Browse Forums Home Finance Re: Which Lender for Construction Loan? 81Feb 28, 2009 6:30 pm we went with st george via Aussie as our situation left us with little choice.
we've had nothing but great service from Aussie but the dragon is another story. land settlement is scheduled for Tuesday (3/3), documents were requested two weeks back and another copy had to be sent to our solicitors on Thursday by overnight express because the originals (which really were sent out last week) didn't make it. they were all signed up on Friday and will be back in Brissy for Monday morning. I have concerns that the dragon will be ready ... ’’Quondo Omni Flunkus Mortati ’’ If the women don't find you handsome, they should at least find you handy. Stila BK1 Build Thread The best place to talk about sport Re: Which Lender for Construction Loan? 83Mar 03, 2009 12:59 am I must say I am very happy about the new interest from an ex CBA staffer, Mortgage Choice and Aussie customers.
But I am always surprised by the Members Equity Bank customers who take pride in their lender. Just tonight I was taking a new application from my newest first home buyer customers with their parents viewing the process and I couldn't believe it when the parents started raving on about ME. Needless to say ME is not available through brokers which I quickly disclosed. Re: Which Lender for Construction Loan? 84Mar 15, 2009 1:46 pm Another interesting development. Following ANZ's requirement for a larger deposit, ING Direct has also increased its deposit requirement recently. CBA discount on home loan, 0.7% discount 85Mar 31, 2009 12:48 pm thlo I have received a reliable report that indicates, some of our major banks will soon start reducing the interest rate discounts on professional package home loans by up to 0.2%. Traditionally, you would automatically receive a discount based on total home lending amount after paying a large annual fee (around $30 per month). This doesn't yet affect all the home loan lenders so if you are looking to maximise your discounts, make sure you ask your mortgage broker at the time of your application. Zerosignal Well I hope that Westpac do not go changing anything on us - we won't be able to do contracts until mid-March due to land contracts. Maybe I should get some contingency plans together... Which would be a pain but oh well... zerosignal I can now tell you; The 0.7% discount (off standard variable rate) CBA can offer on home loans requires a nice big loan amount of $750,000. Current Standard Discounts Applicable (based on home loan balance) $150,000 $349,999 - 0.50% p.a. $350,000 to $749,999 - 0.60% p.a. $750,000 or higher - 0.70% p.a. As always, ask your mortgage broker / lending manager to see if they can get a bigger discount for you as the lenders' pricing departments can negotiate these discounts to compete with keener home loan lenders like ING, especially if you have a large deposit, say 20% deposit as a first home buyer / builder. Compared to large banks' professional packs that require payment of fees in excess of $350 annually, smaller lenders may have low rates without any ongoing fees. Make sure you calculate the real cost of the home loan. Re: Which Lender for Construction Loan? 86Mar 31, 2009 2:06 pm We're with ANZ and our bank manager has been fantastic. She was so organised getting our loan approved. It only a day to get it back to our builder!! Building the Brampton 195 with Coral Homes Re: Which Lender for Construction Loan? 87Mar 31, 2009 4:04 pm melza09 We're with ANZ and our bank manager has been fantastic. She was so organised getting our loan approved. It only a day to get it back to our builder!! I am hearing more and more of this "it only took 1 day" at this forum. Sorry to sound incredulous but unless you have a 80% deposit or get your home loan from Ayers Rock Building Society (I am sorry if there is indeed one out there), you are not going to have it that quick! Did they give you 0.7% discount of the standard variable rate at ANZ? Re: CBA discount on home loan, 0.7% discount 88Mar 31, 2009 9:16 pm thlo zerosignal I can now tell you; The 0.7% discount (off standard variable rate) CBA can offer on home loans requires a nice big loan amount of $750,000. Current Standard Discounts Applicable (based on home loan balance) $150,000 $349,999 - 0.50% p.a. $350,000 to $749,999 - 0.60% p.a. $750,000 or higher - 0.70% p.a. As always, ask your mortgage broker / lending manager to see if they can get a bigger discount for you as the lenders' pricing departments can negotiate these discounts to compete with keener home loan lenders like ING, especially if you have a large deposit, say 20% deposit as a first home buyer / builder. Compared to large banks' professional packs that require payment of fees in excess of $350 annually, smaller lenders may have low rates without any ongoing fees. Make sure you calculate the real cost of the home loan. We had our loan application submitted with Westpac on Monday this week under the