All Topics / The Treasure Chest / Lending for Removable homes

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of bigbazzabigbazza
    Participant
    @bigbazza
    Join Date: 2003
    Post Count: 3
    August 27, 2003 - 6:51 am

    Hi everyone,Does anybody know a way to borrow for the purchase of a removable house i’ve tried most the usual lenders but they will only loan for the land and not the house till it is on the land and services connected.Any help would be appreciated
    I’m in the Brisbane area,or is anyone in brissy interested in a JV
    thanks scott

    Profile photo of MelanieMelanie
    Member
    @melanie
    Join Date: 2003
    Post Count: 382
    August 27, 2003 - 7:16 am

    Hi Scott,

    Heard on the weekend that this is a no go [:(], never tried to broker it before but appears to be fact. Have you tried to do it as a construction loan?

    Cheers,
    Mel

    Profile photo of bigbazzabigbazza
    Participant
    @bigbazza
    Join Date: 2003
    Post Count: 3
    August 27, 2003 - 7:30 am

    Thanks for your reply,i’ve tried this and no success as yet.Anyone else got an idea

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    August 27, 2003 - 7:35 am

    Most lenders will not accept these as securities. Can you get some unsecured funds (e.g. personal loan, etc.) and then once the house is all set up pay out the personal loan with a mortgage against the property?

    Depends on how much the house is and how long it will take to set up… might be an option.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

    Profile photo of bigbazzabigbazza
    Participant
    @bigbazza
    Join Date: 2003
    Post Count: 3
    August 27, 2003 - 7:57 am

    Thanks Stu,
    If the house cost about 50k and it takes about one week to connect services do you think it would be worthwhile to take out a personal loan,the land is situated 8km from brisbane CBD.

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598
    August 27, 2003 - 8:44 am

    If there is no other way then yes it probably is worth it. Just make sure the lender is ok to lend against it once all set up (maybe get a pre-approval on that basis).

    Perhaps don’t give the personal loan lender too much information about what the funds are for. Best to just say that its for investment purposes.

    Cheers

    Stu

    Property & Finance News
    at http://www.prosolution.com.au

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950
    August 27, 2003 - 8:47 am

    I know of a bank down here in Victoria who was lending for relocation of homes. i relocated a house 6 yrs ago and didn’t use this bank but the relocation company said that the local Westpac had approved loans like this.
    westan

    Profile photo of MelanieMelanie
    Member
    @melanie
    Join Date: 2003
    Post Count: 382
    August 27, 2003 - 9:01 am

    Westpac, in Qld anyway, are still one of the v v few to take owner builders too so could be a goer – had you tried them yet Scott?

    [8)]
    Mel

    Profile photo of bigbazzabigbazza
    Participant
    @bigbazza
    Join Date: 2003
    Post Count: 3
    August 27, 2003 - 11:48 am

    Thanks everyone for your help, as i’m new to this site wasn’t sure that i’d get any answers thanks again Scott

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