Browse Forums General Discussion 1 Dec 03, 2016 12:59 pm With a construction loan, do I need to show the bank 10% of the total amount of house and land upfront, or just the land upfront and then can I have the rest in instalments as it is required ? I hope this makes sense Also, does anybody know if a deposit that I have put on land and house can count towards this bank deposit or not. Just trying to figure out what I can afford and by when Thank you Re: Loan advice 2Dec 04, 2016 7:01 am Hi! Our deposits paid counted towards our deposit. With ours we had to have 10% of the total loan amount. We were lucky that our valuation came in higher than purchase price - but if it doesn't you will have LMI (quite a few thousand) to pay which they put on your loan amount! Hope this helps! The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19109 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35330 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11933 |