Browse Forums Home Finance 1 Sep 04, 2007 1:55 pm Hopefully there's an easy answer to this!
Am looking at buying acreage in QLD and building a house, installing pool and landscaping etc. When taking out a construction loan with the lender requiring a 'fixed contract price', does this have to be ONE contract, or can you submit separate contracts for a total sum, ie house + pool + landscaping? What I am trying to get at is: Can you employ separate contractors to get the build/loan approved, or do you need to use one contractor and have all other providers supply that contractor so it is all on one contract/invoice? I only ask as I want to capitalise as much of the build as possible (I have my reasons!) Re: Construction Loan Question 2Sep 04, 2007 2:32 pm normally yes...
We are building and were told is was fine to submit invoices for things like a driveway etc in addition to the building contract, might depend on your lender as to the exact requirements. Our loan is with westpac. Built Porter Davis "Dromana" 2007. 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 |