Browse Forums Home Finance Re: Construction loans 2May 25, 2017 11:58 am Hi, Not impossible you could get a bridging loan (don't think nasty things of old days, they are much improved) which would allow you to borrow as much as you needed contingent on the sale of your current home. THere's a much bigger conversation around if you could borrow that money without the sale of your home, and with your wife off work (talking about kids, living expenses, other liabilities etc) - talk to a broker and they would be happy to give you your options & you don't pay them so why not! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Construction loans 3May 26, 2017 12:11 am As Bec says, bridging is one option, another might be prospectively renting out you current home to improve serviceability in the banks eyes (and allow you to keep the current property as an investment if you wished). All will need further investigation. In regards to your question on a construction loan and how it work with a builder, the difference between the building contract and approved loan amount will need to be paid by you first. So everytime the builder sends an invoice for each completed stage early on, you pay it from your account until its time for the bank to start drawing down. Cheers, Tom because its not being managed properly. Also "properly" is too broad and too subjective a term to be able to pinpoint a single event as not being managed properly.… 1 4755 We are about to commence a new build I and Iām reading about defects along the way. My question is should we employ a independent building inspector to come in and… 0 5194 Can you give advice on how to get missing certificates needed for a form 21? Our bank requires us to provide one but we are missing 4 building certificates from our first… 3 71719 |