Browse Forums Home Finance 1 Jan 18, 2021 2:36 pm Hi All, Newbie here. Me and my partner are interested in a H&L Package offered by a particular builder. It is currently advertised for $1.3 million on the builder's website. We project that we should have 20% deposit by the end of the year, but just wanting to do some research ahead before committing. What is usually the process in terms of getting a loan for the H&L Package? Should we consult with one of the Big 4 Banks? Or with enough research, simply apply from an online loan such as uBank? Re: Loan for H&L Package - Where to start? 2Jan 20, 2021 10:56 pm I’m not sure UBank will do construction? The one thing you won’t know is what criteria each lender has behind the scenes, for example minimum employment types, or how much they would consider you for vs someone else. They each have their niches where they do well - and not so well. Ask your friends and family to recommend a good broker who can give you access to other lenders you may never trip over yourselves and who may just be perfect for you. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Loan for H&L Package - Where to start? 3Jan 21, 2021 1:09 pm When you say H&L package, is it two separate contracts for land and construction, or is it one contract which settles after completion of everything? As they are treated differently in terms of a loan scenario. Cheers, Tom 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 13532 Very good points. Thanks so much ponzutwo for your advice. Appreciate it. 2 10415 I’m curious about how you went with this. We are planning a KDRB and considering Plantation Homes as a builder. I’m aware that after the demolition another soil test… 1 6328 |