Browse Forums Home Finance 1 Feb 25, 2019 10:59 am Hi there. I've got my land title in March and settlement in April most likely. I'm behind the schedule and it'll take a while before I finalize my contract with builder. Can you please suggest with the loan options i've got? I was told that the contract is required for construction loan. is it that I've to get the land loan sorted first? If I go with a different land loan and a separate construction one, what are the cons? thanks. Re: Suggestions for finance options for land/construction 2Feb 25, 2019 11:09 am Hello... depending on the situation you may be able to take a land loan and then a construction loan - be mindful you'll have to qualify for the land loan with your rent or other living arrangements in place. Also be mindful that land loans generally are for a reduced % borrow so you just need to be a little clever about structuring. Do you have your tender? Typically what I am doing in this instance is a full approval for the land loan + a preapproval for the build loan using the tender document. Then you have the right structure in place to settle on the land loan. Ask your friends to recommend a good broker near you and they will take away all the confusion for you. Happy Building, I hope you enjoy the process Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Suggestions for finance options for land/construction 3Mar 09, 2019 5:43 am Would add to the above post that valuations are your most important consideration at the moment-and ensure your broker has at least done an AVM to see if the whole project is viable before commencing-eg if your valuations come in 10% to 20% under (what we see at the moment) then not worth the effort. 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: Suggestions for finance options for land/construction 4Mar 10, 2019 5:24 pm Can you include the build of swimming pool on your land and home construction loan? Re: Suggestions for finance options for land/construction 5Apr 21, 2019 8:19 am Yes to the swimming pool question. But upon reviewing your previous-you cannot generally have a different lender-if that is what you asking? 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: Suggestions for finance options for land/construction 6Apr 22, 2019 7:39 pm Intellichoice Yes to the swimming pool question. But upon reviewing your previous-you cannot generally have a different lender-if that is what you asking? Thanks, good to know. It would be the same lender. Re: Suggestions for finance options for land/construction 7Jul 16, 2019 5:28 pm Has this happened to anyone where you've signed up on a contract with your builder while waiting for your home to be sold? Thanks you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 61198 Standard uninsulated double brick has an R value of around 0.7. An insulated standard 90mm stud timber frame can have an R value of around 2.7. Even if you insulate a… 17 12322 Hi there, I'm a conplete newbie to this, but I'm looking to put a floor down in my 6x9m shed. It's currently sitting on a 100mm thick concrete perimeter (dirt floor… 0 6732 |