Browse Forums Home Finance 1 Jul 10, 2017 5:22 pm My husband and I are currently building our first home (that's a WHOLE other story). We had a deposit of $50,000 (plus the FHOG $20000). Our loan was approved based upon contract price from a project builder however, we had to have some extensive variations done after the loan was approved. Also, our land valuation came in under what we needed to pay for the land. Long story short- we are not going to see a cent of our FHOG which we were going to use to do all the extra bits (driveway, landscaping, possibly window coverings etc) after handover. My question is, after handover what options do we have, in terms of finance, so we can get our driveway and landscaping done? Any advice appreciated T.I.A Re: Financing additional items after handover... 2Jul 11, 2017 10:52 pm Hi, after settlement, depending on what percentage of the home value you have borrowed and other approval criteria - you may be able to top up your loan to cover other items. Often homes do value "up" at completion, and if you give the lender the quotes for these items you have even more chance of this. No guarantees though. Otherwise you're looking at other types of finance potentially. WHo's your lender? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Financing additional items after handover... 3Jul 12, 2017 6:04 am becjarrettdalton Hi, after settlement, depending on what percentage of the home value you have borrowed and other approval criteria - you may be able to top up your loan to cover other items. Often homes do value "up" at completion, and if you give the lender the quotes for these items you have even more chance of this. No guarantees though. Otherwise you're looking at other types of finance potentially. WHo's your lender? Hi Bec, thanks for your reply Our lender is ANZ. Re: Financing additional items after handover... 4Jul 12, 2017 11:19 am OK, so send your quotes through when the build is finished and they might be able to top up. I've seen Bankwest so this, I have had anyone with ANZ need it yet Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Financing additional items after handover... 5Jul 12, 2017 9:46 pm Usually once the house is built so long as the value of the property has increased you should be able to top up your loan. Ensure you don't exceed the 80% lending ratio or you might have issues and need to pay for Lenders Mortgage Insurance Kind Regards, Bruce "Building an Eden Brae Waldorf 50 in North Kellyville" Blog: http://waldorf50.blogspot.com.au A Mobile Solicitor at Wong & Horta Lawyers Website: http://www.whlawyers.com.au The significant date is when receive final payment invoice Check that section of contract Bit of fluff by builders prior to that 1 15830 Our standard double-glazed window is tested to achieve, Rw 34, and can be glazed to suit Rw 39. The price is good too... 3 9428 The best advice is for you to get a competent building consultant to guide you through your build 7 4646 |