Hey Guys I will be building a house in the new year and need to start looking at construction loans. If anyone has any recommendations on lenders that offer good rates and low fees it would be much appreciated.
Construction Loan Bank Recommendations?
david6509 on 26/10/2021 - 17:21
Comments
Do you have a settled land?
Will be settling in January/February. Buying the land with cash, need finance to take over after I pay the 5% to the builder (Slab Stage).
Any reason you dont want to buy the land with a loan and use the cash for construction?
Most bank's do, or find a broker.
Your mum!
Find a good broker and don't necessarily focus on the cheapest lender, find out which lenders your broker has had a good experience with for construction loans.
I went with CBA (twice) for construction loans via my broker and they were good. Everything happened smoothly and my broker was able to push the bank's buttons when things needed to move faster.
The best advice. Focus on service at time of construction. It’s well worth it.
I can give you some not so good CBA feed back, after all the paper work and conditional approval is done, CBA valuver rejected it based on a technical error. I had to pay fine / interest on the land component then had to go through the tribunal to get the money back, end up went with ANZ. That was a headache. Eventually I end up back with CBA, they apologies and made me a good deal.
There is no such a thing as good/ cheap loan, if it's works for you it's good.
Get a loan off this guy