Jan 22, 2020 11:03 am
First post, hope I can also contribute back to the forum.
I'm a licenced builder looking to build an investment property of mine in Sydney. However the bank won't finance the build if I build it, they have requested that I must use another builder and do a fixed price contract. As it is my own property it falls into the category of 'owner builder' regardless of me being licenced. Same rules apply i.e. no finance or maximum 60% of build cost.
Has anybody recently obtained finance and gotten through this hurdle?
There was another similar post on the forum however it is not current and I know the financing laws are constantly changing.
TIA for your help
Re: Finance Query2
Jan 22, 2020 11:17 am
You can get around 60% maximum of build if you put another property as security if you have equity in it.
Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog
Sign in or Join to reply to this Topic
worldofmudQuery around contract pricingQuery around contract pricing
The only way to control site costs is to do sufficient geotech. investigation to enable the most economical design up front. Where variations are claimed buy the builder…