Browse Forums Building A New House Re: Anyone Flying SOLO?? 161Oct 07, 2009 12:23 pm Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Anyone Flying SOLO?? 162Oct 07, 2009 12:34 pm It depends how you've structured your loan... With mine, my building contract is $190,500 out of that, the bank is providing me with a loan of $160K, therefore I needed to come up with $30,500 of my own money (well the governments money lol). If you go via the correct process, what will happen is the bank would have used part of the grant money to pay for the slab invoice and you should get the remaining balance back. I think my slab invoice was around $19K so instead of the builder getting paid from the grant money, my loan was drawn down for the invoice amount and the grant money was paid to me. When I got the invoice for the frame stage, I had to contribute the remaining balance of monies that I needed to put in (which was around $20K) and then the bank will pay the builder the remainder amount owing of the frame invoice. The reason why the loan payments didn't go up, is because we didn't draw down on the loan. Once a drawdown happens and the amount that you've drawn increases, the repayments/interest increases. Remember you will only pay interest (interest only) until the loan is fully drawn, once that's occured it will revert to principal and interest payments. (that is if you haven't asked for interest only for the first couple of years) I hope that made sense... only had a couple of hours sleep last night so it may not be the best thing to be explaining stuff.... hehehe, I seem to be working here more then I am at work lol Jo My Thread: https://forum.homeone.com.au/viewtopic.php?t=21736 Current Status: Frame stage complete 28.09.09 Re: Anyone Flying SOLO?? 163Oct 07, 2009 1:20 pm miffers Awesome Jess! So if I need to arrange a discharge with Bendigo I can come to you How come you're working for both bendigo and adelaide? some type of restructure that's going on? That's the one million dollar question isn't it, what to do with the loan. I think the fixed rates are just going to keep going up by the looks of it. The 3 year rate I've got now is probably around a 1 year rate, I was lucky and managed to fix the loan on the day before the rates went up (after a bit of begging and pleading the mortgages guy in the office to do it for me ). I think I'm just going to let my construction remain as a variable rate, at least that way I can use any cash I have to either offset the loan or reduce the balance... yep jo, come hither those requiring BBL discharges Bendigo & Adelaide merged - the power of attorney has been BABL since august last year - but we still operate as separate banks because they haven't figured out yet how to merge the processing centres 2014 - Prepping to build the Soho 4 with Plantation homes, industrial style 2009 - Built the Brampton with Coral Homes viewtopic.php?f=31&t=15399&start=280 Re: Anyone Flying SOLO?? 164Oct 07, 2009 5:08 pm I'm really not sure about fixed rates any longer since I got stung last year when I separated from my ex. To get his name off my mortgage I had to pay $80K exit fees which I couldn't afford to add on to my mortgage at the time, or I had to sell the house and STILL pay $80k in exit fees. I would just say to people to be careful as you never know if your circumstances change and also weigh up the difference in what you would be paying now on current variable rates compared to the current fixed rate. Karen Building coral Hamilton 252 on sunshine coast Re: Anyone Flying SOLO?? 165Oct 07, 2009 5:18 pm OMG $80,000.00????????? that is insane!!! You poor thing!! The most I've had to pay out to break a fixed loan was $4568.00 and that was with 3 years left on it. Always always check what your exit fees are on all loans before signing! Deposits paid 29/4/09 Land settlement 12/08/09 Build contract signed 24/08/09 Colours done 28/09/09 BLOG-http://www.eljaysbuild.blogspot.com/ Re: Anyone Flying SOLO?? 166Oct 07, 2009 5:21 pm I'm not adding ANYONE's name to my castle. Nope. My future perfect man (aka The Rock) shall have his own castle which we'll then move into and mine will be used as an investment property... viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Anyone Flying SOLO?? 167Oct 07, 2009 5:28 pm Jodie80 I'm not adding ANYONE's name to my castle. Nope. My future perfect man (aka The Rock) shall have his own castle which we'll then move into and mine will be used as an investment property... I'm hearin ya!!!! Never, never, never, never again will I make that mistake!!!!!!!!!!! What is mine, stays mine!!!!!!! Deposits paid 29/4/09 Land settlement 12/08/09 Build contract signed 24/08/09 Colours done 28/09/09 BLOG-http://www.eljaysbuild.blogspot.com/ Re: Anyone Flying SOLO?? 168Oct 07, 2009 5:47 pm Ditto Eljay On a side note... everytime i see your name i think it says Elijah (my sons name...) and i then automatically think... "oh! thats interesting" viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Anyone Flying SOLO?? 169Oct 07, 2009 5:50 pm Yep I’m with that also!!! I’m not a sharer these days! When I got my loan, I fixed it straight up, I knew the rise would hit again its just taken a longer than I though. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Anyone Flying SOLO?? 170Oct 07, 2009 5:55 pm Michelle Yep I’m with that also!!! I’m not a sharer these days! When I got my loan, I fixed it straight up, I knew the rise would hit again its just taken a longer than I though. Yep. I fixed mine for 3 years. Kinda wish it was for longer tho as it is a good rate!! Guess I'll just see what my choices are once 3 years is up... viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Anyone Flying SOLO?? 171Oct 07, 2009 5:59 pm Jodie80 Michelle Yep I’m with that also!!! I’m not a sharer these days! When I got my loan, I fixed it straight up, I knew the rise would hit again its just taken a longer than I though. Yep. I fixed mine for 3 years. Kinda wish it was for longer tho as it is a good rate!! Guess I'll just see what my choices are once 3 years is up... Fixed mine for 3 years also…. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Anyone Flying SOLO?? 173Oct 07, 2009 6:03 pm annie.s Mine can't be fixed It sucks oh boy! Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Anyone Flying SOLO?? 174Oct 07, 2009 6:03 pm annie.s Mine can't be fixed It sucks You're kidding!! How come Annie?? viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Anyone Flying SOLO?? 176Oct 07, 2009 6:07 pm Well thats a bugger. My first home loan (ummm.... 8 years ago now i think!! I bought a little duplex back in 2000/01) was with keystart. I don't remember all the details though... but i didn't have any problems with them! Do you think you'll change lenders at some point? viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Anyone Flying SOLO?? 177Oct 07, 2009 6:10 pm Jodie80 I'm not adding ANYONE's name to my castle. Nope. My future perfect man (aka The Rock) shall have his own castle which we'll then move into and mine will be used as an investment property... I agree. This house will always be mine and the kids. I think a prenup in the future maybe I will find my perfect man on table for six dating Trying it out next weekend Karen Building coral Hamilton 252 on sunshine coast Re: Anyone Flying SOLO?? 178Oct 07, 2009 6:14 pm kazmask Jodie80 I'm not adding ANYONE's name to my castle. Nope. My future perfect man (aka The Rock) shall have his own castle which we'll then move into and mine will be used as an investment property... I agree. This house will always be mine and the kids. I think a prenup in the future maybe I will find my perfect man on table for six dating Trying it out next weekend Table for six? You have me intrigued kazmask... viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Anyone Flying SOLO?? 179Oct 07, 2009 6:23 pm I found my new man at my best friends wedding! He was the barman……………. Internal and External Building and Colour Consultant Online - Worldwide http://www.denovoconcepts.com Re: Anyone Flying SOLO?? 180Oct 07, 2009 6:28 pm My bestie is already married DAMN HER!!! Maybe i should tell her to have another wedding?? although she lives in QLD... i don't really want a long distance relationship viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Wish you all the best. Once you signed the contract, they will find millions excuses to charge you. 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