Browse Forums Home Finance 1 Oct 17, 2016 6:48 pm So I'm on here hoping someone will be able to help me with the situation I'm in at the moment... My husband and I bought a titled land last year and now we want to start the construction part, now this is where I need help... We are in VIC our broker is in NSW we communicate through emails, texts and phone calls. He assessed our income and came back with an amount that would only allow a caravan on our land which by the way the estate guidelines will not allow. unfortunately for us his over time is not considered which means our loan application will only be on his base wage and with my family tax benefit part A&B hence the above comment. so heres the question? can we apply for a construction loan with a 3rd person who isn't on the land title and not try/have them on the land title? and with this situation I'm not expecting to roll the 2 loans into 1 Broker told me its to complicated and we would HAVE TO put 3rd person on the title some how and may pay more stump duty and that our best option was to find another strategy which is save another 30-50k which i don't want to do. so was really hoping if there was any brokers reading this or anyone who has been in this situation could help me with a solution.... Re: Land Titiles and Construction Loan 2Oct 17, 2016 7:22 pm Hi - has your husband recently changed jobs? Most banks will take overtime that is ongoing and consistent and evident for 12m minimum Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Land Titiles and Construction Loan 3Oct 18, 2016 8:25 am No he's been with the same company for just over 5 years. He started overtime 4 months ago which is not compulsory for him, its optional on going. So because we were told it wasn't long enough we wanted to know if we could add another person onto the construction loan (my sister) who isn't on the land title? Re: Land Titiles and Construction Loan 4Oct 18, 2016 11:02 am Ok that's why they can't use it. Your sister would have to be shown to have clear benefit by being guarantor, for example residing in the home - and she brings with her her own set of liabilities and costs so it may not help you? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building 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 19107 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 35326 Thanks very much! And would the landscaper/contractor generally involve the engineer or is that something the client would do? Thanks for your help 2 10026 |