Hi all.
Building house on vacant block, both are being financed as a house and land loan.
i just received the settlement doc which only has on it the cost of the land, has no indication of the building side. The doc also states the amount I need to hand over which is about the size of the entire deposit I was expecting to pay.
is it normal for the building cost not to be on this doc?
Di you submit an application for constriction as well? and was it with the same application…..
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Yes the application was for both land and construction. Total came to $410k of that the land is $109k. Settlement is asking for almost $25k
Are there two sets of docs?
cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
No just 1 set of docs. 2 dups where sent out, 1 to me the other addressed to my wife.
I rang the bank they couldn't answer my question but said the docs look ok. Can't get a hold of my broker.
we are borrowing 95% so perhaps the bank is making the 88k available and using my deposit to acquire the rest of the land, then make the funds available for construction later?
Or do you refer to building docs and land docs? The land was a private sale nothing to do with the building company, however the land and the construction has been rolled up into the 1 loan application through bankwest if that helps
Gibbs wrote:Or do you refer to building docs and land docs? The land was a private sale nothing to do with the building company, however the land and the construction has been rolled up into the 1 loan application through bankwest if that helpsYou would have to settle on the land first and then settle on another loan for the construction. This will be paid out in stages as the build progresses.
Check this with your broker.
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
Gibbs wrote:we are borrowing 95% so perhaps the bank is making the 88k available and using my deposit to acquire the rest of the land, then make the funds available for construction later?Without seeing the docs you are referring to I reckon you have answered your own question.
Call the settlement agent to confirm if you cant get a hold of your broker.
Cheers.
Colin Rice | CDR Finance
http://cdrfinance.com.au/
Email Me | Phone MePerth Based Mortgage Broker - Investment Property Finance Specialist | E: [email protected]
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