Browse Forums Building A New House 1 Jul 22, 2012 5:04 pm New to this forum and new to buying a house, so therefore any help would be appreciated. Did already post this in the home finance topic. But not sure how many people still pay attention to that topic after they start building their home and I am sure some of you might have had the same problem. If a double post is not allowed, moderator feel free to remove one. We came this weekend across a nice land and home package which would suit our needs perfect. But now comes the problem, the land will be titled earliest March 2013, real estate agent said most likely even July 2013. Not a problem at all so far. But is there anybody here who knows how finance for these kind of projects are arranged. Pre approval is only valid for 3 months. Know this can be extended, but we need to cover a full year. So what do people do? Pay the 5% deposit for the land and a $1000 towards the house in the hope that finance can be arranged in a year. Or how do you tackle this? Thanks! Re: home and land package, will this be possible? 2Jul 22, 2012 5:57 pm we just put a deposit down on the land (we bought untitled land off the plan and had to wait a year) and a $1000 deposit down on the house. but that doesn't exempt you from price rises that may occur. house and land packages I have found in my experience just to be a con and it's just as cheap to purchase the land and house seperately. In terms of finance the bank just give you a pre approval loan that is valid 3-6-12 months depends on your bank off memory but your land developer might request for you to keep showing them valid pre approval every so many months. up until titles. Re: home and land package, will this be possible? 3Jul 22, 2012 8:10 pm we were originally looking at a house and land package, the builder we chose...buys the land and builds the house, you pay the builder 5% of the house and land package to secure. you dont deal with the land side at all. we were looking at a block in may 2011 to settle in dec11, it didnt settle til april12? for us... i couldnt trust that i would still want the house we chose in 10 months time didnt wanna loose 5%$$$ and didnt want to loose the block we wanted! so we opted to buy the land seperatley, $1000 dep. 5% once finance pre aproved(2 weeks) then balance at settlement. we didnt realise approval only lasted x amount of time! so we rushed around for finance 2 weeks before the land settled!! big mitake! if its the house u like dont rush to put down a deposit, itl probably still be there next year.. if u have ur heart set on the block, lock it in now so you dont miss out. thats my 2 cents Re: home and land package, will this be possible? 4Jul 22, 2012 8:56 pm AC27 In terms of finance the bank just give you a pre approval loan that is valid 3-6-12 months depends on your bank off memory but your land developer might request for you to keep showing them valid pre approval every so many months. up until titles. Thanks, I thought that only pre approval for 3 months was possible. Re: home and land package, will this be possible? 5Jul 22, 2012 9:02 pm Nayzv we were originally looking at a house and land package, the builder we chose...buys the land and builds the house, you pay the builder 5% of the house and land package to secure. you dont deal with the land side at all. we were looking at a block in may 2011 to settle in dec11, it didnt settle til april12? for us... i couldnt trust that i would still want the house we chose in 10 months time didnt wanna loose 5%$$$ and didnt want to loose the block we wanted! so we opted to buy the land seperatley, $1000 dep. 5% once finance pre aproved(2 weeks) then balance at settlement. we didnt realise approval only lasted x amount of time! so we rushed around for finance 2 weeks before the land settled!! big mitake! if its the house u like dont rush to put down a deposit, itl probably still be there next year.. if u have ur heart set on the block, lock it in now so you dont miss out. thats my 2 cents Unfortunately we can't buy the land separately since the council will only allow a specific type of house on those lots. It is comparable with those turn-key packages from burbank. It will be a series of similar, detached houses on smaller blocks. Re: home and land package, will this be possible? 6Jul 22, 2012 9:03 pm we're with commonwealth bank and they give you a year pre approval i pretty sure off memory, however stockland requested a newly updated one every 3 months so the bank got in contact with them and told them how it was lol and I think we only had to go through pre approval again once more and we got land saler and our bank to sort it out between themselves. Re: home and land package, will this be possible? 7Jul 22, 2012 10:53 pm Ok, not sure what we did differently, we bought a house and land 'package' even though we are dealing with the builder and the land office! We paid a deposit to both and had a subject to finance clause all round! We now have unconditional approval with CBA and awaiting land titles! So the bank valued the lot off plan and house off plan and signed off on the lot, prior to titles! Of course we don't see a cent until land does title! 2 In Qld it is a requirement that a builder must have a cost breakdown, for building a home to the same specification, with the same inclusions and the same finish. So ask… 1 1676 yes it is possible but watch for noise transmission, decouple as best you can. Maybe wider top and bottom plates with 70mm studs to allow the cabinet to be recessed fully 1 6610 You can wash over existing pavers with 10% solution of water and hydrochloric acid, then wash off. The acid will provide for required bond key with new concrete. 1 36925 |