Refinance plus construction. Deposit ?

Discussion in 'Loans & Mortgage Brokers' started by Martinez22, 16th Jul, 2020.

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  1. Martinez22

    Martinez22 Well-Known Member

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    Quick question, if I were to refinance a loan for a vacant lot and apply for construction, would I need to show 5% genuine savings for the whole loan or just for the construction ?
     
    Martinez22, 16th Jul, 2020
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    if the end LVR is under 85 to 90 % many lender wont require gen savings, and some will allow rent to be used.

    When u say refi, are you moving lenders ?

    What is the current loan and values pls

    ta
    rolf
     
    Rolf Latham, 16th Jul, 2020
    #2
  3. Martinez22

    Martinez22 Well-Known Member

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    Perth
    So refi 130K plus applying for construction of 200k
     
    Martinez22, 16th Jul, 2020
    #3
  4. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    If you own property already genuine savings would generally not be required.
     
    Terry_w, 16th Jul, 2020
    #4
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