Browse Forums Home Finance 1 Jun 01, 2014 11:48 pm Hi, Is it advisable to get quotes on heating&cooling, fencing and landscaping and add them to the finance application for the build? Say, the build is costed at $300k. We hope that can just self finance all the other bits I mentioned above, considering they are all 9-12 months ahead, we will have savings to handle them by then (best case scenario). And because of our finance structure, we can move in without landscaping completed...So, in essence the only big items are heathing & cooling we already have a quote for, and fencing - which is a bit more complicated to quote at this stage coz of two sides of the house neighboring established properties. Where there is ability to cover for these costs separate to the building costs, is there an advantage to add all these quotes into the finance application for the build? Not sure why I should add them, other than the ability to draw down on those items if need be...Do people add these for 'just in case' purposes? Thanks Re: FINANCE or NOT heating&cooling & fencing & landscaping 2Jun 02, 2014 2:34 pm We added a few in that we were planning on self-financing, we had a 94% LVR and the bank (ANZ) said that the valuation was looked upon more favourably as a "complete home" rather than leaving them out. We were ok in the end, and probably just wont draw down on all the funds. But we'll still have to do all the things in the quotes supplied in order to satisfy the valuer in the end - but which money we use, ours or the amount in the loan still hasnt been decided. It does give you flexiblity in case you need to spend your savings elsewhere, of course this also depends on borrowing capacity and the ability to service the extra repayments for the extra funds. ANZ was happy to lend to us for our Flooring, deck/pergola, landscaping, stormwater, curtians/blinds and driveway & paths concreting. As I said, We had seperate funds set aside for this and have been saving during the wait for the land to title, but as we had to do the finance early - we figured we'd add it all in and be covered either way. Thread: viewtopic.php?f=31&t=66299 Slab: 16/6/14 Frame: 4/7/14 Roof: 22/7/14 Lock Up: 20/8/14 Fixing: 26/8/14 PCI: 9/10/14 Handover: 20/10/14 Re: FINANCE or NOT heating&cooling & fencing & landscaping 3Jun 02, 2014 3:51 pm Hi, thanks for that, the only consideration at this stage then is the possibility for us to barely make it to under 90% LVR to reduce the LMI we would pay. We might achieve this barely, and not sure if we add all those items, we might not make it to under 90%. We are with CBA and under their terms it is possible for the owner to move in without landscaping finalised. I am hoping not having landscaping wont reduce the value, which is I suppose the total for land + build… Re: FINANCE or NOT heating&cooling & fencing & landscaping 4Jun 03, 2014 2:49 pm If you bought in an estate read over the design guidelines, in ours we must have all visible works (front landscaping, letterbox, fencing) done within the first 3 months of handover. We may now ask for finance on some of these things and we feel needing over 10k for those additions alone might be a bit overwhelming with all the other furnishing and appliance costs too! 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 54240 Hmmm, I have checked your past posts and it seems that you are in NSW, not WA as I had thought. It pays to show your State in your avatar. Retaining wall regulations… 5 7781 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 35176 |