Thats what i did for my home loan but with BankSA(ST George). I was approved for $120k. I only used $115k for the construction of my house. I had to write a letter in requesting them to transfer the $5k to my savings account. I now have that $5k in my offset account.All this was done while my house was a PPOR. I am renting it out now.

The initial rate is 4.85% for 3 years then reverting back to the full amount. You stated you can pay it off in 3.5 years so you get the discounted rate for the most of your loan term. One thing you should look out for is to see if there is any early termination fees. Most banks charge a fee if you pay off your home loan inside 3- 4…[Read more]

I can understand the first six month is not claimable as she has never lived it to become her PPOR.
From December she will move in and will become her main PPOR for six months until June 2010. Shen then rents out as an IP.
As she has lived in it and became her main PPOR she should be able to claim the 6 year CGT exemption from June 2010 as it is…[Read more]

Sorry i dont think it is owner builder. I am just buying land and getting someone else to build.
I know this area very well as i live within a few kms of it over the last 20 years and have been looking on the internet and been to house inspections to see value of similar houses in the area. A 3BR single garage home will cost between $340k-$360k. A…[Read more]

If you say it is possible what bank are you thinking of?With the cba loans i also get free establishment fees. Infact the only thing i have to pay is the settlement fee at $100 and progress payment fees of $50×5 during construction. Interest is around 8.65%.If you can arrange a loan similar to this through a owner builder loan i am interested in…[Read more]

Yes i need another $260K. But at $260k repayments are around $470 a week just over half my income($850). No bank in Australia will lend me that. I actually asked a few MBs. One said 180k flat no more. The other said $220k max.The only way around was to apply for an investment loan and declare it as an IP so i could borrow more from the rent income.

I have no other debt of any kind. This will be my first house and planning to live in it for at least 6 months to get the goverment grant.  I will be buying land (180k) and building a house on it(150k). Land is to be settled in november. I currently live with my parents and after this house is built the whole family would be moving into it. My…[Read more]

I was wondering if anyone here could recommend a good broker to buy my first home. I live in Adelaide. I have seen one from Bernie Lewis and they have offred me a pro package from colonial/cba with .7% off with no establishment fee and and a few other extras.
I think the deal is pretty good but thought the broker was a bit pushy and wanted to make…[Read more]