Browse Forums Home Finance Re: Land and Construction Loan 4May 18, 2017 3:11 pm Plus, further to Tom's accurate response it gives you options should the (very unlikely) occurrence of having to change lenders between land and build if something crops up like a bad valuation or a change in your situation. Additionally, if the build is delayed for whatever reason you would benefit from the reduced overall percentage borrowed in lower LMI. In an off the plan scenario its not impossible the growth in the land could cover the deposit and the whole lot be under 80% and no LMI at all! I am seeing that in Sydney. 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 and Construction Loan 6Nov 21, 2019 8:23 pm MrSandman That's interesting. I want to buy land too, and I'm looking for a loan right now. How did your story end? Did you end construction and other stuff? And one more thing - where did you get a loan? One of my friends shared with me this link https://credit-10.com/za/konga-loans/. proposal from that company looks good, but I don't know, if there won't be any problems. I've heard, that some companies can raise rates by the time, or refuse to recount loan, if something goes wrong. Do you know something about that? Erm, that’s not Aussie, are you looking in Australia? 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 |