Hi,
I am purchasing a block of land in a booming qld coastal
area, I wish to build this year and I am currently in England working full time till the end of the year. I was wondering if anyone can advise on a loan where I borrow for the total amount incl building costs with a 20 or 25% deposit. Land is $105 000, house $160 000(approx)
I have $112 000 in cash. and earn $30000 net per annum. I want a loan with interest only and a redraw facility.
Any advice would be appreciated,I have three weeks finance clause to arrange finance.Regards
ClintonClinton,
That loan is pretty standard. Most banks have a construction loan with those facilities.
Will you be settling on just the land first with the construction being organised later or are you buyine a house and land package?
You even have the depoosit for a LODOC if required.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Simon
Yes we want to settle on the land first so we are looking at obtaining finance for the whole package, to build in around 3 months time.
Are lo docs the only option, don`t they have higher interest rates and restrictions,disadvantages?
I will be signing a contract for the land this week, including a 3 week finance clause so will have to organise the loan within that time, including getting a builder`s quote?
Regards
ClintonClinton,
The issue will be the overseas income.
You need to get onto a broker ASAP who can get the research done and start the ball rolling for you.
There will be no additional costs if you use a mortgage broker.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Clinton, I’m not a broker, but from what I’ve read on here and other places, Lo Doc loans can be quite competitive, sometimes lower even than standard variable. Contact Simon – he’s excellent![specool]
Cheers
MelHi Mel
Thanks, will do!
Cheers
ClintonClint
Have already gone through this with you, 75% is max, unless I’m missing something here and another broker can get more than 75% for that postcode and an overseas application on your servicibility?
Simon is very experienced here, use him.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
brendon@acutemr.com.auThanks guys,
Brendon, I am just looking for some opinions,
we need a loan with not too many costs and fees because of the land price.
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