Browse Forums Home Finance Re: Broker's advice - no construction loan! 2Apr 16, 2016 8:31 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: Broker's advice - no construction loan! 11May 03, 2016 9:02 am Just on This - you can seek a full approval for the land & a pre approval for the build up to $x. The full approval allows you to exchange on the land as you won't find many land contracts subject to finance. And definitely you can "create your own" package on most land - occasionally the builder takes an option & only allows you to build with them but more often it's your project entirely. Hope all is progressing well. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Broker's advice - no construction loan! 12May 03, 2016 9:45 pm becjarrettdalton The full approval allows you to exchange on the land as you won't find many land contracts subject to finance. Odd this, every estate sales office I visited advised I could do subject to finance. Always pays to ask though Re: Broker's advice - no construction loan! 13May 03, 2016 9:48 pm Ponzu becjarrettdalton The full approval allows you to exchange on the land as you won't find many land contracts subject to finance. Odd this, every estate sales office I visited advised I could do subject to finance. Always pays to ask though For what term? What state? Apologies I should clarify, I'm referring to a longer term clause - rather than a few days, and particularly NSW. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Broker's advice - no construction loan! 14May 03, 2016 11:09 pm becjarrettdalton Ponzu becjarrettdalton The full approval allows you to exchange on the land as you won't find many land contracts subject to finance. Odd this, every estate sales office I visited advised I could do subject to finance. Always pays to ask though For what term? What state? Apologies I should clarify, I'm referring to a longer term clause - rather than a few days, and particularly NSW. Victoria, all estates gave a month to sort out a contract with the builder and get to the bank for review as a whole. Quotes for deposit on the land ranged between 1k and 5% 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 19114 Broker here - legislation says that every true broker must put the clients best interests before theirs so in theory they must offer you the best options for you on their… 2 46019 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35332 |