All lender criteria vary widely - including the way they scale rent and other commitments. Additionally they have to test based on a buffered interest rate (and are regularly audited…

Congratulations ... and commiserations. I'm glad you worked it out before you bought & it's a valuable exercise I encourage.
You should be able to simply convert to any property.

Ohhhh ok Suncorp explains a lot, they’re verrrry slow at the moment, and have been for quite a while. So slow they are completely off my radar.
Look it’s not impossible…

Can I just confirm - strata lots? Is it a unit or villa type? Connected walls or free standing dwelling?
Have you had any lender feedback, ie: the need to supply…

Sitting next to a lender
Definitely Buyback clause is not something a bank is keen for, however, definitely bank does want you to build quickly, which…

I think you actually might have that mistaken - banks tend to avoid buyback clauses.
95% inclusive (so 92% + LMI) is not uncommon nor difficult in metro locations for…

Erm, that’s not Aussie, are you looking in Australia?

Technically as you didn’t live there you May be ok. You’ve done the right thing contacting the OSR, let them be the arbiter. You can ring them on Monday too,…

Technically as you didn’t live there you May be ok. You’ve done the right thing contacting the OSR, let them be the arbiter. You can ring them on Monday too,…

Hi, I assume you have a bridging loan? What state are you in? The obvious issue is if the property does not sell, or does not sell for the right…

I’m saying this in a really small voice...unfortunately it is. Every lender has some kind of construction fee charged either up front or per progress draw and it covers the…

Opinion only offered - educated opinion
So - your question is a little bit how long is a piece of string because there are very many…

Rex, you can but be mindful the bank has the final word and the valuers don’t like being challenged. And ultimately the banks won’t use a valuation from a valuer…

Absolutely critical support. I agree. Perhaps there has been a major illness or worse. Fingers crossed for smooth sailing for you hereon in.

I'm really sorry to hear you didn't have a good experience - but you can do whatever suits you. Be mindful you don't want too many credit enquiries and there…

So it’s house insurance not mortgage insurance?
Refer it back to your solicitor. I would suggest the house is not as represented & that’s your out, but generally you’ll have to…

If the contract is subject to finance and you can’t get unconditional approval from the mortgage insurer - is that what you mean? Then get a letter from the finance…

Fingers crossed for you. Let them know the full picture. MacDonald Jones, for example, have a price to extend the contract for x months. And Rawson charge their costs if…

Hello, it depends on the terms of your builders contract. Most have a validity timeframe - often there are delays in land registration so they have allowance for this and…

No, you can have the 20% on the land, and then borrow the a higher percentage when you build if the valuation comes in low, but the whole lot is…

Construction loans use all of your money first - so you have to have the money when you're ready to settle on your construction loan. You could settle on the…

Ahhh complicated and fun answer
The answer is - we can only work with what is, not what will be. So right now you have…

Tricky in a new estate - otherwise onthehouse.com.au or the "sold" section of realestate.com.au to compare sold properties with like attributes in the area, sorted by most recent and referencing…

Tricky in a new estate - otherwise onthehouse.com.au or the "sold" section of realestate.com.au to compare sold properties with like attributes in the area, sorted by most recent and referencing…

Hi Sarah,
Fingers crossed for a decent valuation for you.
Basically the valuation will be based upon comparable sales of 'like' properties in the area - so vacant land compared…

You will anyway - you won't want to pay upfront, and they won't want to wait until the end

Hi, well done!!!
Generally, yes - they’ll want to see you have the whole lot available because if you don’t save the money they can be in a situation where they’ve…

Correct

Be careful of multiple applications at once, fingers crossed on new valuation.

Yep - wasn't thinking to challenge the valuation so much as to work out if you think it's accurate. I know the area, and I know what you mean…