Browse Forums Home Finance 1 Aug 16, 2016 6:11 pm Hi everyone. We are preparing to build again and am considering changing banks. We have been sorting out the finance for our land and have been mucked around. We were supposed to go unconditional at 5pm and they called us at 4:55 to say the valuation hasn't arrived. The last time we built, we were told that they are terrible with construction loans. Can anyone recommend a good bank to build with? I also want someone with a decent website that you can pretty much do anything on as well. I don't have time to sit on the phone for hours or drive all the way to a branch. Re: Which bank? 2Aug 16, 2016 6:32 pm HI Tamara, I'm going to be cheeky and say get a broker In regards which branch there are certainly some better with construction than others but there's no one fits all solution. In terms of web functionality CBA are probably the best, if they suit your other needs. Best of luck with the build! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Which bank? 3Aug 16, 2016 6:37 pm We went with NAB and for a construction loan they were a bit painful. Insited on changes to the payment schedule in the contract, and first payment for some reason they cannot do it electronically, having to send a cheque instead. And now all is complete, they don't combine the seperate land/build loans automatically like my last build bank did (Bank West before they were brought by Commonwealth), so now need to fill out a form to consilidate, which no doubt will result in a charge of some sort. Re: Which bank? 4Sep 07, 2016 8:47 pm Sorry to butt in on your post. But Bec can you recommend a Mortgage Broker in Adelaide who specialises in builds? We are doing a KDR. Obviously we already have a mortgage on our property but need to borrow for the build. Thanks Mel x becjarrettdalton HI Tamara, I'm going to be cheeky and say get a broker In regards which branch there are certainly some better with construction than others but there's no one fits all solution. In terms of web functionality CBA are probably the best, if they suit your other needs. Best of luck with the build! Re: Which bank? 5Sep 08, 2016 12:24 am Hi Mel, I'll send a quick note to a friend to get her contact details...get back to you? What region are you in? She's at Aldinga beach Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Which bank? 7Sep 08, 2016 2:42 pm Excellent, it's Nani Johnson at High Rise Financial https://www.facebook.com/RiseHighFinanc ... ?pnref=lhc Best of luck!! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Which bank? 9Sep 16, 2016 10:14 pm AJW We went with NAB and for a construction loan they were a bit painful. Insited on changes to the payment schedule in the contract, and first payment for some reason they cannot do it electronically, having to send a cheque instead. And now all is complete, they don't combine the seperate land/build loans automatically like my last build bank did (Bank West before they were brought by Commonwealth), so now need to fill out a form to consilidate, which no doubt will result in a charge of some sort. I'm with NAB and they set up my loan in the one account. Land draw-down first, then progress payments. Re: Which bank? 10Sep 18, 2016 5:09 pm It comes back to how it's setup from the start and can be the timing of your contracts. Generally I do a 1. full approval for the land 2. and pre approval for the land + build to absorb the original land loan as well so at the end of construction you would have one loan, but banks don't always do what I want! Worst case its a switch form to combine them and not more than $250 if any charge at all, best case you may consider it handy to have two splits and fix some while rates are so low leaving the variable portion for flexibility. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Which bank? 11Sep 18, 2016 7:00 pm We've changed twice over the years and are currently with G&C Mutual Bank. Have been with them for about 4 years and so far the positives are: Great customer service - I deal with two people at the branch - our loans manager and the admin person - unlike the last bank we were with (one of the big banks) we don't get passed around to different staff depending who is working that day, just to get a question answered. We call the branch and talk to a person. No annoying 'Press 1 to do this, Press 2 to do that" Also really handy when we need to do something like order a new card etc as the admin lady knows us and we don't have to go through the whole ID process. Great rates 100% offset account. Quick turn around for loan approvals, mortgage top ups etc and the loans manager comes to us at work so we don't have to make appointments to visit the branch during business hours. How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 9154 Anthony Firstly, wow you have put a lot of work into your list of questions! Great job and they are mostly valid questions that a builder should be able to answer. As… 14 9097 Black on light wood does look good. Not sure if it will be as long lasting as a steel finish? 6 4595 |