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plc
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plc

Niddrie VIC
Joined 22 June 2012
Silver Member
5 months5 monthsplcplc 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…

5 months5 monthsplcplc 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…

5 months5 monthsplcplc 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…

6 months6 monthsplcplc 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…

7 months7 monthsplcplc 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…

7 months7 monthsplcplc 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…

10 months10 monthsplcplc 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…

11 months11 monthsplcplc 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…

11 months11 monthsplcplc 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.

12 months12 monthsplcplc 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…

1 year1 yearplcplc posted:
New home finance

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

1 year1 yearplcplc 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…

2 years2 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
2 years2 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
2 years2 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…

2 years2 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…

3 years3 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…

3 years3 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
3 years3 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
3 years3 yearsplcplc posted:
First Home Buyers - Stamp Duty

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

3 years3 yearsplcplc 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 years3 yearsplcplc 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…

3 years3 yearsplcplc 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…

3 years3 yearsplcplc 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…

3 years3 yearsplcplc 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
3 years3 yearsplcplc 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

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Stamp Duty Question
10 Posts
Mortgage with 92% LVR
10 Posts
Building a house with a Mortgage
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