All Topics / Finance / Owner Builder Finance

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  • Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    From what I’ve read on the internet it’s not very favoured by the lending institutions. What options are there and what institutions are known to be more lenient to owner builders?

    In particular, I’m looking at purchasing land and constructing a kit home.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Brizza

    Very true the lenders seem to frown on this type of lending.

    I would say however that from the deals i have done for owner builders you should be able to achieve 75% LVR at standard variable rates.

    This percentage is taken on the land purchase price and the complete costs of the kit home.

    Cheers Richard
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of grossrealisationgrossrealisation
    Member
    @grossrealisation
    Join Date: 2005
    Post Count: 1,031

    hi Brizza
    whats not very popular or favoured by lender.
    If you are an owner builder head for a broker first or chat to st george if your looking for funding.
    Richard ( above)should be able to find a lender out there that will give 100% lend or near enough.push him for 80% lend on land and full construct loan,but I’m not going to do his job for him.

    here to help

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi Brizza,
    80% LVR based on end value is available for owner builders, cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of Property PassionProperty Passion
    Member
    @property-passion
    Join Date: 2005
    Post Count: 172

    hmmm good to know

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    I find that NAB is best for owner builders.

    Cheers

    Stu

    Profile photo of BrizzaBrizza
    Participant
    @brizza
    Join Date: 2003
    Post Count: 75

    Thanks for all your responses. I called St. George and their LVR was 75%.

    Stuart, I called the NAB a few times today and got conflicting answers as to their LVR for owner builders. I got 70%, 80%, 90% and 95%.

    Do you know which one it is?

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Brizza

    The last owner build deal i did with the NAB was capped at 80%.

    Depending on which part of brisbane you are i can email you the contact number for the best NAB mobile lender going around.

    Nothing is too much trouble for him.

    Cheers Richard

    Ph: (07) 3720 1888
    [email protected]
    http://www.yourstatefinance.com

    IP funding and US property finance
    our speciality

    Richard Taylor | Australia's leading private lender

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    I believe the NAB is 80% based on end valuation.

    BTW, 80% Low Doc is available for owner builders, Cheers.

    Regards
    Steven
    Mortgage Broker

    Mobile Mortgage Market
    Ph: 0402 483 216
    [email protected]
    http://www.mobilemortgagemarket.com.au

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of grossrealisationgrossrealisation
    Member
    @grossrealisation
    Join Date: 2005
    Post Count: 1,031

    hi Brizza
    Is this a unit site of 10 to 20 units.
    only joking.
    sounds like you need a broker and two have responded.
    I have dealt with st george and they seem to be the best in the market for duplex, houses.
    Nab I find are better for single home lending( put ha i’m no broker).
    Talk to one, shell out the estab fees and they will get the loan.
    oh if it is a unit site email me REMEMBER 2C 3A

    here to help

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