Home loan for an owner builder?

[snowing]

I have done my research as I'm going to have my house build later. The last time I check with Bendigo Bank on construction loan was not a nice one. It might be an individual case. lol My suggestion is to check with one or two mortgage brokers as they usually have different bank alignments. When I bought my block of land, one broker saying that I won't have prb with commbank which ended up as disaster. Lucky I did check with another at the same time. lol

[anthonygubbin]

Thanks Snowing. Looks like broker Mon and go from there. I might try Bendigo at some point. What was the issue with using Bendigo?

Regards A

[COFFMAN]

Race 7, Number 7 on the nose.....

[WHHEMI]

Originally Posted by anthonygubbin

Thanks greenjk I will see what the broker says on Mon. If needed I will ask for her help. I don't want to bother her if I don't have to. As I will probably have to use a local broker.


Regards A

Speaking to a Mortgage Broker is the way to go as they know what the banks need to be told and what they don't and they can work out which will be the best bank to go to which will save you a lot of time and stress. There isn't many banks that do owner occupied but some do them on a case by case bases.

We have done a number of loans for interstate clients.

I work for Terry White at TJ White's Finance Services his contact number is 03 9884 5252, email terry@tjwhitefinance.com.au website http://www.mortgagebrokermelbourne.com.au/ I am sure that we would be able to assist you. Jeanette (greenjk's wife)

[snowing]

greenjk.. I'll take note of that as well. I'll need a broker hopefully within half year time. lol

[anthonygubbin]

Thank you GreenJK

[anthonygubbin]

So hear is the latest. I am pretty much F'd when it comes to getting a home loan. However I do have the broker is discussions to see if there is anything that the Commonwealth Bank or My State (Tas) can do to work a way around it. I have one possible option and that is to find a builder who is willing to take over the build. That would mean providing the banks with a quote to complete the house to a liveable standard. I am now considering this and know of a building Co through a friend. He is a small player so may be willing to take on a incomplete house. As it is he shouldn't have to sign off on the work because in my case I have paid the council building inspector to do this. For now I have worked out a temporary solution in that my mother has agreed to lend me enough to close my 7k credit card, plus a little to keep things moving. At this stage if I can't get a loan I think I will just continue with the build week by week as I have been. It's not ideal but in reality I still have 18 months to complete the build and can get an additional 12 months ext if need be. Just mean another couple of years in a shitty caravan.

At this stage I think I may eventually go down the line of getting it finished by a building Co. In doing that I am going to see if I can just get enough of the house done by them to enable me to have the occupancy inspection passed. o that will be the deck and veranda unpainted, with myself having to paint it after it is erected. Unfortunately I can't get occupancy until it is built as two of the doors are 1.5m and 1.7m above the ground.

I am kinda thinking that if I can do any work that I will be assisting in done before I look at a contractor then I will have saved on as much labour as I can regardless. Things like plumbing I will most likely not helping in so could leave that altogether. Where as wiring and lining walls I will be helping with the tradies while they are on site quite a bit. Painting I will only get done in the essential rooms bathroom and laundry or if I can I will do that myself as well.

I can get free carpet out of a carpet skip in town so I can save on that in the short term and still meet my 6 star energy rating. Built in's won't happen until down the track. The only major hurdle that I will need to see if I can work around is the kitchen cabinets which my plan was to go SH and just update them with new tops and fronts.

Snowing I know your looking into an owner build if I am correct? My advice is arrange a loan first. A bank will be more likely to lend if the land is still vacant. They will lend a percentage of the land value only but once the house reaches stages they are more likely to increase the loan. Unfortunately for me I was able to use that option as the banks would not allow me to use my land a security, hence why I am now in my predicament.

Regards A