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plc
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plc

Melbourne
Joined 22 June 2012
Silver Member
13 d13 dplcplc posted:
First home buyer- over committing on finance?

If you are comfortable with a higher LVR and LMI, then don't let that deter you. In the end it's your decision to make, and no one else can do…

13 d13 dplcplc posted:
First home buyer- over committing on finance?

On the face of it, if you don't have any other debts or liabilities, then servicing won't be an issue from the information given above. Obviously there is more to…

21 d21 dplcplc posted:
Construction loan repayments

If you are constructing an owner occupied property and have the fixed price building contract in place, the lender does not take your existing rent into account during the construction…

  ⋅  1
2 months2 monthsplcplc posted:
Land loan

As Bec mentioned, rent won't be needed to be taken into account if you are constructing for your owner occupied residence.
The land loan regardless of whether it's left as…

3 months3 monthsplcplc posted:
Bank Loan - shortfall

Oh, I didn't realise that you went with a broker. The way you were saying that you were calling a bank direct is something that a broker would do on…

3 months3 monthsplcplc posted:
Bank Loan - shortfall

As already mentioned, the bank uses the total building cost (including any external quotes), and then calculates the difference between that cost and the available loan. That difference (shortfall) then…

  ⋅  1
3 months3 monthsplcplc posted:
Finance - External Broker vs. In-house Broker?

Yep msalmank, have to agree with Bec. Go with whoever you feel comfortable with.
Having everything done in house might seem easier, however you need to realise that there is probably…

  ⋅  1
3 months3 monthsplcplc posted:
First Home Buyers - Stamp Duty

At settlement of land only? That's good to know going forward.
Cheers,
Tom

3 months3 monthsplcplc posted:
Time Frame of when to apply for construction loan?

There are some lenders that will allow you to construct your property and drawdown a loan up to a year after land settlement. So if you have all the drawings,…

3 months3 monthsplcplc posted:
First Home Buyers - Stamp Duty

Yep, that's what I've experienced with all my clients when the stamp duty discount was at 50% for First Home Buyers. They had to pay the full stamp duty (minus…

4 months4 monthsplcplc posted:
Henley home, partially built- not Advice

Hi Anjan,
Bec mentions a partially built home? Was it started by one builder and now you are looking to finish it off with a different one?
Anyhow, she is right, the…

4 months4 monthsplcplc posted:
Conditional approval subject to valuation

It's good to hear you made allowances during the construction phase with continued rent, a lot of people dont do that.
If you're eligible for FHOG, then that's some extra…

4 months4 monthsplcplc posted:
Conditional approval subject to valuation

Hi moventura,
Where is Vic is this? Not the Woodlea estate by any chance?
Now you are saying it's a house and land package? That implies that you only need to pay…

  ⋅  1
5 months5 monthsplcplc posted:
Home loan interest rate bottomed out in Australia?

Hi Preeeth,
As Bec alluded to, the prediction of what happens to rates is anybodies guess. Even the so called "experts" get it wrong a lot of the time.
In my…

  ⋅  1
5 months5 monthsplcplc posted:
Construction loans

As Bec says, bridging is one option, another might be prospectively renting out you current home to improve serviceability in the banks eyes (and allow you to keep the current…

  ⋅  1
5 months5 monthsplcplc posted:
Vacant land loan chances?

In terms of a loan, everything is taken into account. So the liabilities of the car loans and the credit cards will be looked at as part of the scorecard…

5 months5 monthsplcplc posted:
SPLIT LOANS

Unfortunately no lender out there will allow that. Basically anyone on title needs to be on the loan in some fashion, whether as borrower or guarantor.
I don't know if…

  ⋅  1
5 months5 monthsplcplc posted:
Land and Construction Loan

Hi Usam,
1) Even though you have 20% for construction, the lender will first charge you LMI at land stage and then be charging you extra LMI at the construction loan…

  ⋅  2
5 months5 monthsplcplc posted:
Parent Security and FHOG - Qld

Hi RachM,
In that case still eligible for FHOG. Don't understand why the broker is asking for a stat dec from them though, I would have thought that the guarantors would…

  ⋅  1
5 months5 monthsplcplc posted:
Parent Security and FHOG - Qld

Hi RachM,
Are they guarantors here putting the property up along with yours, or are they also going to be on the loan/title as well as borrowers?
If guarantors, then no issue,…

8 months8 monthsplcplc posted:
Bank Valuation Questions

Just to add to Bec's post which she nailed on the head, if the land is settling more than 6 -12 months after purchase and has increased in value in…

  ⋅  1
8 months8 monthsplcplc posted:
Adding in items after loan approval

Generally any additions after a loan has been approved need to be paid out of your pocket.
If you do want to add it into the contract as a post contract…

12 months12 monthsplcplc posted:
Equity and Loan Dilemma

Hi Okman,
As with all loans, the purpose of the loans determine deductibility. So in your case if you are keeping the existing property as an investment, your deductible debt will…

1 year1 yearplcplc posted:
VIC - Stamp duty 'refund' ?

Annielee,
I suggest you give the SRO of Victoria a call to confirm.The rules do change from time to time.
Cheers,
Tom

1 year1 yearplcplc posted:
VIC - Stamp duty 'refund' ?

Hi Annielee,
The time frame is very important here. To be eligible for the First Home Owners Grant stamp duty refund, you need to have constructed the house and moved into…

1 year1 yearplcplc posted:
Using Land as a 'deposit' on building loan?

Hi firstbuild, there is definitely no reason why you can't purchase the land outright and only have a construction loan if servicing permits.
However be aware that builders usually like some…

  ⋅  1
1 year1 yearplcplc posted:
Can visa 457 borrow up to 95% of the property prices?

LMI all depends on loan value and the property value, and each lender has a different way to calculate it.
As I said, 90% lend is dependent on whether you meet…

1 year1 yearplcplc posted:
Can visa 457 borrow up to 95% of the property prices?

Depending on your circumstances such as job, time remaining on 457 visa, you may be able to get 90% lend.
However remember you will have stamp duty, LMI to pay…

1 year1 yearplcplc posted:
Transfering of titles

No problems. Glad to be of service. Hopefully it works out for your friend.
Cheers
Tom

1 year1 yearplcplc posted:
Transfering of titles

Yes, in Victoria (I think its the only state this is allowed) it's commonly known as the love and affection rule. You don't pay stamp duty when transferring between spouses,…

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