Browse Forums Home Finance 1 Jan 18, 2015 6:59 pm Hi, my husband and i are both first home buyers and have a holding deposit on a block of land. I am wondering what we can include in our loan, when we build there will be a few thinga that are not included to finish the house. It won't include floor coverings driveway and landscaping. Are these incorporated as an expense above the cost of building so we can withdraw money for these. Or will these need to be paid for out of our own pocket?. I am hoping this makes sense to someone. Such a confusing time. Building a sekisui house in Holmesville NSW viewtopic.php?f=31&t=75060 Re: What can you include in your construction loan. 2Jan 18, 2015 7:28 pm Hi, depends on the lender and how much you are borrowing - and the valuation that comes back but I always recommend you give all of your quotes over and try and have them included in the valuation. What you do need to keep in mind then, is the bank won't pay for these things until they're done - so your trades need to be happy to be paid after the bank has proven they've done their work - or you pay them & then claim the money back from the bank. I also recommend you check with the builder what appointments they do after contract stage - so you can allow for this in the tender and therefore valuation. Hope this helps! Bec Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: What can you include in your construction loan. 3Jan 20, 2015 10:31 am Hi Bec, It is important that you provide the bank and valuer all quotes including floor coverings and try and see if you can include the driveway and landscaping into the fixed price contract. If this is done correctly then banks will value it based on it everything was finished and lend up to 97% inclusive LMI. I hope this helps. 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 13521 Depends what you're current inclusions are, but we're not including wardrobes and will just use second hand ones until we can save later on to get them built. Also have a… 3 8447 2 8018 |