Browse Forums Home Finance 1 May 19, 2014 10:03 pm Does anyone has an experience getting a construction loan with St George recently? I am just wondering: 1. Do they allow us using equity of our land when it comes to get a finance for building construction? 2. How they are when it comes to third party quotes. Do they accept them? Re: St George Construction Loan 2May 21, 2014 12:29 pm Hi Yaditya Are you looking to use equity in the land that you're looking to build on? Have you settled on this land already? Cheers Jamie Jamie Moore | Mortgage Broker (Australia wide)| Pass Go Home Loans Pty Ltd www.passgo.com.au Email: info@passgo.com.au p: 1300 656 299 | f: (02) 6108 3548 | Australian Credit Licence # 390602 Re: St George Construction Loan 3May 21, 2014 7:32 pm Sorry to jump the thread….. Jamie, If you own the block of land outright, can you use this as equity or deposit for a construction loan? Is owning the block of land as good as having a cash deposit? Re: St George Construction Loan 4May 21, 2014 7:49 pm Sunshine2013 Sorry to jump the thread….. Jamie, If you own the block of land outright, can you use this as equity or deposit for a construction loan? Is owning the block of land as good as having a cash deposit? Hi Sunshine Yep, you can. Cheers Jamie Jamie Moore | Mortgage Broker (Australia wide)| Pass Go Home Loans Pty Ltd www.passgo.com.au Email: info@passgo.com.au p: 1300 656 299 | f: (02) 6108 3548 | Australian Credit Licence # 390602 Re: St George Construction Loan 5May 21, 2014 9:23 pm Jamie M Hi Yaditya Are you looking to use equity in the land that you're looking to build on? Have you settled on this land already? Cheers Jamie The land is currently unregistered and according to the developer it's going to be registered around October this year and that's when I will settle on the land. Yes, I am looking to use equity in the land for my construction which MAY be starting around January 2015. Do you know if St George allow their customers to use land value as an equity in my case? Re: St George Construction Loan 6May 21, 2014 10:09 pm Jamie M Sunshine2013 Sorry to jump the thread….. Jamie, If you own the block of land outright, can you use this as equity or deposit for a construction loan? Is owning the block of land as good as having a cash deposit? Hi Sunshine Yep, you can. Cheers Jamie Thanks Jamie Re: St George Construction Loan 7May 22, 2014 11:03 pm yaditya Jamie M Hi Yaditya Are you looking to use equity in the land that you're looking to build on? Have you settled on this land already? Cheers Jamie The land is currently unregistered and according to the developer it's going to be registered around October this year and that's when I will settle on the land. Yes, I am looking to use equity in the land for my construction which MAY be starting around January 2015. Do you know if St George allow their customers to use land value as an equity in my case? Yes they will. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au 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 19068 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 35305 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 |