Re: Build Loan2
Apr 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
Re: Build Loan3
Jan 21, 2018 12:42 pm
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
Re: Build Loan4
Jan 21, 2018 12:54 pm
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.
Re: Build Loan6
Jan 21, 2018 1:16 pm
Very welcome. Best of luck. Sounds like it will be magical on completion.
Re: Build Loan7
Jan 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 Loan8
Jan 21, 2018 2:14 pm
Do you have a spare room??? Sounds like bliss!
Sign in or Join to reply to this Topic
raptor19Valuation shortfall Construction LoanValuation shortfall Construction Loan
Rex, you can but be mindful the bank has the final word and the valuers don’t like being challenged. And ultimately the banks won’t use a valuation from a valuer who…