Browse Forums Owner Builder Forum Re: owner/builder finance 10Mar 05, 2013 2:12 pm My finance is through NAB -- 60% of the finished value only, and there were a heap of hoops to jump through. Plus a higher interest rate, which I hope to rectify once the build is complete and I transfer to another lender. You're right: they're not kind to OBs at all, largely due to the risks involved. Borrowing more than 60% of the final value is probably not a prudent thing, as costs will certainly blow out on you. I was absolutely meticulous with my costings, and I'd purchased a lot of materials, etc before entering into the loan. But even then, I'm now about 10% over my estimates. A 20% blowout on most OB projects is not unheard of. Try to get a fair chunk of savings behind you as a backup. And if you end up not using it, go to Paris on a holiday! My storybook home build: https://forum.homeone.com.au/viewtopic.php?f=38&t=57987 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 55234 Hi VK, I am now retired however I have stood beside over 300 owner builders in the past 18 years that have successfully built their own homes. First of all a building… 10 22606 |