DH and I have been looking at buying land and constructing but have come across a house under construction in the same part of town. We've been told if we want it we have a few weeks to sign the contract and want to get finance in the meantime. it's not completed til Aug/sep and the frame has just gone up.
Is a house and land package (one that settles on completion, not progress payments) classed as a construction loan or a standard loan? Do the banks value it partially complete or is it difficult to get finance for these? We like the idea of not having the responsibility of chasing up the builders or making decisions but wonder how hard it is to finance. BTW we are in LMI territory.
thanks in advance.
Is a house and land package (one that settles on completion, not progress payments) classed as a construction loan or a standard loan? Do the banks value it partially complete or is it difficult to get finance for these? We like the idea of not having the responsibility of chasing up the builders or making decisions but wonder how hard it is to finance. BTW we are in LMI territory.
thanks in advance.