Browse Forums Home Finance Re: Resolve Finance 2Jul 25, 2013 11:53 pm hi, we did that and are now about to have bricks layed for our home you will need to get an appointment with homebuyers to work on your individual situation, but bascially you have to show that you have $3000 (or more if you want a bigger loan) of genuine savings, meaning that you can't have one of your rellies simply give you the money. resolve will want to see that you can save and manage your money. they work in association with keystart and need LOTS of information regarding your financials, because the deposit is so small and therefore you are a greater risk for lending. it probably took us about 2 or 3 months all up to go from first sitting down with the guy from resolve (who was an absolute legend by the way) to getting our final loan approval. all up we were very happy with the process and how we were guided through it -like i said, the resolve guy was great, he always answered our emails and calls promptly and comprehensively. the only thing that was a bit annoying was supplying all the required documents in the narrow time frame (no statements can be older than 30 days at time of application), but we got there in the end. the only person we didn't really like was the sales guy; he was ok but very, well.... sales-guy-like Re: Resolve Finance 3Jul 26, 2013 2:38 pm Thanks for your reply, We're also wondering if you can choose your own land to purchase or whether it has to be a house and land package with land selected by homebuyers? And other things like is it a higher interest rate, do you have to pay for any upgrades out of pocket (I've heard this from threads 2 years ago). It all seems too good to be true lol Re: Resolve Finance 4Jul 26, 2013 11:45 pm hey, no worries first you meet with homebuyers to do a rough calculation of how much you can afford to borrow; then they look at the map with you to see which estates/suburbs are in your range. once you narrow down where you want to look, they will show you which blocks are available in that area and how much they are. then the sales rep will meet you there/take you there and you get to have a look around. once you pic a block you have a look at what house designs fit on it/ you can afford and they work out the 'package' cost for you. so you get to decide pretty much everything. all the basic finishes to build a liveable home are included, but you have to pay for any upgrades you want. for example, they include tiling to wet areas, basic carpet in bedrooms and lino in main living areas and kitchen, but we wanted timber laminate flooring so had to pay extra; also we upgraded the carpet in a couple of rooms because we have cats and the standard range only had loop pile carpet, which is really easy for the cats to shred. we paid more to get cut pile carpet to make it cat resistant. there are almost always upgrade options, but it can get pretty expensive pretty quickly. the interest rate through keystart is slightly higher than banks, again, because you/we are more of a risk. but we'll only keep that loan for a few years and then re-finance to get a better rate. when we first requested for someone to contact us, we just wanted to check it out and hadn't done a whole lot of looking around. it became clear that we could actually afford what we wanted and here we are six months later, waiting for our bricklaying to start, lol ps: some upgrades can be included in your loan, e.g: we added an alfresco area, stone benchtop upgrade and automatic garage door to our loan cost. then we paid for flooring upgrade and some other small things out of pocket - this is obviously not included with your $3000 savings Re: Resolve Finance 5Jul 27, 2013 5:57 pm hi there. My partner and I are with homebuyers and resolve in Victoria [incase you are in WA or Vic]. We chose our own land and house design and it was packaged together for the loan. The arrangement is $1500 to HBC and $1500 to land however we had to pay $5000 all up for land as we wanted a bigger block {534sq}. This was the land offices request, not Resolve or HBC so you might want to check with the land office what the deposit requirements are for your block. I agree with all of the above too. We signed up in Feb this year, found the land in March, put the $5000 down to land in April and$1500 to HBC, git formal finance approval in June and had prestart selections in the same month. We are now just waiting on land to title which is due in October so we have been trying to save every dollar we can until then so we can do fencing/paving/back landscaping when we move. We also have to pay HBC another $6990 when the land titles which we have so just check the bottom line for your situation because the $3000 will get things going but there might be small costs at the end too. the arrangement has been fantastic for us and we have faced no surprises so far. We are renting now and were surprised at how affordable the progress oayments will be when the build starts {as yoy are paying interest only on portions