Browse Forums Home Finance 1 Apr 07, 2013 5:49 am Let's say we have, $200k to put towards our new house after we sell our current house and pay back the bank and real estate agent commission and advertising fees. We will be doing a few things like flooring, cooling etc after handover. If we are using our same lender for the new build and land, and the deposit will leave us well under the 80% LVR, there wouldn't be a problem with holding onto some of this $200k to do the post handover items would there? Sorry if this is a silly question, I just want to make sure I am covering all my bases! I guess my lender would have taken our equity into account when providing pre-approval, but I only want to keep around $20k to do flooring etc.... Our build: viewtopic.php?f=31&t=64705 Re: Deposit and post handover costs question 2Apr 07, 2013 5:57 am we are doing something similar to what you are proposing i would also talk to your lender as well with us we asked to keep a portion of the money from the sale of our house so with contracts we signed the bank gave us a document that listed amounts that was to be kept and amounts to give to bank (sorry may sound confusing) other members may also be able to help Re: Deposit and post handover costs question 3Apr 07, 2013 6:13 am yes, that makes sense. My lender can be quite vague but I will send an email with what we are wanting to do, so at least he is aware. Our build: viewtopic.php?f=31&t=64705 Re: Deposit and post handover costs question 5Apr 07, 2013 8:18 am xxkat, fair enough. I spoke to my lender, and he said it wasn't a problem to keep $20k aside for post handover. Our build: viewtopic.php?f=31&t=64705 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4826 If there have been changes, variations, during construction then the drawings should be revised, the building permit amended and the current, as built drawings given to… 2 4488 Building Standards; Getting It Right! When my house was built (over 7 years ago), the post brackets were done to allow for concrete porch, but they didn’t allow for the planned stone paving. I’m finally… 0 1919 |