Hi First Build Boys,
The responses you have got arent bad for 'general advice' in this circumstance.
With your situation however you really need a more specific response one that your broker…

Thanks for the reply Mike.
It was very good of you to pick one line out of my post to refute.
You will note it was also pointed out that it would…

Hi Everyone,
Banks dont like builders building their own homes simply because if something goes wrong.. the builders insurance isnt worth the paper its on because there is a conflict of…

Hi mum2matt,
Rizzo is correct in saying that it all relates to how much the loan is compared to the value of the property.
One of the EASIEST ways to get around…

Hi Motion Bee,
By the sounds of it your broker hasnt said you 'cant' get a loan..
Just that it MAY make things more difficult.
If you are wanting to keep the land…

Hi Investa,
By the sounds of it you are purchasing the Land and building separately as opposed to a 'house and land package'.
With this in mind. The lending generally needs to…

Hi Cookie,
In a lot of cases it is sometimes best to get it sorted and settled then sort it out afterwards.
It may be the case that in 3-5 months time…

Good advice KEK,
The ombudsman is a great resource for this situation.
You will find though that they will want to see that you have 'tried' to resolve the matter with the…

Hello FitnHealthy,
The information given to you has been quite good on this topic.
The best way to check what kind of deposit is needed is by asking the agent. Mandatory…

Hi Cookie_Monster,
Which bank are we talking about with this one? Just curious. Were you ever able to find out which valuer they were using?
The suggestion or putting together your own…

Hi First Time,
It is great to see you looking into forums for information and to get an idea of investing etc.
You have asked quite a few tax specific questions. For…

The broker may be referring to the amount of lending you have being too high to validate using just your partners income.
If the broker HAS already disclosed to the…

Pepto you need to check your docs. If you have signed them already, you have a binding contract.. there would be fees to break this.
Bankwest and CBA are different entities…

Hi Allana,
Your best chance is to get a letter stating when you WILL be returning to work.
It is important how it is worded as it needs to clearly state when…

Hello Lakie,
They will look at it much the same either way.
If you have land of $100k value and you have used a $50k deposit.
Your lend is $50k only thus a…

Good Luck .
Happy to help out.

Hello,
It does seem illogical. But this is how they do it unfortunately. Current sales of established properties will be ignored.
The real estate agent Comparative Market Analysis (CMA) has been requested…

Hello Jodie,
First things first. Talk to your lender/broker see if they can get a copy of the valuation for you or at least the name of the valuer.
It can be…

Hello Pepto,
Your loan may be set up but it will not draw until the land settlement.
This would be arranged by your solicitor etc. as per the land contracts (or the…

MDS.
Have another chat to your broker.
If they have done the land lending they should of considered that you were trying to build as well.
Dont ask them how much you can…

Hey Frosty,
For most of the lenders you will need to demonstrate genuine savings over 3 months. IE. if for example the TOTAL amount was saved from 0 to $20,000 over…

Buzz,
Just a bit of info. You should speak to the same family friends that are in the industry.
Realistically, the real estate agent cannot refuse to take an offer it…

From your notes you suggest that you have a formal approval for land at the moment (on its own). AS WELL as a second application which is a preapproval for…

Hey Ezza,
Depending on the lender you may not even need to 'refinance'.
You may be able to request to have the guarantee's removed as a seperate process.
What you can do…

Allanna,
I have done some digging for you. (I am an Ex Suncorp Lender and wanted to clarify what I was sure of).
You will almost ALWAYS have new payslips requested with…

Hi Allanna,
Have you got a fixed price building contract at current?
If you have a fixed price building contract why not just submit this and have the existing preapproval moved forward.
If…

Hey Sista,
My only thoughts are that the lender that the mortgage broker is looking at has a policy allowing them to 'advance' the fhog amount to you as the client…

Allanna,
I am unaware unfortunately of the clause you are seeking clarification.
I am curious however as to who the lender is you were dealing with?
There shouldnt be any reason (for most…

Logan and Thlo are dead on.
If you are planning on saving further funds. Aim to have at least 10-15% of the total amount you need saved and available.
So for example.…

The property is initiallialy security for the loan.
So in effect removing the improvement takes away the habitability of the property. Dropping it into the vacant land realm. As opposed…