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becjarrettdalton
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becjarrettdalton

Sydney region
Joined 22 July 2014
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6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Land Loan first and Construction Loan Later (Does it work?)

Hello! Without knowing your personal circumstances can only say generally….
It’s no better or worse to bring it into one loan or not
Except - you may be able to have it…

9 months9 monthsbecjarrettdaltonbecjarrettdalton posted:
Loan repayments during registration/building phase

Is it your own home or investment? If it’s your own home the considerations are around the stamp duty concession and any first home grant available.
Investment - you used…

9 months9 monthsbecjarrettdaltonbecjarrettdalton posted:
Loan repayments during registration/building phase

Hello, enjoy the process!
To point 1 - if you’ve already exchanged on the block then nothing more to pay there until settlement (after registration). The next payment to the…

10 months10 monthsbecjarrettdaltonbecjarrettdalton posted:
Lenders and PhD income

Hi, the consideration is taking out a 30 year loan, with income they know will cease in a number of years - or less. Of course, one presumes you would…

12 months12 monthsbecjarrettdaltonbecjarrettdalton posted:
Knock-down Rebuild Finance

Perfect opportunity to review the market and make sure you're competitive... and also different lenders have vastly different appetites. There's one bank who won't do KDR (gosh I wish I…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Construction loan with 88% LVR

Nab is an automated system - what they refer to as their "internal credit score", and yes it is tighter now... but that said - you are an existing client…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Land loan then build - deposit requirements

Love that your broker is getting a holiday :)
Basically you need between 5-20% of the build cost, including any growth you see in the land (yes…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Getting a loan approved - better to have house or cash?

Lol! Reason I have a job 💁🏻‍♀️ Ask friends and family to recommend a broker - they can tell you what will and won’t work.

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1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Getting a loan approved - better to have house or cash?

Prizm is correct - both are assets. The answer will be around affordability, if you keep the house can you show affordability for the loan vs if you are borrowing…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Plans submitted for Loan Approval

The key is the 4 elevations of the property (outside view from each side) and floor plan with room measurements - coincidentally this will encompass the above detail and its…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Valuation shortfall on Contruction component of our loan

Yep, with Adelaide! Its to remove them from liability if you chose to (and are able to) proceed and also alert you to the fact they think the builder is…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Land Loan first and Construction Loan Later (Does it work?)

Your broker is the professional in this area - you aren't aware of your mates full circumstances... if your broker is confident affordability is there for the land loan on…

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1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Valuation for construction

In essence - yes, but in fact they will look for "like" houses to compare to it...

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Valuation for construction

The valuer generals report won't help a bit, that isn't anything like the sales value - thank goodness!! when did you buy the land? If recent, it will probably be…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
CGT on land division

This is only a question for your accountant, sorry!
If I am following, you've moved out of your PPOR for 6 years - the 6 year rule - and now you're…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Valuation for construction

Hello - was the valuation short on the land component or the build component? If its the build Chris' first point has some merit - but you could also go…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Loan for H&L Package - Where to start?

I’m not sure UBank will do construction?
The one thing you won’t know is what criteria each lender has behind the scenes, for example minimum employment types, or how much they…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Can you get LMI back?

$17k!!! This must be a very high value loan?
Have you settled the loan yet? If not - get a broker to look elsewhere quickly.

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Can you get LMI back?

So....if you refinance, close that loan, within 12 months there was a policy that you could ask for a portion of the LMI back with certain lenders. But it’s rarely…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Land loan and construction loan

I'll pick up this and reply - the only way it double dips on LMI is if you change lender, otherwise the premium you pay for the build portion (in…

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Land Loan and Construction Loan Sequence

Subject to their being a confirmed sale, yes.

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Property Valuations - Elara Marsden Park, NSW

You should be fine with it - they’ll issue an approval subject to the contract being signed.
Most builders will give you a copy of the contract signed with a cooling…

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Property Valuations - Elara Marsden Park, NSW

bigteether you can get a valuation on a tender, specifications and plans with room measurements, no contract required. No current experience with valuations…

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
PAYG IT Contractor - Home loan

Hi Bigteether,
This is challenging at the moment as appetite for contractors is not as good as it was pre-COVID, however all is not necessarily lost. The biggest hurdle as…

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Timing of access to construction loan.

It depends on the overall percentage you borrow - sometimes you can borrow the additional money you need for the demolition as well. The redraw in your investment loan is…

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Does our current mortgage bank need know knockdown rebuild?

plc Complying development certificate - NSW speak for fast track approval.
hxyconan you should still notify the…

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2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Stamp Duty Question

Try this calculator and give the state revenue office ring, they have the final word (that’s what I do to double check if unsure)
https://apps.osr.wa.gov.au/portal/0/hom ... 1928092652

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Stamp Duty Question

Ziri - are you buying as two contracts (land on one contract + build on the other) or one contract for both?
I’m not familiar with WA stamp duty, but it…

2 years2 yearsbecjarrettdaltonbecjarrettdalton posted:
Construction loan advice

Why no offset? Is that by chosen package?
And construction loan interest rate is higher? I didn’t think it was with CBA but not sure on that, they’re not my preferred…

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