Browse Forums Building A New House 1 Sep 20, 2012 11:49 pm My husband and I are building with New Generation homes in wildwood estate, Carramar. The titles for our land were released 2 weeks ago and we signed our building contract about that time too. We wanted to combine both the land and house in the same loan. We have included a couple of upgrades in the contract, but how can we put our pre-start costs into the loan too? Prestart is on Tuesday the 9th October, and we hsve to put in our bank application brfore then. Originally we thought we would pay out of our own pockets for the upgrades, but now we are worried we might go over budget (as much as we would like to stay within it!!). Are we best to get approval for a higher amount than the land and build? Are we able to do that? Any help would be much appreciated! Does it matter if you happen to spend more at prestart than your pre approval amount? Re: Question about the finance process 2Sep 25, 2012 2:05 pm You may have resolved this issue already but it would be advisable to organise a loan for more than the minimum likely end cost of land + building contract. There may be any number of reasons why you need to draw on it. As long as the bank is happy financing that extra amount and their valuer assess the finished land/house is worth that much then it shouldnt be a problem getting a little potential 'fat' in the loan amount. You only draw down as much as you need anyway. you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 54835 I apologise for any confusion, but your understanding is correct. We approached our situation differently based on advice from… 11 53103 Thanks very much! And would the landscaper/contractor generally involve the engineer or is that something the client would do? Thanks for your help 2 9938 |