land release coming up

Discussion in 'Loans & Mortgage Brokers' started by HomeMinister, 21st Sep, 2015.

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  1. HomeMinister

    HomeMinister Well-Known Member

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    19th Jun, 2015
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    Melbourne
    Hi all

    could you suggest me what i need to do as i have locked a block of land

    last year and they due for titles this november. Due to the APRA lockdown

    is it easy to get Loan to fund the Land purchase? is there an exit

    option due to APRA blame? please help i have 5% deposit stuck in it.
     
    HomeMinister, 21st Sep, 2015
    #1
  2. Propertunity

    Propertunity Well-Known Member

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    You need to get ready to settle.

    Have you already applied for finance?

    No.

    This is one of the many dangers of buying Off the Plan. Credit conditions can change between exchange and settlement. Not only is your 5% at risk, you are also at risk of being sued by the developers for any losses they may make on a resale at a lower price than you agreed to pay.
     
    Propertunity, 21st Sep, 2015
    #2
  3. HomeMinister

    HomeMinister Well-Known Member

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    mama mia
     
    HomeMinister, 21st Sep, 2015
    #3
  4. neK

    neK Well-Known Member

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    So what is it that you are hoping / wanting to achieve?

    Do you want to settle or don't you want to settle?

    If the area is hot enough, is it worth more than what u bought it for?
     
    neK, 21st Sep, 2015
    #4
  5. HomeMinister

    HomeMinister Well-Known Member

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    i am tight on more money so looking to dump it as of now. yes it is little warm not hot and grown 5% more than what i agreed for. how to ditch it?
     
    HomeMinister, 21st Sep, 2015
    #5
  6. Beelzebub

    Beelzebub Well-Known Member

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    Give them a sob story and ask nicely for your deposit back. You never know your luck
     
    Beelzebub, 21st Sep, 2015
    #6
  7. neK

    neK Well-Known Member

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    Speak to the developer and see if they are willing to let you out and resell it themselves?
     
    neK, 21st Sep, 2015
    #7
  8. neK

    neK Well-Known Member

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    You might get lucky
     
    neK, 21st Sep, 2015
    #8
  9. Hodge

    Hodge Well-Known Member

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    Have you got a switched on broker that may be able to crunch some numbers and get the deal done?
     
    Hodge, 21st Sep, 2015
    #9
  10. tobe

    tobe Well-Known Member

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    I work in this field. I can give you an opinion as to whether you can settle finance wise if you like. I also work with some builders who might be able to on sell the land for you, if that's what you would prefer, or the only option.
     
    tobe, 21st Sep, 2015
    #10
    Propertunity likes this.
  11. HomeMinister

    HomeMinister Well-Known Member

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    Melbourne
    thanks tobe. land due in november so i am still digging my and others pocket to see if i can make the deal. i will get back to you if i cannot decide by early October.
     
    HomeMinister, 22nd Sep, 2015
    #11