Browse Forums Home Finance 1 May 01, 2009 1:02 pm Hi everyone, hoping if someone is able to give us some advice on the above. We have just put down an initial $1500 deposit for a land/home package with Dennis Family in Melbourne. They have promised us that the contract will be ready for signing before June 30th so as we can benefit from the FHBG. We were dealing with St George bank and we have gone through all the checks (payslips, savings etc) and they are due to issue our conditional approval for the amount we require in the next few weeks. However we have found out the plot of land we are buying will not have its title released until the 15th August. Will the conditional approval from St George contain a time limit on when we have to settle on the land??? Re: Conditional Approval Construction Loan Time Limits?? 2May 01, 2009 1:06 pm As long as you sign your contract before June 30 and start building within 26weeks of contract signing, you remain eligible for the FHOG + B EDIT: even though Land won't be titled and settled before June 30, you can still sign the contracts for the land and building. ---------------------------------------- Building the PD Lisbon 24 http://www.porterdavis.com.au/#homeviewer/lisbon/24 Blog of our progress. http://lisbon24.blogspot.com/ Homeone build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=28665 Re: Conditional Approval Construction Loan Time Limits?? 3May 01, 2009 1:51 pm Thank you for that information. Also we were asking if any one knew if conditional approvals from st george or any other lender for that fact will require land to be settled within a defined time frame, say 90 days. Lets say they give us conditional approval next week, if it had a 90 day limit, that would give us until approx the beginning of August. If the land title release was delayed then I take it we would have to re-apply?? Is it best to hold off from asking for conditional approval until nearer the June 30th deadline thus giving ample time for land titles to be released mid August. 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 19096 1 2976 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 3160 |