
1008
YBBroker
Nov 16, 2010 1:32 pm
YBBroker
YBBroker
16 November 2010

Loan Variation

Loan Variation

Will be interesting to see the valuation results, because they're coming in quite low at the moment throughout Perth

3
705
YBBroker
Nov 16, 2010 1:34 pm
YBBroker
YBBroker
16 November 2010

Your take on non-bank lenders (eg MyRate, Homestar..)?

Your take on non-bank lenders (eg MyRate, Homestar..)?

I'd recommend having 2 or 3 appointments with different mortgage brokers, they'll give you some decent answers when comparing loans. It's often the smaller things that…

11
1123
YBBroker
Nov 16, 2010 1:35 pm
just Erin
just Erin
16 November 2010

How long did it take for you to get approval?

How long did it take for you to get approval?

Our situation was much like Ms Builder's. We initially went through a broker, and after 8 weeks of being stuffed about (to put it nicely) we went direct to the bank (CBA)…

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6013
just Erin
Nov 16, 2010 1:44 pm
just Erin
so-tong
so-tong
17 November 2010

Can share your thoughts about my refinance predicament?

Can share your thoughts about my refinance predicament?

Hi zozo, do you mean that brokers can give a discounted rate on top of the published rate for Simplicity Plus? It is currently at 7.1%, lower than ANZ standard variable.…

8
1065
so-tong
Nov 17, 2010 6:48 am

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