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becjarrettdalton
354 Posts
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becjarrettdalton

Sydney region
Joined 22 July 2014
Gold Member
2 d2 dbecjarrettdaltonbecjarrettdalton posted:
Finance different trades in custom build

Perfect, that’s a great idea. Lock down exactly what you want, visit the suppliers they use & make your selections as early as possible.

3 d3 dbecjarrettdaltonbecjarrettdalton posted:
Finance different trades in custom build

Hi Lychee,
The floors outside of contract is very normal - other trades, less so.
From the banks perspective if the build contract doesn’t include wall linings or a kitchen - what…

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
Interest Only Payments end after construction?

You know you're allowed to pay extra, and any extra you pay comes off principal...if that helps. If you're wanting to start sooner

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
Interest Only Payments end after construction?

It could work either way. They would be more than happy to send the funds for you.

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
Interest Only Payments end after construction?

Hi arch,
the answer is in normally reverts whenever the bank stops controlling release of the money - because they deem it complete. They may control all of those items you've…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Is booking a land and on-sale later a good strategy?

As long as you factor in your costs - stamp duty on purchase + legal fees and agents fees + legal fees on sale you can make an educated decision,…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Is booking a land and on-sale later a good strategy?

No one can advise if you should for sure, as noone has a crystal ball, more's the pity. Its a risk you're taking and you're trying to calculate the risks…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Construction Loan for off-grid house

So the technical response is 2wd access... up to the valuer to determine that.
Again, if the sewer system is in the contract and meets code it should be fine -…

  ⋅  1
2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Construction Loan for off-grid house

HI Monty,
The sealed access road is the main bug bear here - Thats pretty much a deal breaker - has to have suitable 2wd access.
But there are loads of…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
First Home buyer nervous about land valuation

Absolutely 100% avoid Bankwest (experience talking), this might be a job for a major. I'm sure your broker will be on it.

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
First Home buyer nervous about land valuation

Spot on - depending on the lender and the percentage you are borrowing you might have an issue - for example Bankwest will not accept this over 80%.
While it may…

4 months4 monthsbecjarrettdaltonbecjarrettdalton posted:
Land loan

Depends on the lender again... you can apply for a new loan with that lender and absorb the old loan into it. Or if you prefer to keep them separate…

  ⋅  1
4 months4 monthsbecjarrettdaltonbecjarrettdalton posted:
Land loan

It makes sense but those calculators are not very good..l. I'm just gonna say, you don't pay to see a broker, go let them do their thing for you

4 months4 monthsbecjarrettdaltonbecjarrettdalton posted:
Land loan

Hi Fully,
You only pay repayments once you have borrowed money, so, if you have borrowed money (from elsewhere) for the deposit you would have repayments on that money, but, yes…

4 months4 monthsbecjarrettdaltonbecjarrettdalton posted:
Construction loan repayments

Hi Dicko,
It varies according to the invoice amount for each stage...
What you need to do is work out what the loan balance will be at each stage and multiply…

5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
dreaming?

Hi Ayemar
there's a much bigger conversation to be had before anyone could answer if the loan is affordable or not, but, I want to separate out the equity issue. Building…

5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
Bank Loan - shortfall

Oh sorry to hear that Rach, but glad you got a solution.

5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
Bank Loan - shortfall

Hi Rach, the bank always work on retaining exactly what the contract say are required to complete the build hence you have to put your money in first - this…

5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
Finance - External Broker vs. In-house Broker?

Hi Salman,
FULL DISCLOSURE UP FRONT - I am an external broker so I have a bias.
There's no advantage with an internal broker over external - in my opinion, in fact…

  ⋅  3
5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
Financing additional items after handover...

OK, so send your quotes through when the build is finished and they might be able to top up. I've seen Bankwest so this, I have had anyone with ANZ…

5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
Financing additional items after handover...

Hi, after settlement, depending on what percentage of the home value you have borrowed and other approval criteria - you may be able to top up your loan to cover…

5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
First Home Buyers - Stamp Duty

Hi, thats been my experience, you claim it after the house is built - but I don't do a lot in VIC, PLC would…

  ⋅  1
5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
Time Frame of when to apply for construction loan?

Hi Ray,
Generally approvals last around 90 days now, most often you would want to be ready to rock as soon as you settle on the land which means getting the…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Henley home, partially built- not Advice

Yep, agree. Cant see any reason you cant have a valuation done now so you can go unconditional. The one thing, your approval may still expire if the build doesn't…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Henley home, partially built- not Advice

Then I cant see any issues to having it valued now, unless - and this is really extraordinary - the builder won't let anyone in. What documents do you have…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Henley home, partially built- not Advice

I've received a PM from an anonymous poster (so I cant reply to it) regards a partially build Henley home (assuming its in VIC?).
The question asks if a valuation can…

  ⋅  1
6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Conditional approval subject to valuation

OK good - so you're right, not a lot of wiggle room and not a lot of other lenders to choose from. What do land sale prices look like in…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Conditional approval subject to valuation

HI Moventura,
What percentage of the value of the property are you buying?
If you proceed, and if the valuation comes in short - you could be scrabbling for more money to…

Joined homeone
22 July 2014

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