Hi ppl,
Currently have a land mortgage with one of the big 4, have just attempted to apply for construction loan and they inform me that because we pay $360 a…

What nasty 'extras' am i likely to find with the construction loan, is the deposit required 5% of the building contract?
IE $12k deposit @ $240,000 or more?

No worries, thanks JB.
Didn't initially realize that LMI & registration fees weren't funded in the loan.
Hmmm, it's gonna be a long road.

Can someone please explain...
I sat down with the bank today, we want to buy a block @ $130K @ 5%.
I assumed we'd need maybe $8K deposit not $13,837!!!!!!!
Please see the…

Interesting JB, think I'll scrape together another $5k then purchase a block.
This way i can get the ball rolling, throw a deposit at the builders, choose a plan & site…

Thanks Robbie, if you mean registered by titled, then yes they've been released. There's new homes built in this stage of the estate.
I do agree with the whole not stretching…

Just reaching even further here, we have 2 vehicles that have no finance attached to them, can we use those as collateral?

I don't know what others would do in this scenario, alternatively I've been told i could borrow x amount from parents and use towards construction IE save $5k & borrow…

Hi guys just scraped together $10k, hoping to purchase a block in the coming weeks.
looking at spending $125k on block, going in @ 5% with CBA.
What are the chances they'll…

Excellent, i have a much clearer understanding.
Thanks again Tom for your help.

So therefore in this scenario once iv'e borrowed for land, if construction cost was $200k i'd need to find another $10k (%5 of construction loan) or another $16.5k (%5 of…

Hi guys, as the title suggests...
How much do we need up front to buy a block based on $130k, I'm told it's 5% therefore do we just need $6500 or…

I think i'm going to become a landlord early in life. The old keep the house you can't sell in a buyers market trick and use the equity in it…

P.S have not had a single offer yet!!!!

4.5 Months in, changed agents. Still have fingers crossed, i can't beleive it's taken this long.
A three bedroom home with a renovated kitchen under $200k in an older street of…

Haven't made any changes, I'm confident it's just the market ATM. The ad isn't that bad it's a basic 3 bedroom vinyl clad that's tidy.Houses aren't selling we've accepted that…

3 months i give up not giving it away, going to rent it out... this will be an experience.

Hi guys,
Thanks for the replies, as far as selling it ourselves it's probably hardly worth the effort on our behalf as we have a VERY competitive commission rate in the…

Anyone!!!!!

Any thoughts on going to auction??
What are the pros/cons?
Thanks in advance

i do agree guys i think the price is very realistic, an ex commission renovated would fetch close to if not this. If it were brick maybe $15-$20k more.
Gut feeling…

We are re-considering selling and maybe keeping as a rental, only because we are keen to start building, but advice from close family and friends suggests that keeping as an…

Hi guys,
As the title suggests we have our first property on the market in Shepparton, Victoria.
It's in the very early $200 k price range and haven't even had a bite.
I…

Thanks heaps for the input guys, much appreciated. I never considered an "interest Only Loan" that would be appealing as it would bring the payments down. Long term we could…

Hi guys as the title suggests we are in the process of beginning to build, H&L in Victoria.
We are currently living in our first home, don't have a great deal…