Home
Pros
Forum
  • About
  • Register
  • Contact
InboxSent
MembersPros
WatchingStarredHistory
plc
291 Posts
Silver Member

Follow
291Posts3LikesMost Active Topics

plc

Niddrie VIC
Joined 22 June 2012
Silver Member
1 month1 monthplcplc posted:
Using a new broker after pre approval expires

As Bec said, you can basically do what you want whether its go direct with a bank or with another broker. There may be other options out there now that…

2 months2 monthsplcplc posted:
Worried about Land Valuation

Have to say that current lots being sold for $370,000 compared to the $430K you paid doesn't bode well for any valuation if they are of a similar size and…

2 months2 monthsplcplc posted:
95% LVR land loan, or alternatives

It all depends on how strong your overall application is. Having a 10% deposit overall (plus additional for closing costs such as stamp duty, etc) can be viable.

3 months3 monthsplcplc posted:
Finance approval subject to title problems

Are you sure it's a pre-approval? If you have had the application fully assessed and it is just subject to the block being titled as a settlement condition, then this…

5 months5 monthsplcplc posted:
New home finance

Even BOM (or St George to rest of the country) do it as well. Servicing on end debt only also.

6 months6 monthsplcplc posted:
95% LVR land loan, or alternatives

There are a few select lenders that still offer 95% LVR on vacant land, Bankwest is one that comes to mind.
It's however fraught with danger purchasing land at that…

1 year1 yearplcplc posted:
Building a house with a Mortgage

Two options. One as mentioned above, you can take equity out of your existing property as cashout to use as the deposit for the land/build, and then take out the…

  ⋅  1
1 year1 yearplcplc posted:
Slab Progress Payment shortfall?

Might be the FHOG in that they have withheld it as part of the payment. Not sure how it works with CBA, I know with ANZ they will allow the…

  ⋅  1
1 year1 yearplcplc posted:
Lender Mortgage Insurance Question

The LMI is calculated on the base loan which is the amount at 89.7% in your case.
If you pay the LMI with cash then the loan amount stays as…

1 year1 yearplcplc posted:
Buy land now, or jumping the gun?

As Bec says, only you can make the call. Its a lifestyle decision. Just make sure you are able to afford the loans with an equity release and there is…

2 years2 yearsplcplc posted:
First home buyer- over committing on finance?

If you are comfortable with a higher LVR and LMI, then don't let that deter you. In the end it's your decision to make, and no one else can do…

2 years2 yearsplcplc posted:
First home buyer- over committing on finance?

On the face of it, if you don't have any other debts or liabilities, then servicing won't be an issue from the information given above. Obviously there is more to…

2 years2 yearsplcplc posted:
Construction loan repayments

If you are constructing an owner occupied property and have the fixed price building contract in place, the lender does not take your existing rent into account during the construction…

  ⋅  1
2 years2 yearsplcplc posted:
Land loan

As Bec mentioned, rent won't be needed to be taken into account if you are constructing for your owner occupied residence.
The land loan regardless of whether it's left as…

2 years2 yearsplcplc posted:
Bank Loan - shortfall

Oh, I didn't realise that you went with a broker. The way you were saying that you were calling a bank direct is something that a broker would do on…

2 years2 yearsplcplc posted:
Bank Loan - shortfall

As already mentioned, the bank uses the total building cost (including any external quotes), and then calculates the difference between that cost and the available loan. That difference (shortfall) then…

  ⋅  1
2 years2 yearsplcplc posted:
Finance - External Broker vs. In-house Broker?

Yep msalmank, have to agree with Bec. Go with whoever you feel comfortable with.
Having everything done in house might seem easier, however you need to realise that there is probably…

  ⋅  1
2 years2 yearsplcplc posted:
First Home Buyers - Stamp Duty

At settlement of land only? That's good to know going forward.
Cheers,
Tom

2 years2 yearsplcplc posted:
Time Frame of when to apply for construction loan?

There are some lenders that will allow you to construct your property and drawdown a loan up to a year after land settlement. So if you have all the drawings,…

2 years2 yearsplcplc posted:
First Home Buyers - Stamp Duty

Yep, that's what I've experienced with all my clients when the stamp duty discount was at 50% for First Home Buyers. They had to pay the full stamp duty (minus…

2 years2 yearsplcplc posted:
Henley home, partially built- not Advice

Hi Anjan,
Bec mentions a partially built home? Was it started by one builder and now you are looking to finish it off with a different one?
Anyhow, she is right, the…

2 years2 yearsplcplc posted:
Conditional approval subject to valuation

It's good to hear you made allowances during the construction phase with continued rent, a lot of people dont do that.
If you're eligible for FHOG, then that's some extra…

2 years2 yearsplcplc posted:
Conditional approval subject to valuation

Hi moventura,
Where is Vic is this? Not the Woodlea estate by any chance?
Now you are saying it's a house and land package? That implies that you only need to pay…

  ⋅  1
2 years2 yearsplcplc posted:
Home loan interest rate bottomed out in Australia?

Hi Preeeth,
As Bec alluded to, the prediction of what happens to rates is anybodies guess. Even the so called "experts" get it wrong a lot of the time.
In my…

  ⋅  1
2 years2 yearsplcplc posted:
Construction loans

As Bec says, bridging is one option, another might be prospectively renting out you current home to improve serviceability in the banks eyes (and allow you to keep the current…

  ⋅  1
2 years2 yearsplcplc posted:
Vacant land loan chances?

In terms of a loan, everything is taken into account. So the liabilities of the car loans and the credit cards will be looked at as part of the scorecard…

2 years2 yearsplcplc posted:
SPLIT LOANS

Unfortunately no lender out there will allow that. Basically anyone on title needs to be on the loan in some fashion, whether as borrower or guarantor.
I don't know if…

  ⋅  1
2 years2 yearsplcplc posted:
Land and Construction Loan

Hi Usam,
1) Even though you have 20% for construction, the lender will first charge you LMI at land stage and then be charging you extra LMI at the construction loan…

  ⋅  2
2 years2 yearsplcplc posted:
Parent Security and FHOG - Qld

Hi RachM,
In that case still eligible for FHOG. Don't understand why the broker is asking for a stat dec from them though, I would have thought that the guarantors would…

  ⋅  1
2 years2 yearsplcplc posted:
Parent Security and FHOG - Qld

Hi RachM,
Are they guarantors here putting the property up along with yours, or are they also going to be on the loan/title as well as borrowers?
If guarantors, then no issue,…

More
Joined homeone
22 June 2012

Australia's largest home building and renovation
community with over 1.7 million posts

Home
Pros
Forum
Start a new topic
About
Advertise
Contact Homeone
All comments made express the views and opinions of the author and not the Administrators, Support nor Homeone Australia & New Zealand
© Homeone Australia & New Zealand All Rights Reserved ‎2001 - 2019

Australia's largest home building and
renovation community
Homeone
About

Terms
Privacy

Follow homeone on FacebookFollow homeone on Twitter
All comments made express the views and opinions of the author and not the Administrators, Support nor Homeone Australia & New Zealand
© Homeone Australia & New Zealand All Rights Reserved ‎2001 - 2019