Browse Forums Home Finance 1 May 13, 2013 12:54 pm As the title suggests, wondering which bank or non bank lender people have used and why you decided to go with them? Our build: viewtopic.php?f=31&t=64705 Re: Who is your land loan with and why? 2May 13, 2013 2:51 pm We are with B a n k w e s t. We have our existing loan with them and we've always had good service. Re: Who is your land loan with and why? 4May 14, 2013 12:16 am Land loans can basically be taken out by the same product packages as normal home loans. What I do suggest is look ahead to when you want to construct and who has a good construction loan process/policy. Cheers Tom Re: Who is your land loan with and why? 5May 14, 2013 8:09 am thanks everyone. plc, you make some good points there. You don't want any mucking around when the build is happening and payments need to be made etc.... I am awaiting a valuation from one of the major banks (a pre application valuation like Shahin mentioned). Our build: viewtopic.php?f=31&t=64705 Re: Who is your land loan with and why? 6May 14, 2013 9:59 am meowsy - Our land loan and construction loan is with Westpac. They have been fantastic and haven't kept us waiting with the inspections for draws or the payments themselves. Highly recommend. Re: Who is your land loan with and why? 7May 14, 2013 12:18 pm thanks gonecountry, I think sometimes it is a good idea to go with the major banks, for those reasons Our build: viewtopic.php?f=31&t=64705 Re: Who is your land loan with and why? 8May 15, 2013 6:14 pm With ING, both mine and my partner's investment properties were with them so we didn't really have a choice unless we wanted to incur break fees. That said they were great with organising the valuations. The only problem now with the build is they won't accept our contract because it says "contract quotation" despite being provided by and signed by the builder and ourselves as the finance copy. Hopefully this gets resolved soon. If I were a first time buyer I would be looking at the interest rates all the way. https://forum.homeone.com.au/viewtopic.php?f=31&t=64434 Building our own custom design based on the Elwood by Dale Alcock Land settled - November Plans submitted to council - January Prestart - March Slab - 18 September Brickies - 23 October Re: Who is your land loan with and why? 9May 15, 2013 7:09 pm Suncorp have been pretty good to deal with, we got their package which gives a 0.9% discount off the variable rate and you pay $250 for the first progress payment once construction starts then the rest are free. Their online banking is great and you can have up to 9 offset accounts linked to the loan so you can actually separate money for bills, holidays etc and the money is working for you by reducing your interest but it is still available to spend. Don't quote me on this but I think they are also one of only a few banks who allow the first home owners grant to be included as part of your deposit. If this applies then might be worth asking. Re: Who is your land loan with and why? 10May 15, 2013 7:19 pm thanks all, no we are not homebuyers, but had first valuation rejected as it was way under, even with an excellent deposit. We've had some success now, so just hope the processing of the loan goes smoothly! Our build: viewtopic.php?f=31&t=64705 Re: Who is your land loan with and why? 11Jun 11, 2013 10:49 am Going with RAMs home loan for ours. They were able to get me the amount I require and service was pretty good too. Rates are OK, I found some internet lenders with better rates but they were asking for too much documents and too much hassle. Re: Who is your land loan with and why? 12Jun 11, 2013 11:00 am We went with ANZ, I have have mortgages with them for about 9 years. My income source is quite different to most people's, and because I have been banking with ANZ for so long, they will accept it as opposed to other banks who just don't accept the income source. At present we have -a small mortgage with them for the house currently live in (small % owed) -an investment mortgage (larger % owed) -we had the land loan with them (larger % owed) and hubby has an investment loan with another bank They approved the loan in the promised 2 week time frame, other banks had said a one month time frame due to valuations and to get approval on my income. The offered us .96% off the advertised interest rate, $250 first progress payment fee and no further fees. After settlement we can decided to fix our loan at no extra cost. All up I am happy with ANZ, their fees aren't the lowest around and their interest rates aren't the very best around - but they are willing to negotiate for your business, and I m happy with their customer service (which is important to me) Re: Who is your land loan with and why? 13Jun 11, 2013 12:42 pm Thanks all, we ended up going with ANZ through a broker, the rate was comparable to a non bank lender we were looking at prior to that. Our build: viewtopic.php?f=31&t=64705 Re: Who is your land loan with and why? 14Jun 11, 2013 3:56 pm We went with ANZ. Having not been in Oz long (7 months) we thought it was going to be difficult getting a mortgage. I think it was made much easier because we'd banked with ANZ since before we arrived and they assessed our borrowing power on actual earnings with o/time included rather than base salary. We got the breakfree package which gives us 0.8% interest reduction, no fees and an offset account. Also, our branch manager is fantastic and couldn't be more helpful. 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 18896 Hi All, I just wanted to close this topic out with an update. So we ended up agreeing to a number with the insurance company, and after an extensive amount of hand… 8 23386 That sucks! Hope it all works out. Good to move away from steel anyway for all your reasons, but it's also thermally poor. 16 17774 |