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plc
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plc

Melbourne
Joined 22 June 2012
Silver Member
4 months4 monthsplcplc posted:
Building a house with a Mortgage

Two options. One as mentioned above, you can take equity out of your existing property as cashout to use as the deposit for the land/build, and then take out the…

  ⋅  1
5 months5 monthsplcplc posted:
Slab Progress Payment shortfall?

Might be the FHOG in that they have withheld it as part of the payment. Not sure how it works with CBA, I know with ANZ they will allow the…

  ⋅  1
6 months6 monthsplcplc posted:
Lender Mortgage Insurance Question

The LMI is calculated on the base loan which is the amount at 89.7% in your case.
If you pay the LMI with cash then the loan amount stays as…

7 months7 monthsplcplc posted:
Buy land now, or jumping the gun?

As Bec says, only you can make the call. Its a lifestyle decision. Just make sure you are able to afford the loans with an equity release and there is…

12 months12 monthsplcplc 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…

12 months12 monthsplcplc 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…

12 months12 monthsplcplc 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…

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1 year1 yearplcplc 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…

1 year1 yearplcplc 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…

1 year1 yearplcplc 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…

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1 year1 yearplcplc 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…

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1 year1 yearplcplc posted:
First Home Buyers - Stamp Duty

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

1 year1 yearplcplc 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,…

1 year1 yearplcplc 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…

1 year1 yearplcplc 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…

1 year1 yearplcplc 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…

1 year1 yearplcplc 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
1 year1 yearplcplc 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
1 year1 yearplcplc 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
1 year1 yearplcplc 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…

1 year1 yearplcplc 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…

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1 year1 yearplcplc 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
1 year1 yearplcplc 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
1 year1 yearplcplc 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,…

2 years2 yearsplcplc 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
2 years2 yearsplcplc 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…

2 years2 yearsplcplc 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…

2 years2 yearsplcplc 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

2 years2 yearsplcplc 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…

2 years2 yearsplcplc 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

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