Hi guys,
So I am getting close to purchasing my first IP/duplex development project and a about to go for pre approval.
Given my maximum borrowing power is pretty close to the amount I will need during the height of the construction phase, my mortgage broker has suggested it is a good idea to see which banks will lend me the most for the construction stage (on top of my IP loan), and then from that list see which is the best for the initial IP loan stage.
It has pretty much come down to ANZ or Homeside on cost alone (with Homeside slightly better), but I am wondering: does anyone have experience with using either of these banks for residential construction loans? Is there much difference (ease of generating progress payments, etc)? Any other banks known as the 'best' or 'worst' for this sort of thing?
Any other general thoughts on what I should look out for will be much appreciated too.
Many thanks!
So I am getting close to purchasing my first IP/duplex development project and a about to go for pre approval.
Given my maximum borrowing power is pretty close to the amount I will need during the height of the construction phase, my mortgage broker has suggested it is a good idea to see which banks will lend me the most for the construction stage (on top of my IP loan), and then from that list see which is the best for the initial IP loan stage.
It has pretty much come down to ANZ or Homeside on cost alone (with Homeside slightly better), but I am wondering: does anyone have experience with using either of these banks for residential construction loans? Is there much difference (ease of generating progress payments, etc)? Any other banks known as the 'best' or 'worst' for this sort of thing?
Any other general thoughts on what I should look out for will be much appreciated too.
Many thanks!