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plc
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plc

Niddrie VIC
Joined 22 June 2012
Silver Member
3 years3 yearsplcplc posted:
Construction loan with 88% LVR

From what you say, it seems that you underestimated construction costs and you need to borrow a lot more now than expected. As a result you're stretching yourself more and…

3 years3 yearsplcplc posted:
Land loan then build - deposit requirements

You did well there thanks to the rising market. Obviously your land increased by enough that the equity was more than was required for the 20% deposit on construction to…

3 years3 yearsplcplc posted:
Valuation for construction

Yes. Any new valuation going forward will be determined by current land value plus the new construction. Then it will be compared with current existing residences in the area to…

3 years3 yearsplcplc posted:
CGT on land division

Below is from the ATO website with examples. I think there needs to be valuations conducted to work out land values, etc. However Bec is right, talk to an accountant…

3 years3 yearsplcplc posted:
Loan for H&L Package - Where to start?

When you say H&L package, is it two separate contracts for land and construction, or is it one contract which settles after completion of everything?
As they are treated differently…

3 years3 yearsplcplc 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 years3 yearsplcplc 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…

4 years4 yearsplcplc posted:
Question Reg FHOG

Great to hear it got sorted!
Cheers,
Tom

4 years4 yearsplcplc posted:
Does our current mortgage bank need know knockdown rebuild?

Sorry but what is a CDC?

4 years4 yearsplcplc 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…

4 years4 yearsplcplc 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
4 years4 yearsplcplc 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…

4 years4 yearsplcplc 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…

4 years4 yearsplcplc 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…

4 years4 yearsplcplc 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…

4 years4 yearsplcplc 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…

5 years5 yearsplcplc 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…

5 years5 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…

5 years5 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…

5 years5 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.

5 years5 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…

5 years5 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.

5 years5 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…

6 years6 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
6 years6 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
6 years6 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…

6 years6 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…

6 years6 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…

6 years6 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…

6 years6 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
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Joined homeone
22 June 2012

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