Browse Forums Home Finance 1 May 08, 2015 7:58 am Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! Re: Make Sure You READ Your Contract!! 3May 08, 2015 3:15 pm Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! Re: Make Sure You READ Your Contract!! 5May 09, 2015 9:08 am Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! Re: Make Sure You READ Your Contract!! 11May 11, 2015 7:48 pm Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! Re: Make Sure You READ Your Contract!! 13May 13, 2015 1:31 am Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! Re: Make Sure You READ Your Contract!! 15May 13, 2015 11:02 am Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! Re: Make Sure You READ Your Contract!! 17May 13, 2015 11:10 am Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! Re: Make Sure You READ Your Contract!! 18May 13, 2015 11:18 am Roomeat I have the land held on a deposit pending finance. Im not about to "buy" land if I cant build a house on it. No different to house and land packages. Your buying both together not one first. To be honest, Ive never heard of it done any other way. Every house my dad has built under finance has been pending that finance. He's never had council approval done prior. So you reckon the bank will draw a construction loan for you before you have council approval to build that house? I think you will find this wont work. You will get land approval and finance after they do the land valuation and you fix any possible deposit or LMI issues then you can get what finance you need lined up pre-approval and again a valuation this time on the house you have speced up and plan on your block again fix any LMI issue if valuation comes in lower, but they will not 100% approve your construction loan and draw it until the council approves the plans, this usally requires your first progress payment the 'deposit' to be paid to the builder to put all applicaitons in this covers the specificaiton paper work, contracts and plan drawing, engineer reports and soil tests etc once the plans are approved the bank can start drawing down the loan and that is 100% finance approved... I guess what you are saying is you want bank to say 100% we will lend the money which they can do after you have the plans and spec locked in and the house and land valued together but the bank will always approve that pending the council approval so either way the deposit will come before the absolute final bank approval... Re: Make Sure You READ Your Contract!! 19May 21, 2015 1:32 am Roomeat How can you have council approved plans without a block of land to put it on? The land cant be titled until its paid for, which in turn requires a loan lol. I think you will find it is the other way around. The land is titled and then the loan settles (in Victoria that is normally 2 weeks before settlement). Roomeat I have the land held on a deposit pending finance. Im not about to "buy" land if I cant build a house on it. No different to house and land packages. Your buying both together not one first. To be honest, Ive never heard of it done any other way. Every house my dad has built under finance has been pending that finance. He's never had council approval done prior. Depends on how the house and land is packaged. If its off the plan, then there is only one loan similar to buying an established property, and that is at the end of the process after the property has been built. Here the developer would have already incorporated all their costs for plans, drawings, test, etc into the final sale price, and sold the property at a fixed price. If its buy land, then build, its two different loans. First for the land, then for the construction of the house. You need approval for the land, and then a further loan approval for the construction (which can only be fully approved with council plans, etc). You can get away with a construction pre-approval subject to condition such as valuation, contract, plans, etc. Cheers Tom Re: Make Sure You READ Your Contract!! 20May 21, 2015 7:51 am Which bank? Lol Spoke with my broker yesterday and asked about this need to put the cart before the horse.. His answer was ummm.... Yeah lol No. I do not need council approval for loan approval, no I do not need land titled or settled before loan approval. I DO however need contracts for land and builder (which I have) and also construction plans (which I also have albeit not the completed final version). What I have given them is all they need. They will now have the house valued and give me a yes or no. Simple as that. Yes.. There is some merit to what you have explained but... It's nothing that affects the outcome of my yes or no to finance. I get approval, builder gets balance of deposit as does developer. Builder gets plans certifier approved and they go to bank for their records and so they can make any minor adjustments if needed. I'm no banker and I don't claim to know all there is to know about banks or how they function, this is what has been explained to me by my broker, who I trust. Cheers, Paul (& Lisa) Parkhill 36 by ClarendonHomes in Coomera Retreat H1 Build Thread And Blog Building Blogs List - Go Ahead And Add Yours!! In my opinion just a few more indoor plants and you're done. It's already a lovely space, you've managed a classic style without being too cluttered and that creates a… 1 21524 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 17025 Not sure who you're building with, but I moved in recently to a 11month scheduled, 8 month actual build on the South coast/Illawarra NSW 3 6017 |