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I want to construct a residential property but instead of using 20% money deposit (say $150k), can I use land instead? The land has no mortgage and would be worth say $300k.. So give bank land title as deposit and take out a $500k construction loan with the bank (e.g. Westpac)? Does anybody...

Just wondering... as my bank finance manager seems to really want us to signup to a loan + insurance asap. Do they get extra commission per loan or do they need to meet a certain quota per month? ~ How much do bank finance managers who work for big 4 get for each home loan they submit as...

I had a talk with Westpac about their loans, e.g. To buy land + build a new house and he said if you proceed with this you need to also buy life insurance/job insurance. Is this true or is he just trying to upsell me something that's not required? :confused:

Someone posted earlier that ANZ (when applying for construction loans/home loans) only take 1 year for notice of tax assessment if you're self employed. is this true? If you take out a joint app, they need just 1 year (latest) of both individuals? Do they need any other paperwork? :D

Dear Ladies & Gents, Is it possible to get a construction loan approved for say 700k, but only use 250k initially to buy the land and actually start the house build in 6-7 months time? that way i only need to have deposit 20% of the 250k ($50k saved) and save for the rest when i build the...

Say you're building a house.. Land is $300k Building is $300k That's $600.. If you're salary is capable, is it possible to apply for say a $700k and use the extra $100k funds for landscaping, furniture, etc or will the bank only lend the cost of the land+ construction only?

Banks usually ask for 2 years tax assessment notice before they work out how much to let you borrow, so lets say... 2012 tax return shows: $100k earned 2011 tax return shows: $70k earned Do banks average the two numbers to find the borrowing power of that person? In this case...