Browse Forums Home Finance Re: Build Loan 2Apr 09, 2017 2:28 pm HI Candice, depending on how much you're borrowing and how much deposit you have there are construction loans from high 3's to mid 4% range. For example I have lots of clients building with Bankwest or Suncorp - who are very good at construction - on around 3.85% pa variable, but they have an excellent deposit & are borrowing more than $350,000. Ask your friends to recommend a broker for you, we are always happy to 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 Re: Build Loan 3Jan 21, 2018 12:42 pm Hi Bec Just wondering if you could advise We are ready to build but looking at owner builder ( 35 years in building carpenter to project manager , currently licensed carpenter ) had land for 3 years with 179k outstanding value 310k build costs 650 with 90k cash would this be possible ? End value of house going by current sales around us 1to 1.2 million Thanks Tim Re: Build Loan 4Jan 21, 2018 12:54 pm Hi Tim, Owner builder has some special rules and only a few banks like to do it. One of the biggest issues is you have to have cash (like you’re holding) to cover yourself between stages, and, typically you can only borrow 60-80% of hard costs which has nothing to do with the ultimate valuation. It’s complicated but not impossible. All comes back to the break down of costs and quotes and the valuation. Have you got a good broker? They can point you towards the lender who would suit you best. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Build Loan 6Jan 21, 2018 1:16 pm Very welcome. Best of luck. Sounds like it will be magical on completion. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Build Loan 7Jan 21, 2018 1:31 pm Yes something I always wanted to do , just don’t trust the project home builders and able to use my skills and contacts to save a bit of money We over look vineyards in hunter vally cant wait to be honest just sorting out finances Everything is ready to go Re: Build Loan 8Jan 21, 2018 2:14 pm Do you have a spare room??? Sounds like bliss! 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 19096 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 35321 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11915 |