Construction loan advice needed

Viewing 8 posts - 1 through 8 (of 8 total)

powderfingers
Member
@powderfingers
Join Date: 2003
Post Count: 47
May 30, 2004 - 1:23 pm
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
Clinton
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
May 30, 2004 - 10:07 pm
Clinton,
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 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
powderfingers
Member
@powderfingers
Join Date: 2003
Post Count: 47
May 31, 2004 - 5:02 am
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
Clinton
Mortgage Hunter
Participant
@mortgage-hunter
Join Date: 2003
Post Count: 3,781
May 31, 2004 - 7:22 am
Clinton,
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 228 985
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
melbear
Member
@melbear
Join Date: 2003
Post Count: 2,429
June 1, 2004 - 7:46 am
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
Mel
powderfingers
Member
@powderfingers
Join Date: 2003
Post Count: 47
June 1, 2004 - 8:52 pm
Hi Mel
Thanks, will do!
Cheers
Clinton
Geronimo
Member
@geronimo
Join Date: 2002
Post Count: 167
June 1, 2004 - 11:00 pm
Clint
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
[email protected]
powderfingers
Member
@powderfingers
Join Date: 2003
Post Count: 47
June 2, 2004 - 7:38 pm
Thanks 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.