Hi there wonderful person!
We have just secured a block in qld with the initial deposit. Registration of the land is not until May 2022. We have already chosen the builder and the design is cleared for the block with a quote provided and the builder asking for a 3k deposit. Builder has mentioned that build time is approx 6months.
My questions are:
1. At what point would we need to pay the next large sum and start the house/land loan (already have preapproval)
2. During the registration/building phase assuming the loan has started do we have to pay full repayments I.e interest +balance as during this period we will also have to pay rent.
Thanks for your time…
T.B.R
WatchingStarredHistory
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Browse Forums Home Finance  04 Sep 2021 3 New Poster Re: Loan repayments during registration/building phase 2Sep 04, 2021 8:52 pm Forgot to add: 3. Are there any tax confessions to consider during this period Re: Loan repayments during registration/building phase 3Sep 04, 2021 8:56 pm Hello, enjoy the process! To point 1 - if you’ve already exchanged on the block then nothing more to pay there until settlement (after registration). The next payment to the builder is typically 5% of the contract & normally not until the bank approves and you have the contract, plans, specs etc - but I’m seeing builders asking for a bit more for drafting etc at the moment. Either way, next big payment there is the deposit stage. In terms of repayments - it depends on how your loan is setup, and you can check this and change it between now and then - most banks want interest only repayments on the balance owed as you progressively draw down the loan. This will suit you too while you’re renting. So, that’s interest only on the land Then interest only on the land and build deposit And interest only on the land, build deposit and slab Interest only on the land, build deposit, slab & frame… Etc. reverting to principle and interest repayments at completion. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Loan repayments during registration/building phase 4Sep 04, 2021 8:58 pm  ThunderboltsRockForgot to add: 3. Are there any tax confessions to consider during this period Is it your own home or investment? If it’s your own home the considerations are around the stamp duty concession and any first home grant available. Investment - you used to be able to claim the interest during constructing but I don’t believe you can anymore - it’s now added to the base cost for CGT. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building 04 Sep 2021 3 New Poster I think a blackout is all 3 phases dropped out, where as a brown out is just a dropped phase or 2 meaning anything on the phase that is still operational still works. We… 8 16747  Hiya, I’ve just had a reno done in my bathroom and the hot water pipe is visible through the tile where moisture evaporates - see the pic as I don’t know how to… 0 11827 The vapour barrier detail in the NCC-BCA and AS2870 are the same! The NCC-BCA provides 1x option on where it is to lay, the width of any joints, how these joints are to be… 3 36054  |