current professional package, .70% off. Also since we are not due to do our first draw down until 15 May we have until then to decide if we want to fix a portion of the loan, currently thinking of fixing 70-80% of the loan leaving 20% variable to use the offset account and make additonal repayments if our situation allows it. My gut tells me that the the fixed rates in Australia are nearing the bottom and we will see the final downward movements play out in the next two months away. Could be way off but will still be nice to have 80% certainty on our home loan for 3 years at 4.99%. Re: CBA discount on home loan, 0.7% discount 89Apr 01, 2009 12:44 am Zerosignal thlo zerosignal I can now tell you; The 0.7% discount (off standard variable rate) CBA can offer on home loans requires a nice big loan amount of $750,000. Current Standard Discounts Applicable (based on home loan balance) $150,000 $349,999 - 0.50% p.a. $350,000 to $749,999 - 0.60% p.a. $750,000 or higher - 0.70% p.a. As always, ask your mortgage broker / lending manager to see if they can get a bigger discount for you as the lenders' pricing departments can negotiate these discounts to compete with keener home loan lenders like ING, especially if you have a large deposit, say 20% deposit as a first home buyer / builder. Compared to large banks' professional packs that require payment of fees in excess of $350 annually, smaller lenders may have low rates without any ongoing fees. Make sure you calculate the real cost of the home loan. We had our loan application submitted with Westpac on Monday this week under the current professional package, .70% off. Also since we are not due to do our first draw down until 15 May we have until then to decide if we want to fix a portion of the loan, currently thinking of fixing 70-80% of the loan leaving 20% variable to use the offset account and make additonal repayments if our situation allows it. My gut tells me that the the fixed rates in Australia are nearing the bottom and we will see the final downward movements play out in the next two months away. Could be way off but will still be nice to have 80% certainty on our home loan for 3 years at 4.99%. It's good to see Westpac are still offering the full 0.7% discount, so are St George Bank. St George even had 1.5% off discount offer recently for the first year reverting to normal discounts after that. It's so odd that St George is out there discounting heavily (and they don't seem to be lacking any business normally) while others like Bankwest (edit.for low deposit applicants) and Citibank have raised rates and CBA reduced discounts recently. Re: Which Lender for Construction Loan? 91Apr 05, 2009 1:46 am I received a couple of questions about No Deposit Construction loans, which are not available any more. 5% deposit is the minimum requirement these days. Re: 92Apr 06, 2009 9:13 pm Our broker at aussie is not good either, can say i am happy with the customer service www.buildingwithwisdomhomes.blogspot.com stevep79 JellyLegs Thanks for your help. Thankfully, our builder has been great and were able to join ANZ's disjointed dots and get things happening regardless. They STILL haven't got things right and the broker bailed on us this week leaving us to try and resolve it oursleves. Just wont be using ANZ or AHL again. Ever. DH is writing a letter of complaint to both companies. No point going to the ombudsmen now and we really just want to get on with building our house and not dwell on it. Cheers. I hear you, the majority of ANZ that I spoke to when trying to do my land loan finance were useless. Three branches and five call centre staff later, I came across someone who had joined ANZ from St George only two weeks prior and she was brilliant. All I was after was the answer to A) When I build, does the land loan roll into the construction portion at the end B) Can I choose at what stage I put in my portion of the property value or does it need to be done before the bank will start drawing down My broker at Aussie was just as useless, everyone there is an individual contractor so I can't badmouth Aussie in general. Unfortunately, I'll have to go back to him in the next week or so to start the construction portion because he has the backup email form ANZ to say we can still do the construction portion under the old 95% LVR. I'd refinance away from them now but I'd rather just get the build finished and then refinance later. Last thing I want is for ANZ to take a month to release the mortgage like they did with someone at work recently. west sydney construction loan 94Apr 22, 2009 2:33 am I heard from a reliable bank source that one of the last major banks to have 5% deposit home loans (up to 97% LVR including mortgage insurance) will stop offering this option, which is likely to affect pre-approved customers. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19108 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35330 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11933 |