Browse Forums Home Finance Re: 95% LVR land loan, or alternatives 2Jan 10, 2019 9:57 am Put your financial needs in the hands of the leaders in the market. Find out why we’re the mortgage broker of CHOICE! Feel free to PM us for support or info. Re: 95% LVR land loan, or alternatives 7May 13, 2019 6:12 pm Construction loans use all of your money first - so you have to have the money when you're ready to settle on your construction loan. You could settle on the land at 80% and then keep saving for the construction while the plans and contract are being done - and maybe the market returns - and you have a choice of lenders then as well. If you have to settle on land + construct.... slightly different. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: 95% LVR land loan, or alternatives 8May 13, 2019 6:20 pm becjarrettdalton Construction loans use all of your money first - so you have to have the money when you're ready to settle on your construction loan. You could settle on the land at 80% and then keep saving for the construction while the plans and contract are being done - and maybe the market returns - and you have a choice of lenders then as well. If you have to settle on land + construct.... slightly different. Thanks. We will begin construction few months after land settlement but since we are applying for land + construction loans at the same time, does it mean we need to have 20% deposit upfront on both? Re: 95% LVR land loan, or alternatives 9May 13, 2019 6:24 pm No, you can have the 20% on the land, and then borrow the a higher percentage when you build if the valuation comes in low, but the whole lot is mortgage insured... Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: 95% LVR land loan, or alternatives 10May 13, 2019 6:25 pm becjarrettdalton No, you can have the 20% on the land, and then borrow the a higher percentage when you build if the valuation comes in low, but the whole lot is mortgage insured... Excellent, thanks for the information. Very helpful! 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 19097 11 23161 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 |