Browse Forums Buying Land Re: Land Settlement 8Apr 30, 2011 9:15 pm House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Re: Land Settlement 13May 02, 2011 8:36 am Matt's Brando: viewtopic.php?f=31&t=46340 Started March 30th 2011 PCI July 15th Re: Land Settlement 14May 02, 2011 9:35 am deb17 nymphser buildingwest The best thing may be to speak to your bank directly (or mortgage broker if you used one). With my purchase I had already paid 10% deposit on land at contract signing (my loan is also at about 90%). When the land settled I had to pay the additional costs (ie stamp duty, conveyancer charges etc) and the loan funded the rest of the purchase of the land. I assume you have a construction loan? Hi, Ours is a Land and House Loan. But we need to settle Land first and then start building the house Building Yes, so you will have to get the money from the bank and pay the developer for the land at settlement. If the land is 200,000 and you have paid ten per cent of it 20,000, you will then have to get the bank to pay the developer the balance of 180,000. You will then start making payments on this loan. Once the house starts you will then borrow to build in stages, it will join up with the land loan and will be only one loan, but payments will increase with each progress payment to the builder. Srini, Agree with this. I am in the same boat as you are. From what I understand (source= my broker), your contribution at the time of land settlement = 10% of land price + Stamp Duty - deposit you already paid to land developer. You start paying EMI based on that loan (interest only). Once your construction begins, you will draw money from your loan as per stage payments agreed with your builder. Your contribution towards your first payment to your builder will be ( Amount payable at Slab stage - deposit already paid). I think your FHOG gets into your bank once you make this payment giving you back your 20K. ( Experts, pls correct me if wrong here). Once you pay your builder the final amount, your loan gets converted to principal +interest ( if you opt for). Hope this helps. Good Luck 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 6783 Need advice on the backyard plan above. Should I excavate and cut all of the dirt to level with the house slab or semi-excavate as per photo above? Both left and right… 0 25362 13 6887 |