Browse Forums Home Finance Re: Vacant land loan chances? 3May 25, 2017 10:59 pm In terms of a loan, everything is taken into account. So the liabilities of the car loans and the credit cards will be looked at as part of the scorecard that most lenders do, and if it passes that, it all depends on the rest of the deal. In saying that, the cars would be secured loans I presume which are less risky than the credit cards. You do have strong income and stable employment length. The deposit is only 10% but not the end of the world and being a doctor there may be a way to have LMI waived under a medico policy. Until your finances are looked at in more detail in terms of the liability repayments (car loans) and living expenses, then a conclusion cannot be made on whether the land loan is affordable. If it is, then you also have the issue of getting a construction loan down the track which means more borrowings and realistically more deposit. Cheers, Tom 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 18896 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 35191 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 |