Browse Forums Home Finance 1 Oct 26, 2016 8:17 pm Hi Guys, I bought a block of land about a year ago. And I have absolutely paid off a big chunk of the loan, and when i applied for the land loan it was discussed with the broker that i intend to owner build. The broker informed me that I could get an LVR of 80% so here i am, i have plans, a permit, the block is fenced off, i have a toilet on the site, i apply for a loan and they inform my broker that i require another $80,000 available cash on top of where i am at (currently have 23% of the total build/land) the NAB say they have changed the policy and they require the 80k for cost overrun concerns. The house is going has been costed at 350k to build, (I am quite handy and have been in the industry for 13 years as a sparky also am nearly completed my certIV in building and construction) however the loan i am withdrawing is $470k on top of the $75k i currently owe on the land. so the broker is now saying that maybe we can give the bank a stat dec from the parents stating that they will give me a gift of 80k for the cost overrun allowance. while my parents could do this for me if the push came to shove i would not need them to. I have other things i would sell to patch up the 80k like my Ford Ranger which i own and could get 55k for easily, as well as a camper trailer and a few other "expensive toys" has anyone experienced anything like this? will the bank require my parents to put the money into my account before approving the loan? or could it stay in there hands until it's necessary (which it wouldn't be) Re: Owner Building w/ NAB ::angry:: stat decs from parents 2Oct 27, 2016 12:00 am Hey mate. If it was me I'd be firing your broker and go speak to another broker or another bank lender. Different banks have different financing policies. Vote with your feet. Refinancing is easy Selling your man toys should be the last last resort ...! Hi VK, Think it's worth investing time in an Owner Builder course to equip you with basic knowledge on Australian Building Industry and its regulations. Also, I suggest… 11 23599 Hi all. Anyone know when the $11,000 limit was set in legislation for renovations in QLD? Ive been renovating for 5 years now and this was the limit back then. As we know,… 0 4250 |