Join Australia's most dynamic and respected property investment community

Funding extension on PPOR

Discussion in 'Property Finance' started by klabat, 13th Oct, 2016.

Tags:
  1. klabat

    klabat Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    69
    Location:
    Australia
    Hi guys,

    Looking at funding an extension on my ppor..

    An architect has designed the drawings with structural engineering drawings coming soon.

    What else is needed to show the bank? and what strategies/ loans can be used?

    Does it need to have a building surveyor provide a building permit when presenting to banks or broker? Or can this be done upon tendering builders?

    Hope someone can steer me in the right direction

    Cheers
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,970
    Location:
    Sydney
    Perhaps nothing is needed. How much are you talking about and what lvr?
     
  3. klabat

    klabat Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    69
    Location:
    Australia
    130k, ill be right on 80lvr
     
  4. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,143
    Location:
    Canberra and Sydney
    For non structural renos lost banks would lend the money without hassle providing there's enough equity in the property based on its current state.

    As soon as the word "structural" gets thrown around it becomes more complex and they'll want to see plans and a fixed price build contract.

    Cheers

    Jamie
     
  5. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,970
    Location:
    Sydney
    And whose the lender?
     
  6. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

    Joined:
    9th Jul, 2015
    Posts:
    1,078
    Location:
    Perth
    This ^^^^^ would indicate structural changes so a fixed price building contract would be required with the application.