Browse Forums Building A New House 1 Jul 11, 2017 7:48 pm Hey everyone! New member/longtime lurker here My husband and I are currently building our first home (that's a whole other VERY long story). We had a deposit of $50,000 (plus the FHOG $20000). Our loan was approved based upon contract price from a project builder however, we had to have some extensive variations done after the loan was approved. Also, our land valuation came in under what we needed to pay for the land. Long story short- we are not going to see a cent of our FHOG which we were going to use to do all the extra bits (driveway, landscaping, possibly window coverings etc) after handover. My question is, after handover what options do we have, in terms of finance, so we can get our driveway and landscaping done? Any advice appreciated Thanks in advance xx Re: Advice needed: Financing extra items after handover 2Jul 11, 2017 9:21 pm I have limited knowledge but we have bought and sold and renovated a few times...as far as I know your options are to either add to your existing home loan or refinance the whole thing. If you own 20% or more of your property after it is valued after handover, you won't need to pay mortgage insurance if you refinance. If you don't, then an add loan will be cheaper. Look in to what your current lender offers in terms of add loans. Building Monte Carlo 40- Wisdom homes Building Monte Carlo 40- Wisdom homes Re: Advice needed: Financing extra items after handover 3Jul 12, 2017 6:10 am MandM+4 I have limited knowledge but we have bought and sold and renovated a few times...as far as I know your options are to either add to your existing home loan or refinance the whole thing. If you own 20% or more of your property after it is valued after handover, you won't need to pay mortgage insurance if you refinance. If you don't, then an add loan will be cheaper. Look in to what your current lender offers in terms of add loans. Building Monte Carlo 40- Wisdom homes Thanks for your reply MandM+4. I think talking to our lender about adding to our existing loan would probably be the way to go- just another thing to add to the 'To do' list 😂 The significant date is when receive final payment invoice Check that section of contract Bit of fluff by builders prior to that 1 15937 The best advice is for you to get a competent building consultant to guide you through your build 7 4675 |