Browse Forums Home Finance Re: Construction loans 2May 25, 2017 10:58 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 25, 2017 11:11 pm 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 DIY, Home Maintenance & Repair That laser level looks lovely! We bought one for less than a quarter of that price off eBay. It worked really well for us and it's still going now, five years later. After… 1 16717 Hi, My home construction is complete, and the handover is scheduled next week. However the construction has been delayed and I have raised this to the builder. The… 0 5331 The fastest thing a builder will do is bank your cheque, those systems work perfectly with lightning speed, everything else is slow burn. Just the way it is. 1 8711 |