Browse Forums Building A New House 1 Jun 03, 2009 2:02 pm Hi All, There are a number of properties in our area ( eastern suburbs of Melbourne) that are selling off their backyards as subdivisions. With land prices going up, or lack of land to sell, we are hoping to jump on board and buy one of these subdivided blocks. To get a house/land loan from the bank we need to give them an estimate of what we need to purchase the land AND build the house - problem is, how do we know what house is going to fit on the land we are looking at ? Do we buy the land and THEN decide on a house ? The whole situation feels very 'chicken before the egg'.... Any advice is welcome at this stage.... first home and all, we need to become as educated as possible. Cheers! Re: Buying a Sub-divided Block to build on 2Jun 03, 2009 2:11 pm Hi, I bought a sub divided block and just took out a land loan. Once I have a contract for a house that I want I will proceed to get another loan being the contruction loan. Once the house is complete I will refinance into 1 loan. This way the bank was only interested in the total loan amount when taking on the second loan. Hope this makes sense. Re: Buying a Sub-divided Block to build on 3Jun 03, 2009 2:44 pm Thanks for that. Does getting two loans then affect your eligability for the First Home buyers grant etc ? We're trying to get the $32 from the Government before it runs out in Oct. Now that you've got the block, have you had any problems getting a house plan to fit on the block ? I'm worried we're going to cut down our options of builders etc if we have the block first - particularly if it's not a 'standard' shape. Re: Buying a Sub-divided Block to build on 4Jun 03, 2009 5:02 pm Hey, No it doesn't as it's only land not an existing house. Yes our block is narrow, it's a corner block which makes things more difficult..but its a great location. For me location was more important than the perfectly dimensioned block.. Re: Buying a Sub-divided Block to build on 5Jun 03, 2009 7:16 pm Hi Houseofbell We purchased a "battle axe" block, which was the result of the owner at the front subdividing and selling the back block. Two things that were highlighted to us were check where all easements are and ensure that you have legal access to your block (ie the driveway is on your title, otherwise the owner can put a fence across it and you then don't have access) and also ensure that the driveway is wide enough for the trucks to deliver when building. We had a small handling charge added to our quote as the bigger trucks (with the frames) can't get down the driveway, but another block we looked at had massive extra charges as it was the minimum width and therefore most trucks couldn't fit down the driveway . Good Luck Building Standards; Getting It Right! 1. optional, you can but normally just use the earth from the main switch board 2. should be enough but the distance determines voltage drop - sparky should work it… 1 28804 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6390 Thank you so much everyone. This all makes a lot of sense. I guess when you talk to a builder who butters up everything to look very polished, you get to start believing… 7 17199 |