Browse Forums Home Finance Re: Construction loan confusion 2Apr 01, 2015 11:39 am Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Construction loan confusion 4Apr 01, 2015 2:37 pm Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Construction loan confusion 8Apr 14, 2015 9:29 am I am in the process of getting a construction loan with Commonwealth. I've recently re-financed from NAB to CBA for my current home which settles on Thursday (can't wait for this to happen). The funds left over from the refinance (to bring this house up to 80% LVR) will form the deposit for the construction loan. The land I've put a deposit on etc will not be on title until late June/July and I've sent through a few things to the bank to assist with the valuation/construction loan, including the signed land contract, a preliminary estimate of the build as well as a separate quote for concreting. I was advised by the lady I deal with @ CBA that I can have quotes for extra stuff (i.e. landscaping, driveway etc) as part of the construction loan as long as I have the quotes to go along with it. Tomorrow I believe the valuers will visit the land, although, I fail to see how they are going to do that when no roads are yet built to the said land . This kind of makes me nervous since I only have a 21-day finance clause in my land contract. Given the demand in the area too, if I did ask for an extension (at the request of the bank, which can happen) they might say no and sell it to another interested party. Anyway, see how I go, and good luck with your construction loan. Re: Construction loan confusion 9Apr 15, 2015 10:23 pm Hi Psyherin: I suggest we look at St. George Bank. The reason is St. George Bank could possibly get a valuation for your before the construction is finished. You always can refinance you land loan with St. George Bank as well. Valuation play an important in this situation. 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 20301 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12530 Hi there, I hope someone can give me some insight into a (very lucky) situation I'm dealing with. My Mum was gifted property by my grandfather after he passed. My… 0 1095 |