Hi Folks,
Not sure this was discussed earlier in this forum but wanted to check how do banks finance for buying Land + house Building(with a fixed contract) not house and land packages.
My situation
* PPOR property first home
* Currently renting
*Looking to buy land around 450k and 250K for building a 4 bed 2 bath and 2 parking single level house which totals upto 700K
* Have 70K deposit
* Good stable income
* Need 100% LMI capitalized on the loan
* Looking to buy land in the next few months and then build a house immediately
Whats the process the banks follow for buying land and then choose to build a house from a display home?
Not sure this was discussed earlier in this forum but wanted to check how do banks finance for buying Land + house Building(with a fixed contract) not house and land packages.
My situation
* PPOR property first home
* Currently renting
*Looking to buy land around 450k and 250K for building a 4 bed 2 bath and 2 parking single level house which totals upto 700K
* Have 70K deposit
* Good stable income
* Need 100% LMI capitalized on the loan
* Looking to buy land in the next few months and then build a house immediately
Whats the process the banks follow for buying land and then choose to build a house from a display home?