Browse Forums Home Finance 1 Mar 01, 2009 1:16 pm Hi Everyone,
Just wondering if any one knows the length of time (roughly) it takes from the time your land settles, till the time you are due to make your first mortgage repayment? Is it straight away (like 2 weeks after settlement?) Or does it take some time for them to get things worked out?? We are wanting to save our butts of while our land settles (end of March), and I'm just wondering if we'll have a bit of time after it settles. At the mo we are saving $800 per week, so every week counts!!! Re: Time between settlement and 1st payment on loan? 2Mar 01, 2009 1:21 pm I;m sure you are looking at a month from settlement date. So ours settled on the 25th, so every 25th of the month we owe a payment (so you've got an extra month!) A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Time between settlement and 1st payment on loan? 4Mar 01, 2009 2:53 pm Good question, I hadn't thought of that!! So if my land settles on April 24th and my site start is schedule for May sometime - I may not actually have to make a proper payment on the land component before it changes to interest only 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Time between settlement and 1st payment on loan? 5Mar 01, 2009 3:01 pm it is one nice surprise isn't it, probably one of the last! A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Time between settlement and 1st payment on loan? 6Mar 01, 2009 9:25 pm Depends whether you set up your repayments for weekly / fortnightly / monthly. If you are only paying the interest (ie a construction loan) then it will charge monthly on the anniversary of the drawdown. If it isn't interest only then it will start however often you requested it - monthly / fortnightly/ weekly. Some things are worth waiting for. Re: Time between settlement and 1st payment on loan? 7Mar 01, 2009 9:31 pm we are with cba and I thought that repayments would start a month after settlement... however they don't.. We also have an interest only loan during construction and later found out they take the repayment out on the 15th of each month. My settlement was on the 9th and they took out a repayment (interest charge) 6 days later.
I then had overdraw fees as I hadn't transferred money to the account it came out of. I got the back to refund it as no where on my documents did it say anything about the 15th of every month. Anyway that is how it works with CBA (colonial). Re: Time between settlement and 1st payment on loan? 8Mar 01, 2009 9:59 pm wakeboardandy we are with cba and I thought that repayments would start a month after settlement... however they don't.. We also have an interest only loan during construction and later found out they take the repayment out on the 15th of each month. My settlement was on the 9th and they took out a repayment (interest charge) 6 days later. I then had overdraw fees as I hadn't transferred money to the account it came out of. I got the back to refund it as no where on my documents did it say anything about the 15th of every month. Anyway that is how it works with CBA (colonial). Yes, def check with your bank, as we actually received a letter in the mail a day after settling saying that it was in a month's time. I would look to your bank for confirmation too! A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Time between settlement and 1st payment on loan? 9Mar 01, 2009 11:04 pm Annietom I;m sure you are looking at a month from settlement date. So ours settled on the 25th, so every 25th of the month we owe a payment (so you've got an extra month!) Yep, same for us; we are with St George! 'We make a living by what we get, but we make a life by what we give.' - Winston Churchill Re: Time between settlement and 1st payment on loan? 10Mar 02, 2009 3:14 pm enigma_brennan Annietom I;m sure you are looking at a month from settlement date. So ours settled on the 25th, so every 25th of the month we owe a payment (so you've got an extra month!) Yep, same for us; we are with St George! Same with ANZ, every month after settlement. Changes in interest rates take effect two payments after they send out notification. Stevep79 & Principessa Finished building Wisdom Homes Impression 33mkII in The Ponds, Sydney http://lilypadintheponds.blogspot.com 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 19097 Hi there, We’ve recently had plans approved to add a 1st storey addition to our existing house for a growing family in Sydney. With the current cost of building… 0 4296 regardless, your contract stipulates a payments schedule and SOPA doesn't give provision to that scenario. Your contractual terms appear to stand. Hence get a lawyer, it… 4 11869 |