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becjarrettdalton
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becjarrettdalton

Sydney region
Joined 22 July 2014
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2 months2 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…

2 months2 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.

2 months2 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…

  ⋅  1
2 months2 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…

2 months2 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…

3 months3 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…

3 months3 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…

3 months3 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…

3 months3 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…

4 months4 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…

4 months4 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…

4 months4 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…

4 months4 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…

4 months4 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 :)

4 months4 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…

5 months5 monthsbecjarrettdaltonbecjarrettdalton posted:
Valuation shortfall Construction Loan

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

5 months5 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…

5 months5 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?…

6 months6 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…

6 months6 monthsbecjarrettdaltonbecjarrettdalton posted:
New home finance

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

6 months6 monthsbecjarrettdaltonbecjarrettdalton 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…

6 months6 monthsbecjarrettdaltonbecjarrettdalton 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…

6 months6 monthsbecjarrettdaltonbecjarrettdalton 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…

7 months7 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…

7 months7 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…

7 months7 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…

11 months11 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!

11 months11 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…

1 year1 yearbecjarrettdaltonbecjarrettdalton 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…

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