Jan 22, 2019 7:47 pm
Construction loan repayments
You might probably know that, loan repayments are also interest only during the construction period, providing comfort and security to renovators and home builders by…
Conditional approval subject to valuation
It's good to hear you made allowances during the construction phase with continued rent, a lot of people dont do that.
If you're eligible for FHOG, then that's some…
Land Titiles and Construction Loan
Ok that's why they can't use it.
Your sister would have to be shown to have clear benefit by being guarantor, for example residing in the home - and she brings with her…
Transfering of titles
No problems. Glad to be of service. Hopefully it works out for your friend.
Refinancing with AMP Experience??
If its the ONLY lender that will help in your situation, accept it. If there are other OPTIONS with other lenders, STONGLY CONSIDER THEM.
AMP is a stable Oz finance…
Home + Land loan - information
Just to add to what Bec said, you mentioned that you were pre-approved? In that case if it is still valid and not expired, it may be an easier process with limited…
Dennis Family Homes
Wow Gemma, at least it got thru in the end. Usually it like baseball, 3 strikes (apps) and your out!
Congratulations, you found a certified "joker broker" that Simonds…
Loan lending criteria is always a changing marketplace as different lenders position themselves for different niches. As such trying to secure finance for anything 3mths+…
Bad Credit Home Loan Advice
No, not a spammer, and I will be able to "finish this story" on the 11/12 July. Stay tuned.
Always talk to a few finance brokers,…
End of financial year
+1 Bec, pre-approvals are a nice feeling to have, but the actual assessment is made when ALL final documents are available (including the builders contract). I remember…
Title Insurance and Caveat worth it?
dont worry about the caveat
basically means nobody can sell the land without your approval
the finance company will have lodged their own caveat until you pay the loan…
When the bank does the valuation, they will take into account the land and construction as one for LVR purposes. As the OP already has equity in the land (and assuming it…
Recommend a good broker in melbourne
Your probably sorted already, but my broker has been fantastic. She's got an office on Stud Road, in one of the shopping centers. Happy to give you her details, send me a PM
Confirmation on loan amount
Just thought I'd chime in given you're asking about wanting to borrow more money than your broker had told you was feasible. You may be right in thinking some…
On the face of it no because your bank is lending you for the building contract and they will be advancing against payments to the builder not to you.
Another issue is…
HELP!!!! HOME LOAN QUESTION.
As Bec alluded to, 5% is a minimum nowadays (plus extra to cover stamps and excess of LMI over the allowable cap). You being a FHB also allows you to claim a…
Hi I'm new to the forum and i was just wondering is there anyone who has bought land in Mandalay Beveridge. Has anyone had any problems with getting their land Valued.
Nov 06, 2015 4:16 pm
FHOG and Home loan
We are both from NZ and its not been a problem. We also got FHOG, although we had owned a property in NZ, but we had to pay stampduty. Our NZ passports were lodged with…
Jul 28, 2015 10:31 am
they only re check after pre approval expires. Pre approval is only good for a period for a reason. Things can change. However, when you've drawn down your first payment,…
Jul 27, 2015 12:30 pm
genuine savings question
Some lenders can be a bit tricky in the genuine savings space, especially rookie credit assessors so be sure to try and get it escalated if you are not…
There is one lender who will do 95% plus cap the full mortgage insurance - as everyone has said the mortgage insurance won't be cheap but in a rising market saving extra…
AFG Home Loans?
At the end of the day when I am offering some lesser known lenders I say this:
You're borrowing from them - so you have their money, not the other way around - if they…
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…
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…
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…
Construction loan confusion
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.
Thanks Bec for the recommendation.
Yes, Werribee is in my zone of service, so the OP can contact me if they want.
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…
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…
Having one Loan for Land and House
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…
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…