Browse Forums Home Finance Re: Owner Buider home loans 22Jan 22, 2009 11:56 am hunts01 Does anybody recommend / know / have used any particular bank for an owner builder loan?? And if so what sought of % would they lend Thanks hunts hunts01; It all depends on whether you are a registered builder yourself (or if project is overseen by a registered builder) or an advanced handyman. Lenders have different rules for each type, you can try the majors ANZ, Westpac, St George all have policy on owner builders. NAB will look at it on a case by case basis. Unfortunately this type of loan is riskier for lenders so don't expect too much variety. Maximum LVR (loan to value ratio=amount borrowed divided by on completion valuation) would be about 75%. owner builder home loan, construction loans 24Jan 22, 2009 12:04 pm taththi What I do know is that NAB will lend up to 80% - at least this was the case as of mid last year when I was thinking of going down the owner-builder route 80% is very generous, there you go hunts01. Just another point, it depends on which state you are in and whether you own your land outright or not. Re: Owner Buider home loans 25Jan 22, 2009 9:07 pm thanks have about 100k equity which is about half, looking to build for 260k so would be total 360k loan and would be worth conservatively 550k at the end if that makes a difference. hope someone can work it out!! owner builder construction loans, building your own home 26Jan 23, 2009 12:26 am hunts01 thanks have about 100k equity which is about half, looking to build for 260k so would be total 360k loan and would be worth conservatively 550k at the end if that makes a difference. hope someone can work it out!! no problem, i hope that was the answer you were looking for. Anything more I'm afraid you have to become a customer Re: Owner Buider home loans 27Mar 30, 2009 1:14 pm well we are having differculties atm with trying to get finance, so far aussie hl gave up, bernie lewis told us probably no, and assured (whom we are currently with) said max of 60%!! they mentioned we might get more after a proper estimate has been done and our land valued; came to quite a shock to me as my wife and have been very stable with employment/decent wage etc.. just that word "owner builder" noone likes to hear. is there a way to get a builder involved? even if its just for half the work to satisfy the banks? -Nathan 2nd-Fix | Blog Building with Desyn Homes previously with the insolvent [url=https://www.facebook.com/7NewsAdelaide/videos/1162546323776021/]Endeavour Homes[/url] Re: Owner Buider home loans 28Mar 30, 2009 11:52 pm FireFox is there a way to get a builder involved? even if its just for half the work to satisfy the banks? -Nathan As per my earlier post, the lenders generally require you to be a registered builder yourself (or the project is overseen by a registered builder). It's quite tough at the moment with the lenders surprising us daily with new restrictions. Did you call the lenders I noted above? Re: Owner Buider home loans 29Mar 31, 2009 10:30 pm as mentioned we tried: bernie lewis (25 lenders, including NAB/Westpac) aussie home loans and only assured seam to want to help us.. friend of mine suggested that i put the walls up and get a builder to finish it, or to lockup -Nathan 2nd-Fix | Blog Building with Desyn Homes previously with the insolvent [url=https://www.facebook.com/7NewsAdelaide/videos/1162546323776021/]Endeavour Homes[/url] Re: Owner Buider home loans 30Apr 01, 2009 12:40 am I meant calling those banks yourself to gain an understanding, as you mentioned brokers were unable to assist you. Although I am a mortgage broker, I think if you call the banks direct explaining your circumstances, there is nothing to lose. Re: Owner Buider home loans 31Apr 13, 2009 1:05 pm I haven't had a look at this post for a while but this is what i found out and researched and decided to go with. St George and Bank of Queensland were the two options. St George woild lend about 60% and were a bit of a pain in the neck with detailed breakdowns. BOQ on teh other hand were fantastic, 80% lending which is all we wanted, approval straight away and a simple breakdown of costs of building the house, even though I put a lot of effort into it to be sure. I would recommend BOQ any day of the week and they are very easy to deal with and not worried about lending to owner builders. Hope it helps hunts Re: Owner Buider home loans 32Apr 13, 2009 8:42 pm Thanks for the info Hunts! I'm still looking to sort something out with a builder mate to save me officially doing owner builder (but effectively doing it anyway, just getting him to sign a fixed price quote), however it's nice to know in case I need to go down that route. I'd previously only found NAB to offer 80% so it's good to know another! Re: Owner Buider home loans 33Apr 14, 2009 8:52 pm No worries, another thing we only needed to borrow 80% just because we wanted to stay under the limit for mortgage insurance, however and I may be wrong they would lend the same amount for buying a new house and that was 90%. At the end of the day and I think most people will agree, the banks just assess the risk and if they think the risk is worthwhile or favours them they will go ahead. The difference is the big 4 have so much business and make so much money that they don't give a damn about the minority of owner builders as they dont have to, which as a business is fair enough, but it is good to reward the businesses that will take a chance i suppose!! good luck! if you don't go owner builder then open slather and get the best loan you can from the entire market. 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