Jan 22, 2020 12:03 pm
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 12:17 pm
You can get around 60% maximum of build if you put another property as security if you have equity in it.
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