Browse Forums Home Finance 1 Sep 15, 2014 6:53 am Just trying to get finance for our build and the mortgage broker has said that we will keep our existing mortgage and have a separate construction loan for the new build and at the end of the construction period the two loans will amalgamate. Is they way its typically done? Also she has calculated our LVR at 76.24% is that about average for this. Re: Knock down rebuild with an existing mortgage 2Sep 16, 2014 12:14 am Yep, the construction is normally a separate loan during building drawn in stages, and then amalgamated into one at completion. As for LVR, it can go up to 95% LVR, but if it is indeed under 80% then you won't have to pay LMI which is an advantage. However the final LVR will be determined once the proper valuation is done by the lender. As mentioned on your other thread, the valuation will be done a bit differently due to the existing structure on it. Cheers Tom We've had the offer of a short term tenant whilst waiting for CDC/DA home approval and demolition for our knock down rebuild. It would achieve a pretty low rent as it's… 0 13752 Hi I live in a 100yr old semi and my neighbour added an additional floor last yr and our architect has advised that we can knock down our semi and build a free-standing… 0 37704 5 6812 |