Browse Forums Home Finance 1 Feb 01, 2020 3:02 pm We are preapring to do a knock down rebuild. We own our current home and will be able to pay for most of the demo/build with cash. I am the primary earner but I am not on the deeds. I am wondering will the bank loan to me based on these circumstances? We will need to borrow maybe 150-200k. Thank you, Re: KDR - not on deeds but primary earner - will bank loan t 2Feb 01, 2020 6:12 pm Lenders will allow your income to be taken into consideration as a co-borrower or a guarantor if there is “substantial” benefit to you. How that looks differs between lenders. Some are happy enough if the money is being used in a way that will benefit you - ie: you’ll live in the home. Some will require you to get financial advice and still proceed. Some will want you to transfer a portion into your name. The rest fall somewhere in between these variations but the key is in showing “what’s in it for you”! Why would you pay back a loan in someone else’s name? If you can satisfactorily tick that box you’re on a winner. Ask friends or family to recommend a broker who can steer you towards a more friendly lender. Enjoy the build!! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: KDR - not on deeds but primary earner - will bank loan t 4May 13, 2020 2:37 pm Hi Moo, I'm in a similar situation, have spoken to ANZ and NAB, and as long as your name is on the title (even if low percentage like 5%), they have said they will lend to me/partner for construction loan (land in parents name only currently). 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 19096 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11915 1) I had requested R6 ceiling insualtion batts, however I noticed that on some areas there are huge gaps which will allow hot air to sweep in, and also noticed black/grey… 0 3597 |