being gradually drswn down from your full loan} so fingers crossed it works out! Build Permit-17/12/13 Earthworks-13/1/14 Slab-30/1/14 Frame-10/2/14 Lock Up-7/3/14 Fixing Stage Complete-20/3/14 New Home Presentation-6/5/14 Moved in 17/5/14! Blog: http://dandesbuild.blogspot.com.au Re: Resolve Finance 6Aug 12, 2013 6:14 pm hi there Pookes83 we are in a similar situation now with homebuyers regarding the $5000 for our land deposit we were only given one estate to choose from but were allowed to select our block as we need a larger block for our dogs but... we were told today and i specifically questioned the sales rep about where the $5000 goes He told me that it come off the final settlement amount that you are given as your out of pocket expenses i didn't believe him and asked him to explain himself and he assures me we will only have to pay the balance at settlement i am still trying to work out how this could be so as $5000 is for land deposit not fees and charges etc reading your comments did the $5000 come off your loan cost or the amount owed at settlement we are a bit weary and don't want our pants pulled down with all there surprise expenses as the sales rep failed to state that the land office would require a larger deposit when he showed the estate to us Re: Resolve Finance 7Aug 12, 2013 6:45 pm Hi Tyson, I just checked out my finance breakdown document for you and yes, it has come off my final settlement amount. Now with the balance, if you are going through Resolve they also give you a credit card with a $5000 limit so they said you can use that for the balance at settlement and just pay the remaining. If you aren't using deposit assist then yeah your settlement payment will be higher depending on your overall cost but the land deposit is subtracted from it. Build Permit-17/12/13 Earthworks-13/1/14 Slab-30/1/14 Frame-10/2/14 Lock Up-7/3/14 Fixing Stage Complete-20/3/14 New Home Presentation-6/5/14 Moved in 17/5/14! Blog: http://dandesbuild.blogspot.com.au Re: Resolve Finance 9Aug 14, 2013 10:41 pm It's Lenders Mortgage Insurance (LMI) - its for any lender if you borrow over 80%. Resolve make it very clear in their documents. Build Permit-17/12/13 Earthworks-13/1/14 Slab-30/1/14 Frame-10/2/14 Lock Up-7/3/14 Fixing Stage Complete-20/3/14 New Home Presentation-6/5/14 Moved in 17/5/14! Blog: http://dandesbuild.blogspot.com.au Re: Resolve Finance 12Aug 15, 2013 8:06 am Gah! Hi Wazza, I just responded to your other post on the Boutique thread about Resolve and then I came here and read about your situation. We have a 60 day subject to finance clause in our land contract and even though Resolve said that should be fine, I'm still worried (mainly because it seems Boutique take a while to put contracts together!). I thought that being part of the same company Resolve would be able to put some pressure on Boutique... but maybe not? Can I ask why your finance has been delayed? Is it because the house contract was delayed or is the bank taking their sweet time? (Or something else entirely?) Re: Resolve Finance 13Aug 17, 2013 4:54 pm Although fine in the end, our pre-approval through Resolve took 3 months and then formal approval took another 3 weeks. I constantly had to hear about the banks "backlog"! We had to get a 90 extension with our land office due to the finance. We aren't due to title for another 6 weeks so my assumption is that we weren't exactly priority at the time. Build Permit-17/12/13 Earthworks-13/1/14 Slab-30/1/14 Frame-10/2/14 Lock Up-7/3/14 Fixing Stage Complete-20/3/14 New Home Presentation-6/5/14 Moved in 17/5/14! Blog: http://dandesbuild.blogspot.com.au Re: Resolve Finance 14Aug 18, 2013 10:21 pm I had no issues with boutique they pushed us through fairly quickly all contracts are signed subject to finance . The have even done the soil tests. I know from my visit to them they are snowed under lots of people buying. Yes issue is more with the bank then resolve. Was told late in the week the manager from resolve is trying to help push for approval. My issue is the fact it's a low deposit home loan. Because of this fact the bank makes it hard. Even though I have the capacity to pay the loan. Re: Resolve Finance 18Aug 23, 2013 6:02 pm Mine took a little over 2.5 weeks with Resolve/Bluebay Build Permit-17/12/13 Earthworks-13/1/14 Slab-30/1/14 Frame-10/2/14 Lock Up-7/3/14 Fixing Stage Complete-20/3/14 New Home Presentation-6/5/14 Moved in 17/5/14! Blog: http://dandesbuild.blogspot.com.au Re: Resolve Finance 20Sep 06, 2013 8:09 am Hi guys, so exciting to read about ur experiences, we Just submitted all our paper work in to see if we even qualify fx. The sales guy at Livingston was really good but not sure how he says we can get a loan of 350,000 with $400 a week repayments, anyway will see what resolve say, as anymore then $400 and I don't think we would manage, ATM we pay $3600 a month rent and r comfortable. What have u worked out ur repayments to be on the $3000 deposit option? Tia you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 58073 |