Browse Forums Home Finance Re: Mortgage - Pre-Approval 2Sep 05, 2007 11:49 pm You may be able to negotiate the deposit and ask for extra time, there is what is called a Deposit guarantee that you can purchase for a small amount. This guaranatees the seller the deposit and you do not have to come up with the full amount.
For the deposit guarantee you need to have full approval in place, so the way to go about it is to organise a pre approval and make sure all has been done just subject to the valuation. Dont forget to make the contract subject to finance approval lender of your choice. If this is off the plan you may be taking some risk to seal the deal but I would need to know more Wayne www.alphamortgagesolutions.com.au info@alphamortgagesolutions.com.au Contact us for a free consultation for advice on how to structure your loan for maximum benefit Re: Mortgage - Pre-Approval 3Sep 05, 2007 11:50 pm You may be able to negotiate the deposit and ask for extra time, there is what is called a Deposit guarantee that you can purchase for a small amount. This guaranatees the seller the deposit and you do not have to come up with the full amount.
For the deposit guarantee you need to have full approval in place, so the way to go about it is to organise a pre approval and make sure all has been done just subject to the valuation. Dont forget to make the contract subject to finance approval lender of your choice. If this is off the plan you may be taking some risk to seal the deal but I would need to know more Wayne www.alphamortgagesolutions.com.au info@alphamortgagesolutions.com.au Contact us for a free consultation for advice on how to structure your loan for maximum benefit Re: Mortgage - Pre-Approval 4Nov 25, 2007 7:41 am I'd love to know where you are getting a 100% construction loan from? We used 3 different mortgage brokers and non could find a 100% construction loan. The best we got was 95% with bankwest. 5% deposit with $3500 M insurance included into the loan. We paid stamp duty and legals. All up we would have been $16,000 max out of pocket. Re: Mortgage - Pre-Approval 5Nov 25, 2007 1:17 pm Hi FionaL
I've organized a 100% construction loan through Mortgage Choice via IMB Bank for a house & land package. I've signed the land contract, but the Bank also needs the house contract, otherwise I would need a 5% deposit for the land portion. At this stage I'm just waiting for the builder to complete the plans and contracts so I can send everything to the bank at once and I won't need to hit my savings as I'm hoping to use my savings for stamp duty, mortgage registration and new furniture Dana -------------------------- Building with DFH - carpet installed! Re: Mortgage - Pre-Approval 7Nov 28, 2007 10:54 am Mine was organised by Aussie through Commonwealth.
When I went direct to the Commonwealth bank they told me they didn't do that. But when I went to Aussie and said I wanted a 100% construction loan he straight away said Commonwealth. No Deposit House and Land 8Nov 01, 2008 3:33 am FionaL I'd love to know where you are getting a 100% construction loan from? We used 3 different mortgage brokers and non could find a 100% construction loan. The best we got was 95% with bankwest. 5% deposit with $3500 M insurance included into the loan. We paid stamp duty and legals. All up we would have been $16,000 max out of pocket. Just a clarification on the difference in the experiences noted here. If your developer is offering you pre acouncil approved plans on the land they own, you can apply to lenders as a package upon which they can accept it for 100% (or 97% and LMI capitalisation). However, if you have to settle on the land first and wait for plans to be drawn and approved by council, lenders usually offer you 95% plus LMI as they can't be certain what you'll be doing with the land and when. 1 2880 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 3112 We've had the offer of a short term tenant whilst waiting for CDC/DA home approval and demolition for our knock down rebuild. It would achieve a pretty low rent as it's… 0 13689 |