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plc
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plc

Niddrie VIC
Joined 22 June 2012
Silver Member
15 d15 dplcplc posted:
Govt 5% deposit scheme

My understanding is that the building contract needs to be entered into prior to settlement/funding for the land. At least that is the process with CBA. Not sure about other…

3 months3 monthsplcplc posted:
Land Loan and Construction Loan Sequence

Technically you can have your building contract formally signed at any point. That is between you and the builder.
However in terms of the loan, you will have to show evidence…

6 months6 monthsplcplc posted:
Question Reg FHOG

Great to hear it got sorted!
Cheers,
Tom

6 months6 monthsplcplc posted:
Does our current mortgage bank need know knockdown rebuild?

Sorry but what is a CDC?

6 months6 monthsplcplc posted:
Does our current mortgage bank need know knockdown rebuild?

Yes, you do need to get the banks consent. As they hold a mortgage over it they need to be informed of major changes, of which a knockdown and rebuild…

6 months6 monthsplcplc posted:
Question Reg FHOG

That sounds a bit weird. As its your money it is above and beyond the loan.
Unless they did a drawdown and then released the money into your account?
What happened to…

  ⋅  1
1 year1 yearplcplc posted:
Mortgage with 92% LVR

Being a broker myself, I'm not a fan of people shopping brokers around, especially if there has been a lot of work put in. I would suggest you try your…

1 year1 yearplcplc posted:
Mortgage with 92% LVR

I have found that once you are above base 90% LVR, then banks look at applications in a more conservative light. Not only banks, but the LMI provider gets involved…

1 year1 yearplcplc posted:
Stamp Duty Question

I've had this before with people buying investment properties first in Victoria. As long as it was bought after July 2000 and it was never lived in by the purchaser…

1 year1 yearplcplc posted:
Building a house with a Mortgage

If you are comfortable with the repayments holding both properties for that temporary period, then it can be a worthwhile exercise.
What are some of your concerns you have after…

1 year1 yearplcplc posted:
Construction Administration Fee by Bank

As Bec says yes it is. What Macquarie charge is really on the high side compared to a lot other lenders for the same thing, but there is not much…

1 year1 yearplcplc posted:
Lots of questions Re: first mortgage for land/construction

Just to add to Bec's post, you need to take into account the possibility of a valuation shortfall, or unexpected contingency costs that may come up that are on top…

2 years2 yearsplcplc posted:
Using a new broker after pre approval expires

As Bec said, you can basically do what you want whether its go direct with a bank or with another broker. There may be other options out there now that…

2 years2 yearsplcplc posted:
Worried about Land Valuation

Have to say that current lots being sold for $370,000 compared to the $430K you paid doesn't bode well for any valuation if they are of a similar size and…

2 years2 yearsplcplc posted:
95% LVR land loan, or alternatives

It all depends on how strong your overall application is. Having a 10% deposit overall (plus additional for closing costs such as stamp duty, etc) can be viable.

2 years2 yearsplcplc posted:
Finance approval subject to title problems

Are you sure it's a pre-approval? If you have had the application fully assessed and it is just subject to the block being titled as a settlement condition, then this…

2 years2 yearsplcplc posted:
New home finance

Even BOM (or St George to rest of the country) do it as well. Servicing on end debt only also.

2 years2 yearsplcplc posted:
95% LVR land loan, or alternatives

There are a few select lenders that still offer 95% LVR on vacant land, Bankwest is one that comes to mind.
It's however fraught with danger purchasing land at that…

3 years3 yearsplcplc 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
3 years3 yearsplcplc 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
3 years3 yearsplcplc 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…

3 years3 yearsplcplc 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…

3 years3 yearsplcplc 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…

3 years3 yearsplcplc 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…

3 years3 yearsplcplc 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
3 years3 yearsplcplc 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…

4 years4 yearsplcplc 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…

4 years4 yearsplcplc 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
4 years4 yearsplcplc 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
4 years4 yearsplcplc posted:
First Home Buyers - Stamp Duty

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

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