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becjarrettdalton
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becjarrettdalton

Sydney region
Joined 22 July 2014
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16 d16 dbecjarrettdaltonbecjarrettdalton posted:
Developer/Builder + Broker Purposely Stalling Finance?

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…

16 d16 dbecjarrettdaltonbecjarrettdalton posted:
Developer/Builder + Broker Purposely Stalling Finance?

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…

17 d17 dbecjarrettdaltonbecjarrettdalton posted:
Mortgage with 92% LVR

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…

18 d18 dbecjarrettdaltonbecjarrettdalton posted:
Mortgage with 92% LVR

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…

18 d18 dbecjarrettdaltonbecjarrettdalton posted:
Land and Construction Loan

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

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
Stamp Duty Question

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,…

1 month1 monthbecjarrettdaltonbecjarrettdalton posted:
Stamp Duty Question

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,…

2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Building a house with a Mortgage

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…

3 months3 monthsbecjarrettdaltonbecjarrettdalton posted:
Construction Administration Fee by Bank

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…

3 months3 monthsbecjarrettdaltonbecjarrettdalton posted:
Lots of questions Re: first mortgage for land/construction

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

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6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Valuation shortfall Construction Loan

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…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Using a new broker after pre approval expires

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

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Using a new broker after pre approval expires

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…

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6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Insurance needed for loan, can't insure?

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…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
Insurance needed for loan, can't insure?

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Planning on new build - subject to selling the current home

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Planning on new build - subject to selling the current home

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
95% LVR land loan, or alternatives

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
95% LVR land loan, or alternatives

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Deposit with 2 jobs inc ABN

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

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Worried about Land Valuation

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Worried about Land Valuation

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Worried about Land Valuation

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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Paying for a house build outright?

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

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Paying for a house build outright?

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…

9 months9 monthsbecjarrettdaltonbecjarrettdalton posted:
Valuation shortfall Construction Loan

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

9 months9 monthsbecjarrettdaltonbecjarrettdalton 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 months9 monthsbecjarrettdaltonbecjarrettdalton 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?…

10 months10 monthsbecjarrettdaltonbecjarrettdalton 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…

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