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becjarrettdalton
388 Posts
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becjarrettdalton

Sydney region
Joined 22 July 2014
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7 d7 dbecjarrettdaltonbecjarrettdalton posted:
Valuation shortfall Construction Loan

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

9 d9 dbecjarrettdaltonbecjarrettdalton posted:
Valuation shortfall Construction Loan

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…

9 d9 dbecjarrettdaltonbecjarrettdalton posted:
Valuation shortfall Construction Loan

Hi Alissa, I can understand your disappointment and concern. Have you had a look at the valuation? Have you compared it to other sales of 'like' houses in the area?…

24 d24 dbecjarrettdaltonbecjarrettdalton posted:
Suggestions for finance options for land/construction

Hello... depending on the situation you may be able to take a land loan and then a construction loan - be mindful you'll have to qualify for the land loan…

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
New home finance

Not all - some are like that, the Adelaide product is unique. Check it out :)

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
New home finance

HI Matt,
what you could be looking for is bridging finance - and - providing that you qualify there is a lender who can offer this where the interest is…

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
Land Price Valuaiton Reduction before Registration

As you know the Sydney market has moved, and with those other blocks listed for less that will make it challenging for a higher valuation. Obviously paying less is better…

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
Land Price Valuaiton Reduction before Registration

Oh Dave, I'm so sorry to hear this.
Where is the land? Unfortunately this is the risk of off the plan purchase and I hope you received some advice before purchase.
You…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Declined by LMI - what to do next?

shape - he’s saying the loss was to the mortgage insurer itself.
@Dozza try QBE or perhaps ANZ or Westpac - check with…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Declined by LMI - what to do next?

Hi Dozza, there are two mortgage insurers - and then some lenders self insure. You May be able to qualify with the other mortgage insurer or with a lender who…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Contracts signed-subject to Bank Val-

Another thought is - if you do wish to proceed - to get another valuation done up front with another lender and see if the valuation is incorrect. But generally…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Building a house with a Mortgage

There you go, there’s a plan. Just be mindful of changes in the market & not coming unstuck. Well done & enjoy the process!

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Building a house with a Mortgage

Hello - I think there was a case on the TV recently where the development exceeded the 'sunset clause' date and the developer rescinded the contract (effectively cancelled it, handing…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Homes and SMSF

Hi Dean,
It definitely varies, and if that includes the statement of advice which would sign off on the LRBA agreement it’s not unheard of. I’ve seen similar but I did…

11 months11 monthsbecjarrettdaltonbecjarrettdalton posted:
Slab Progress Payment shortfall?

CBA take the FHOG an apply it at slab stage - it has to be something around this, right? But good point you raise on client contribution.

11 months11 monthsbecjarrettdaltonbecjarrettdalton posted:
Slab Progress Payment shortfall?

That’s why the figure stoood out to me - the FHOG is paid via the bank, at least you now have something to follow up and hopefully a solution.

11 months11 monthsbecjarrettdaltonbecjarrettdalton posted:
Slab Progress Payment shortfall?

Ok and check the progress payment schedule - did the builder invoice too much?

11 months11 monthsbecjarrettdaltonbecjarrettdalton posted:
Slab Progress Payment shortfall?

What was the invoice amount the builder actually sent?
Is the difference the first home owners grant?

12 months12 monthsbecjarrettdaltonbecjarrettdalton posted:
Figuring out what size mortgage we can finance

You can mitigate some of the risk by considering a fixed rate - and in terms of affordability if the bank has already passed you through their calculators the next…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Things to discuss about mortgage penalty

Erm - this is Australian site - in Australia no penalties for variable rate - go Aussie!!!
The rest doesnt really apply to us either

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Go cheap now or better later?

Got it. That’s lending criteria....tough isn’t it.
So you can’t even buy a fixer upper? Potential future knockdown?

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Go cheap now or better later?

The one thing you cant change is suburb...
well you can, but it will cost you around 2-3% of your current (new) home value to sell in agents fees
and up to…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Architect/Designer fees

I guess you’d have to ring around to find someone who can include the fee in the contract
But
Providing the valuation stacks up they can be financed if the architect is…

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

Hi Locksmack,
Unfortunately this is one of those cases where you have to make your own calls.
What I would say is you need to see if you can be approved…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
What happens on Settlement day??When to move in?

Hi Kisakib,
Congratulations, how exciting!
Yes - all going to plan you should get your keys on the 2nd. Basically settlement (when all the lawyers & lenders meet to exchange documents and…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Build Loan

Do you have a spare room??? Sounds like bliss!

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Build Loan

Very welcome. Best of luck. Sounds like it will be magical on completion.

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Build Loan

Hi Tim,
Owner builder has some special rules and only a few banks like to do it.
One of the biggest issues is you have to have cash (like you’re…

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