Browse Forums Building A New House Re: Bank loan - broker or not and when to start 5Dec 07, 2017 7:20 am rum_home I know the issue I've run into, is that a bank will only approve a loan for 6 months. So getting loan approval at the contract signing stage, and with my un-titled land means I'll most likely have to get loan approval again when the building actually starts. But I need to prove I can pay for the build at contract signing stage. Re: Bank loan - broker or not and when to start 6Dec 07, 2017 12:10 pm We've used a broker and its been a pretty painless process. We had the preapproval for contract signing then got updated payslips so they could do actual approval. They can also access discounted rates. Re: Bank loan - broker or not and when to start 7Dec 07, 2017 12:15 pm I think it definitely depends on the broker. We started with one broker and then spoke to two more and finally settled on our broker. It’s definitely quicker I think to go direct to the bank but a broker knows exactly what’s required and what to ask for to get discounts etc. Building our first custom dream home. https://r.tapatalk.com/shareLink?share_ ... are_type=t How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11917 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 19105 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 46013 |