Browse Forums Building A New House Re: First home buyer/build and question around loan process 10Jan 14, 2022 2:15 pm another point to consider is that you generally get lower interest rates with lower LVR values. but you can always refinance after construction to get the benefit of that, once you know full build cost and final valuation. it's something you should really be discussing with your mortgage broker though as it will depend on the lenders they use. to answer your original question whether the banks care or not if you do those things: i believe they don't, but then they also don't include some things in a final valuation of the house. Solar is one example of that. Re: First home buyer/build and question around loan process 11Jan 14, 2022 9:11 pm We added all of our extras to our build contract, including solar system. We got a separate quote for landscaping and fencing and included that in our finance too. Our bank valued house and land exactly what we paid, this was in November 2021 with a major lender. With all the uncertainty thay comes with building and the potential for extra costs, we wanted to ensure the bank was covering the majority. Re: First home buyer/build and question around loan process 13Mar 09, 2022 11:18 am timlavelle I hope everything is going smooth with your build. Did you receive Bank Valuation for the land and how did you go? Any lot in box hill seems to be around 1 Million at the moment. Thanks Re: First home buyer/build and question around loan process 14Mar 12, 2022 7:17 am sharathps @timlavelle I hope everything is going smooth with your build. Did you receive Bank Valuation for the land and how did you go? Any lot in box hill seems to be around 1 Million at the moment. Thanks Our registration is scheduled for March - May, but we got an email from Stockland telling us that they have submitted the DA paperwork, but due to backlogs, the land registration could be as late as June or July. So, no loan or mortgage done yet.. but my wife and I have planned well and we are coming almost $100K under our budget and we have all the extras and variations we wanted as well. 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 19097 Not much in this responce. My suggestion is, what are you looking to build and why. This will all be impacted by the local councils planning scheme. Familiarise yourself… 6 5862 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 35326 |