Browse Forums Building A New House Re: Who is building with Beechwood 14517Mar 07, 2017 8:19 pm tapasr_Lexia4 Just a quick Q to anyone who can answer me please. When your construction started does your construction loan on interest only? Our loan was split into land loan then construction loan. Also, we've been emailed by our broker that our unconditional loan has been approved (after so many papers being asked not in one batch but we felt like one after another which became so annoying)... Just waiting for some more papers for us to sign which we hope was the last (according to our broker) Just want to ask as well once the bank gives us the green light, what's your experience, did you start straight away...How did you inform Beechwood that it's construction time Sorry guys if you find these questions abit stupid lol It all depends how your loan is structured. Speak to your broker if you are unsure. Your broker receives a very healthy commission from the bank so if there is anything you're not understanding with the process make sure you clear it up with them before you sign anything! Often brokers are so comfortable with the process they lose sight of their customer. If you're paying rent at the same, you most likely would prefer to pay interest only until you're into your own home. As for the process with the bank, again speak to your broker and ask when a letter to commence for your builder will be issued by your provider. Re: Who is building with Beechwood 14518Mar 07, 2017 8:26 pm Thanks Broadynest appreciate your input buildingourhumblehome.blogspot.com.au Re: Who is building with Beechwood 14519Mar 07, 2017 8:54 pm tapasr_Lexia4 Just a quick Q to anyone who can answer me please. When your construction started does your construction loan on interest only? Our loan was split into land loan then construction loan. Also, we've been emailed by our broker that our unconditional loan has been approved (after so many papers being asked not in one batch but we felt like one after another which became so annoying)... Just waiting for some more papers for us to sign which we hope was the last (according to our broker) Just want to ask as well once the bank gives us the green light, what's your experience, did you start straight away...How did you inform Beechwood that it's construction time Sorry guys if you find these questions abit stupid lol Ours is interest only for the duration of the build. We just email the invoice to our broker and she sorts it all out. Buildingabetterhome.blogspot.com.au Land deposit - Oct 14 Deposit - Jan 16 Land registered - June 16 Settlement - July 16 Colour selection and approval -Sept 16 Slab- Nov 16 Frame - Dec 16 Re: Who is building with Beechwood 14520Mar 07, 2017 9:47 pm Grace33 tapasr_Lexia4 Just a quick Q to anyone who can answer me please. When your construction started does your construction loan on interest only? Our loan was split into land loan then construction loan. Also, we've been emailed by our broker that our unconditional loan has been approved (after so many papers being asked not in one batch but we felt like one after another which became so annoying)... Just waiting for some more papers for us to sign which we hope was the last (according to our broker) Just want to ask as well once the bank gives us the green light, what's your experience, did you start straight away...How did you inform Beechwood that it's construction time Sorry guys if you find these questions abit stupid lol Ours is interest only for the duration of the build. We just email the invoice to our broker and she sorts it all out. Cool. Thanks Grace33. We were told by our broker that we need to use our money first then after our deposit for the build is exhausted then that's when the bank comes in. So does that mean that we can call Beechwood now to start construction lol... buildingourhumblehome.blogspot.com.au go upvc window frames ensure insulation under colorbond. not just sarking, lighter color roof also not sure if you have seen this viewtopic.php?t=5823 last couple of pages… 4 110592 Even if it's not being sub-divided and you want to keep it as Torrens title, you will still need to talk to a town planner or Council themselves, to see if they will allow… 1 11039 |