Browse Forums Building A New House Re: Building - is it possible to increase loan after settlem 11Dec 07, 2012 1:10 pm Building a Delta 21 at Craigieburn - http://homeofzero.blogspot.com.au/ Deposit: 26/02. Contract: 22/05. Settlement: 29/05. Site start: 18/10. Re: Building - is it possible to increase loan after settlem 12Dec 07, 2012 7:33 pm We are in a similar position. We thought we had added most things to the contract and due to buying the land privately had to to our finance application etc before prestart. Our prestart costs came in at over $10,000 for electrical, draws in the kitchen etc. I've managed to get it down to about $7,000 but we will have to find that money. Though we borrowed over the 80% so going back to the bank will be difficult. We have considered putting it on the credit card and then doing a balance transfer to a new card with one of the no or low interest offers, we will have it paid off quite quickly but have to pay it prior to the build starting so can't get it saved in time. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19096 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11915 Just to makea point about this, an approach that some people have found sucessful in negotiating these rises down, Is to provide some workings to the builder, specifying… 4 81712 |