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plc
270 Posts
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plc

Melbourne
Joined 22 June 2012
Silver Member
12 d12 dplcplc 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…

13 d13 dplcplc 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
24 d24 dplcplc 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 month1 monthplcplc 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 month1 monthplcplc 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 month1 monthplcplc 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
1 month1 monthplcplc 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 month1 monthplcplc 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
2 months2 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,…

4 months4 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
4 months4 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…

8 months8 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…

9 months9 monthsplcplc 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

9 months9 monthsplcplc 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…

10 months10 monthsplcplc 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
11 months11 monthsplcplc 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…

11 months11 monthsplcplc 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…

12 months12 monthsplcplc posted:
Transfering of titles

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

12 months12 monthsplcplc 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,…

12 months12 monthsplcplc posted:
Home + Land loan - information

Just to add to what Bec said, you mentioned that you were pre-approved? In that case if it is still valid and not expired, it may be an easier process…

1 year1 yearplcplc posted:
Using equity to purchase land

Hi there,
As Bec mentioned, you could do either option. However with most cases that come across my desk like this, I recommend to do a bit of both, use the…

1 year1 yearplcplc posted:
Deposit/loan advice

When the bank does the valuation, they will take into account the land and construction as one for LVR purposes. As the OP already has equity in the land (and…

1 year1 yearplcplc posted:
Broker's advice - no construction loan!

Maybe the broker is scared that your borrowing capacity may be lower in the next few months due to variable income? Things such as you relying on commissions, allowances, bonuses…

1 year1 yearplcplc posted:
Land valuation

I take it because you have owned the land for 2 years, the current valuation showed a fair bit of equity increase in the land since you bought it and…

1 year1 yearplcplc posted:
Do Any Banks Pay Lump Sums?

The bank will draw down the loan progressively in stages to the builder. The reason being the bank wants to make sure that construction is actually happening. Last thing they…

1 year1 yearplcplc posted:
Selling and Buying - current loan is guaranteed

You are really out of luck I would say Zelda. Lenders only allow security guarantors nowadays, the only lender I know that allows servicing guarantors (income) are ANZ but that…

1 year1 yearplcplc posted:
Changing Lender from Land Loan to construction loan

Obviously some people don't read the rules prior to joining this forum. You included.
Your first post and it's a blatant self servicing advertisement. Not even a hint of disguise.

I think…

1 year1 yearplcplc posted:
Loan approval prior to land registration

It depends on the lender and their policy. A big sticking point is the valuation as before any formal approval lenders need to make sure that this is acceptable, and…

1 year1 yearplcplc posted:
Borrowing after construction is completed

If your builder doesn't want to do it, but your bank allows third party quotes, get them done for the fencing, etc and include them along with your building contract…

1 year1 yearplcplc posted:
Employment history and loan application

It all depends on what the mitigating circumstances are. If you are moving within the same industry and you have moved to a higher paying role, even with probation it…

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