Browse Forums Building A New House Re: Deposit for construction loan - worrying myself sick!!! 2Jul 28, 2009 11:45 pm 2014 - Prepping to build the Soho 4 with Plantation homes, industrial style 2009 - Built the Brampton with Coral Homes viewtopic.php?f=31&t=15399&start=280 Re: Deposit for construction loan - worrying myself sick!!! 3Jul 28, 2009 11:55 pm A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Deposit for construction loan - worrying myself sick!!! 6Jul 29, 2009 12:22 am A thankful person is a happy person. [/color]My hobby design blog: http://aviewondesign.blogspot.com/ Re: Deposit for construction loan - worrying myself sick!!! 13Jul 29, 2009 7:21 pm Maybe you should check with your builder about what sort of deposit you had to put down. We had to put down a 3% deposit at our tender appointment and a 2% deposit (to make a total of 5%) at our contract appointment. At the time we were worried we wouldn't quite get there as our land had just settled and we paid all of our stamp duty and lmi out of our savings. We asked if the bank would be able to help us with the deposit required and we were told no borrow money from family if you cant pay the deposit. Luckily we knuckled down and were able to pay the 5% deposit. I know our builder would not order the work drawings without the full 5% Building Sandhurst 36 Porter Davis Currently Fixing Re: Deposit for construction loan - worrying myself sick!!! 14Jul 29, 2009 7:36 pm If you use the advertised PD broker they only require $2.5k deposit, not the full 5%. This is for lifestyle PD, not sure about the others but assume it is the same.. 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 19715 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 35812 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12143 |