Guys
I am very much interested to acquire new house and land package in Brisbane, but I checked all new H&L package come with split contract (2 contracts, one with land owner and one with builder). Talked to my mortgage broker and he said, no bank will lend me money on this. Then my question, how people acquired them in the past? Did people acquire them in the past with cash? I understand that there are some non-bank lenders are willing to lend in this scenario, but why if most lenders won't touch them, then these new H&L packages are there for sale? This is confusing and frustrating.
I googled and found many naive buyers were trapped in this scenario, signed contract and no bank will lend, then have nowhere to go other than losing the deposit money. Is this sort of scam?
Need help please to enlighten me. I understand why it is unfavourable and has higher risks, what I don't understand is why these split contract properties are still being sold even no lender want to touch it.
I am very much interested to acquire new house and land package in Brisbane, but I checked all new H&L package come with split contract (2 contracts, one with land owner and one with builder). Talked to my mortgage broker and he said, no bank will lend me money on this. Then my question, how people acquired them in the past? Did people acquire them in the past with cash? I understand that there are some non-bank lenders are willing to lend in this scenario, but why if most lenders won't touch them, then these new H&L packages are there for sale? This is confusing and frustrating.
I googled and found many naive buyers were trapped in this scenario, signed contract and no bank will lend, then have nowhere to go other than losing the deposit money. Is this sort of scam?
Need help please to enlighten me. I understand why it is unfavourable and has higher risks, what I don't understand is why these split contract properties are still being sold even no lender want to touch it.