Browse Forums Building A New House 1 Jul 20, 2009 1:58 pm Hi all, We are now approaching the home stretch of our first build, bricks were completed last week and once the eaves are done i expect they will start inside possibly this week Question for those of you more experienced than us: How do we go about financing landscaping works to be done after completion? We dont want personal loans or credit cards, we're hoping to add it to the mortage, can this be done and what sort of rules would apply? Luckily our tender included driveway and carpeting but not landscaping. We will require a retaining wall and some levels to be sorted so our side sliding door doesnt have a 50cm drop off. We had some money saved up to get the wall part of it done but thats been swallowed up by some unexpected costs. So now we're afraid that we're going to have this beautiful new house with a muddy swamp outside lol Re: Funding works after completion 2Jul 20, 2009 5:10 pm Highly unlikely you can add it into your mortgage as it's already commenced for a certain amount, you would need to re-finance and have quotes for all the gardening work you want and then they -might- lend you that but highly unlikely, not to mention the fees for re-financing etc Start saving, that's what I will be doing 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Funding works after completion 3Jul 20, 2009 5:28 pm ouch thats what we sorta expected, seems stupid because it would complete the house instead of leaving a minefield out the back! thanks for your reply Re: Funding works after completion 4Jul 20, 2009 7:16 pm northernspirit ouch thats what we sorta expected, seems stupid because it would complete the house instead of leaving a minefield out the back! thanks for your reply It is really frustrating isn't it as it does add to the overall worth of the house. Blinds, fences, driveways, gardens etc it just keeps going and going! 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Funding works after completion 5Jul 20, 2009 7:21 pm you might be able to get your land revalued, and then refinance with your current bank.. often the fees are less that way. Depends how long its been between their first valuation and the current one.. Also depends how much you want to borrow etc too.. I'd wait until the house is finished, then just have a chat to your bank and find out what they can do, and the costs involved.... Cant hurt to give it a try.. they can only say no. -------------------------------------------------------- Building in Highlands Craigieburn Status: Building the Laundryless 25.5: Slab Complete Re: Funding works after completion 6Jul 24, 2009 9:48 am How much did you originally borrow in comparison to the Market Value of the property? If you have some equity available to you and you can service the increase in the loan there could be something that you may consider. Trent Bartels Residential & Commercial Finance Broker A & B Financial Solutions ...Solutions for your future info@abfinancial.com.au http://www.abfinancial.com.au Re: Funding works after completion 7Jul 24, 2009 9:52 am AB59 How much did you originally borrow in comparison to the Market Value of the property? If you have some equity available to you and you can service the increase in the loan there could be something that we could look at. Do you mean "we" or "you" Re: Funding works after completion 8Jul 24, 2009 1:13 pm You can certainly talk with your bank in relation to increasing your loan. Again this depends upon whether or not you have the equity within your property and you can service the increased debt level. Trent Bartels Residential & Commercial Finance Broker A & B Financial Solutions ...Solutions for your future info@abfinancial.com.au http://www.abfinancial.com.au Re: Funding works after completion 9Jul 24, 2009 1:22 pm AB59 has the right idea, you can get your property re-valued once it's completed and if there is enough equity in your home and you can service the extra debt then the bank may lend you some more money for landscaping, my broker advised us to think about doing this for our fences if we needed to but we have decided to just save for them, it seems easier that way. Building Thread viewtopic.php?f=31&t=13002 Site start: 8th July 2009 Handover: 11/12/2009! 5 months total build time. 40 sqs of luxuary...Bliss! Re: Funding works after completion 10Jul 24, 2009 5:35 pm For our first house we got a whole bunch of quotes up front for the 'after build costs' and had them included with the initial mortgage application. That meant the money was available in the loan. We didn't need to use the same people that gave us the quotes. When it came time to do the work we just got invoices from the various tradespeople and presented them to the bank which treated them like the usual progress payment. I know that doesn't help in your case, unless you've almost completed work on your time machine and plan to go back in time to organise these quotes up front. However, I suspect if you are going back in time there's probably a lot more interesting things you've got planned. Re: Funding works after completion 11Jul 24, 2009 5:40 pm we got a loan based on what it would cost to to everything to finish so can keep going after to finish driveways and such as long as we dont go over our pre aproved amount which is very unlikley Re: Funding works after completion 12Jul 24, 2009 8:30 pm AB59 How much did you originally borrow in comparison to the Market Value of the property? If you have some equity available to you and you can service the increase in the loan there could be something that you may consider. Re: Funding works after completion 13Jul 27, 2009 10:14 am northernspirit we borrowed just under 400k - will be about 396 when its all completed, overall cost will be $435 000 but market value will definately be more, there is nothing for that price range that is 10 years old let alone brand new and on 1/4 acre, personally i think it may be worth about 500 market value when finished, i assumed the bank will only value based on land cost + build cost not what is for sale in the market? If you were to approach the bank once your property has been completed they may look at lending against the higher value of the property. Though this will depend upon the banks policies. I hope that helped. Trent Bartels Residential & Commercial Finance Broker A & B Financial Solutions ...Solutions for your future info@abfinancial.com.au http://www.abfinancial.com.au Re: Funding works after completion 15Jul 27, 2009 1:47 pm northernspirit thanks, it is a help yes Not a problem, I am glad that I could help. If you need more detailed advise, send me a private message. Cheers Trent Bartels Residential & Commercial Finance Broker A & B Financial Solutions ...Solutions for your future info@abfinancial.com.au http://www.abfinancial.com.au I can help you with all that, you can PM me with details if you wish 3 5855 MBA and HIA both have sub contract agreements, check them out 2 7327 I want to build a bigger driveway (without a nature strip) than has been approved under my CDC. I’ve also had a DA approved to build a deck. It looks like I can do this… 0 4815 |