Browse Forums Building A New House 1 Feb 08, 2015 3:00 pm Hi there, I have been browsing this forum for weeks and have found it to be an excellent reference point! Question: My land has been titled and the contracts ready to sign but the house won't be ready to be built for about 8 weeks. Is it possible to get some finance released for the land then the rest released to cover the house when it is finished being built? Thank you! Re: Land Finance & House Finance 4Feb 08, 2015 7:43 pm We have done exactly the same thing with our land purchase and then building with metricon, we have set our mortgage as one so the first draw down is the land settlement second draw down is the slab, it's all one mortgage not a land loan and a construction loan (saved on two application fees too) Re: Land Finance & House Finance 5Mar 22, 2015 1:47 pm You can also get a separate loan approved for the land and fix the interest rate with interest-only repayments. Then arrange a separate variable rate loan for the house construction funding. You only pay the one fee for the two loans if you are on a package, which most banks have. Warren Pavey, CrediFlex Finance, Caboolture / North Lakes Brisbane North warrenpavey@crediflex.com 07 54953000 Re: Land Finance & House Finance 6Mar 22, 2015 2:49 pm That is what we have done. Our construction contract won't be ready for a while after settlement of our land, so we have arranged for a land loan and then when our contract for construction is ready our broker will arrange to combine the construction loan together so we only have the one loan. Our bank is giving us $0 application fees, so that saves that issue. Ideally it's best to have both at the same time, but sometimes circumstances just don't allow for it. Re: Land Finance & House Finance 7Mar 31, 2015 3:41 pm Definitely a good idea to talk to your broker/lender about how your loan will be organised. You can have a house and land package with 2 separate contracts (we bought our land from Stockland and our house from Plantation but it's still considered a house and land package). Your broker/lender will work out what is the best deal for you. We ended up with 2 loans - land fixed for 2 years interest only for 12 months, construction variable also with interest only for 12 months, and no application or ongoing fees for either. After the 2 years fixed expires we will be looking at refinancing and combining the two loans. Jen (& Dave) Plantation Bronte, Ormeau Ridge, Gold Coast QLD 12/03/2015 - Commencement... 26/08/2015 - Handover! viewtopic.php?f=31&t=76446 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 56154 13 6631 Yeah I don't know why I came to a forum. Place is full of wierdos/pedos thought internet may help but I suppose I'll try my luck with someone in person. Cheers. I tried… 0 6440 |