Browse Forums Home Finance Re: Loan application rejected! :-( Please advise 21May 28, 2009 2:13 pm Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: Loan application rejected! :-( Please advise 23May 29, 2009 2:16 pm ---------------------------------------- Building the PD Lisbon 24 http://www.porterdavis.com.au/#homeviewer/lisbon/24 Blog of our progress. http://lisbon24.blogspot.com/ Homeone build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=28665 Re: Loan application rejected! :-( Please advise 25May 29, 2009 2:31 pm ---------------------------------------- Building the PD Lisbon 24 http://www.porterdavis.com.au/#homeviewer/lisbon/24 Blog of our progress. http://lisbon24.blogspot.com/ Homeone build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=28665 Re: Loan application rejected! :-( Please advise 28Jun 01, 2009 1:50 pm Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: Loan application rejected! :-( Please advise 36Jun 15, 2009 3:59 pm Hi Moodyfish, We just put in an application for our construction loan through CBA today too! We got a 95% loan on the land in February, and we've scrounged together all the money we can to go for 92% on the land and construction loan instead of 95%, so we'll save a bit of money on LMI (if we're approved). Great that your mum and dad gave you $20K, that's a massive help (and it sounds like you've got great parents). . . might be worth doing some calculations to see if you're better off paying the money towards the deposit rather than off the car (see how much you'll save on LMI, though you'd have to pit it against how much extra you'll pay on the car loan in interest payments). Though you'll also have to see if you can afford to pay the mortgage and car loan repayments at the same time. I'm totally anal and work everything out in excel spreadsheets to see what's the most cost-effective way of doing everything. . . but sometimes it's worth paying a bit more just to BUILD THE HOUSE!!!!! This building lark is getting to me I think. . . Re: Loan application rejected! :-( Please advise 37Jun 15, 2009 4:54 pm I think they've approved 90%..but we've already paid 10% of the land so dont need it. We cant make up our minds whether we should pay off the car loan or keep it. the car loan is at around 12% and the monthly installment has a huge interest part in it! we'd like to get rid of it.... Yeah, my parents are great! Re: Loan application rejected! :-( Please advise 38Jun 15, 2009 5:14 pm Yeah, 12% is a lot higher than the 5% on a standard home loan. . . and the really important thing is, if you do decide to pay the money towards the loan instead of paying off the car, you have to be committed to paying off the car-loan as quickly as you can after you've built the house! Remember the progressive drawdowns. . . while the house is being built, you only pay interest on the stages that are complete (and have been paid for by the bank) (if you're getting the same loan as us). . . good time to plonk some extra money on the land mortgage or pay off some credit card debts! Stay calm! 39Jun 16, 2009 10:02 pm I understand that you guys must be disappointed..i would like to say that if your application is rejected then you have to resubmit but with proper care..and specially before chooisng loan application must read about the bank policies! Re: Loan application rejected! :-( Please advise 40Jun 16, 2009 11:08 pm Hey Jodge....we're thinking of combining the 20k from my folks and the tax return we'll get in july and if we need to then also the westpac shares we've got,and paying off the car loan... we'll start with a clean slate and concentrate on paying off the home loan... Hey Chris...it was rejected by Westpac but CBA seems to be happy to go ahead with it so far... 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 20305 Thanks for the response! However, it's have been sorted. But for others benefit here is what we had to do. Unfortunately, it's not straightforward. BCC washed their hands… 3 7683 If your patio is going to be 35 sqm then that's going to need Council Approval. The fact that they previously approved your 25sqm patio will be irelevant 1 6669 |