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becjarrettdalton
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becjarrettdalton

Sydney region
Joined 22 July 2014
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19 h19 hbecjarrettdaltonbecjarrettdalton 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…

4 d4 dbecjarrettdaltonbecjarrettdalton 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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4 d4 dbecjarrettdaltonbecjarrettdalton 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…

13 d13 dbecjarrettdaltonbecjarrettdalton 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…

28 d28 dbecjarrettdaltonbecjarrettdalton 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 month1 monthbecjarrettdaltonbecjarrettdalton 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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2 months2 monthsbecjarrettdaltonbecjarrettdalton posted:
Valuation for construction

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

2 months2 monthsbecjarrettdaltonbecjarrettdalton 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…

2 months2 monthsbecjarrettdaltonbecjarrettdalton 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…

3 months3 monthsbecjarrettdaltonbecjarrettdalton 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…

3 months3 monthsbecjarrettdaltonbecjarrettdalton 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…

3 months3 monthsbecjarrettdaltonbecjarrettdalton 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.

3 months3 monthsbecjarrettdaltonbecjarrettdalton 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…

3 months3 monthsbecjarrettdaltonbecjarrettdalton 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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton posted:
Land Loan and Construction Loan Sequence

Subject to their being a confirmed sale, yes.

7 months7 monthsbecjarrettdaltonbecjarrettdalton 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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton 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…

7 months7 monthsbecjarrettdaltonbecjarrettdalton 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…

8 months8 monthsbecjarrettdaltonbecjarrettdalton 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…

10 months10 monthsbecjarrettdaltonbecjarrettdalton 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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10 months10 monthsbecjarrettdaltonbecjarrettdalton 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

10 months10 monthsbecjarrettdaltonbecjarrettdalton 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…

10 months10 monthsbecjarrettdaltonbecjarrettdalton 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…

10 months10 monthsbecjarrettdaltonbecjarrettdalton posted:
Loans in the post covid world

Oh no, poor things. It’s not the IT, it’s travel. Most lenders (nearly all, off top of my head) are not accepting applications from that industry. But let me ask…

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10 months10 monthsbecjarrettdaltonbecjarrettdalton posted:
Finance options for a pool

My cheif concern would be jeopardising the build loan by taking out more finance - so definitely be upfront with the bank / broker.
Cost effective....I see both sides. I…

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10 months10 monthsbecjarrettdaltonbecjarrettdalton posted:
Finance options for a pool

If it’s affordable - not impossible.

10 months10 monthsbecjarrettdaltonbecjarrettdalton posted:
Investment land - Tax Question

That one is out of my scope sorry - the legislation changed on it recently & I don’t want to mislead you. It used to be you could claim beforehand…

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10 months10 monthsbecjarrettdaltonbecjarrettdalton posted:
Investment land - Tax Question

You need to check that with your accountant, but, typically loan costs are depreciated over a term and not immediate deductions, sorry! Especially so where its not yet deriving an…

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11 months11 monthsbecjarrettdaltonbecjarrettdalton posted:
RECOMMENDATIONS: Adelaide Brokers!

I definitely would, give Nani a call, you’re in great hands, and thanks for kind words :)

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Joined homeone
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