Hi All,
We were wondering if we could get some advice from you all.
We are currently in the middle of construction for our PPOR which we will live in for 6 months then rent out. We have found a block of land that we have put a hold on and am looking to buy the land and build going in half’s with my husband’s cousin and his wife.
We have been told we can not refinance while were in construction. The new block of land settles in August and we can’t complete our place before September/October.
Does anyone have any advice on how we can pull this one off?
Both couples have loans with different banks. Is it possible for my husbands cousin to get the loan for the land using his house as security and then my husband and I get the loan for the house when construction is complete?
Cheers all,
Ems
You can refinance during construction with some lenders – I can just done one for a client. But in your case you may not have to. Depends on who your current lender is and the equity available etc
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry
It is Suncorp and the answer with them is No (we have been down that path).
Richard Taylor | Australia's leading private lender
Hi, don't think I can help but can share your frustration. I built 4 houses with a very conservative end value of $285000 each. The bank gave me a partial construction loan & a business loan of $840000. The new houses are at handover stage & are discreetly on the market for $280-310 thousand.
I'm coming to the end of my resources & asked for an extension of $50000. They asked for financials & all kinds of documents. I'm telling to jump off a cliff.
Soon as community titles are issued, I REFINANCE WITH SOMEONE ELSE.
Thanks for reading me venting my frustration.
Kum Yin
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