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becjarrettdalton
377 Posts
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becjarrettdalton

Sydney region
Joined 22 July 2014
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3 d3 dbecjarrettdaltonbecjarrettdalton 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…

4 months4 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!

4 months4 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- I think there was a case on the TV recently where the development exceeded the 'sunset clause' date and the developer rescinded the contract (effectively cancelled it, handing…

5 months5 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…

9 months9 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.

9 months9 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.

9 months9 monthsbecjarrettdaltonbecjarrettdalton posted:
Slab Progress Payment shortfall?

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

9 months9 monthsbecjarrettdaltonbecjarrettdalton posted:
Slab Progress Payment shortfall?

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

9 months9 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…

11 months11 monthsbecjarrettdaltonbecjarrettdalton 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

11 months11 monthsbecjarrettdaltonbecjarrettdalton 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?

11 months11 monthsbecjarrettdaltonbecjarrettdalton 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…

11 months11 monthsbecjarrettdaltonbecjarrettdalton 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…

12 months12 monthsbecjarrettdaltonbecjarrettdalton 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…

12 months12 monthsbecjarrettdaltonbecjarrettdalton 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…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
plans or marketing materials Cosmopolitan Renmark

Hi... odd question, would anyone have an old floor plan diagram for the Cosmopolitan Renmark 52? I always loved this home and would love to find something very similar to…

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
House Design For Wide Blocks

Hi... odd question, would anyone have an old floor plan diagram for the Cosmopolitan Renmark? I always loved this home and would love to find something very similar to build.

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
has anyone built with cosmopolitan homes

Hi... odd question, would anyone have an old floor plan diagram for the Cosmopolitan Renmark? I always loved this home and would love to find something very similar to build.

1 year1 yearbecjarrettdaltonbecjarrettdalton posted:
Cosmopolitan Homes, Sydney

Hi... odd question, would anyone have an old floor plan diagram for the Renmark? I always loved this home and would love to find something very similar to build.

1 year1 yearbecjarrettdaltonbecjarrettdalton 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.

1 year1 yearbecjarrettdaltonbecjarrettdalton 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 year1 yearbecjarrettdaltonbecjarrettdalton 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 year1 yearbecjarrettdaltonbecjarrettdalton 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 year1 yearbecjarrettdaltonbecjarrettdalton 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…

1 year1 yearbecjarrettdaltonbecjarrettdalton 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,…

1 year1 yearbecjarrettdaltonbecjarrettdalton 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…

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22 July 2014

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