From what I’ve read on the internet it’s not very favoured by the lending institutions. What options are there and what institutions are known to be more lenient to owner builders?
In particular, I’m looking at purchasing land and constructing a kit home.
Brizza
Very true the lenders seem to frown on this type of lending.
I would say however that from the deals i have done for owner builders you should be able to achieve 75% LVR at standard variable rates.
This percentage is taken on the land purchase price and the complete costs of the kit home.
Cheers Richard
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
hi Brizza
whats not very popular or favoured by lender.
If you are an owner builder head for a broker first or chat to st george if your looking for funding.
Richard ( above)should be able to find a lender out there that will give 100% lend or near enough.push him for 80% lend on land and full construct loan,but I’m not going to do his job for him.here to help
Hi Brizza,
80% LVR based on end value is available for owner builders, cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
hmmm good to know
I find that NAB is best for owner builders.
Cheers
Stu
Thanks for all your responses. I called St. George and their LVR was 75%.
Stuart, I called the NAB a few times today and got conflicting answers as to their LVR for owner builders. I got 70%, 80%, 90% and 95%.
Do you know which one it is?
Brizza
The last owner build deal i did with the NAB was capped at 80%.
Depending on which part of brisbane you are i can email you the contact number for the best NAB mobile lender going around.
Nothing is too much trouble for him.
Cheers Richard
Ph: (07) 3720 1888
[email protected]
http://www.yourstatefinance.comIP funding and US property finance
our specialityRichard Taylor | Australia's leading private lender
I believe the NAB is 80% based on end valuation.
BTW, 80% Low Doc is available for owner builders, Cheers.
Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
hi Brizza
Is this a unit site of 10 to 20 units.
only joking.
sounds like you need a broker and two have responded.
I have dealt with st george and they seem to be the best in the market for duplex, houses.
Nab I find are better for single home lending( put ha i’m no broker).
Talk to one, shell out the estab fees and they will get the loan.
oh if it is a unit site email me REMEMBER 2C 3Ahere to help
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