Browse Forums Home Finance 1 Sep 19, 2012 7:39 pm Lexia Slim Twist with Beechwood Homes http://houseoflexia.blogspot.com.au/ https://www.instagram.com/natlyn7/ Re: Construction Loan 3Sep 19, 2012 10:05 pm Lexia Slim Twist with Beechwood Homes http://houseoflexia.blogspot.com.au/ https://www.instagram.com/natlyn7/ Re: Construction Loan 5Sep 20, 2012 5:38 pm Lexia Slim Twist with Beechwood Homes http://houseoflexia.blogspot.com.au/ https://www.instagram.com/natlyn7/ Re: Construction Loan 6Feb 19, 2013 8:07 pm Lexia Slim Twist with Beechwood Homes http://houseoflexia.blogspot.com.au/ https://www.instagram.com/natlyn7/ Re: Construction Loan 8Feb 20, 2013 11:54 am Hi Natlyn, Issue with land that is settling a year into the future is that most lenders approvals only last about 3 months, so getting a pre-approval now won't last unless as Shahin mentioned you kept on renewing it. You also have the problem of how valid is the pre-approval. Depending on the lender, it may basically be worthless. You also need to be aware that due to the current market, when the lender values the land come nearer to settlement, it may be lower than the purchase price so you may have to put in more of your own funds depending on the LVR that is acceptable. Cheers, Tom 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 35326 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11926 |