Which lender might offer refinance plus construction loan for a Granny Flat

After renovation for 3 bed room house in Logan QLD, I've got a new valuation with 60k increased equity. My broker asked the current lender Aussie Select ( CBA policy ) but they won't lend me. Then asked Liberty that refinance is fine but they do not offer construction loan. My broker is still working on to find a lender.

Which lender might offer refinance plus construction loan for a Granny Flat?

 

Is borrowing capacity the issue? Cba should be ok with the GF if you've got a fixed price build contract and the val stacks up.

Nab broker if borrowing capacity is an issue - they'll do it and have a reasonably generous borrowing capacity calc.

 

As long as there's a fixed pricing building contract for the granny flat, this is within policy of plenty of lenders. We've recently done one with CBA and another with ANZ a while ago.

 

Yes, I was told CBA policy restricts my borrowing potential based on the current income.

I've got today a pre-price build contract, it is not fixed because I need to sign and pay $2000 to proceed a fixed price build contract. I am currently asking NAB. Should I provide a fixed price build contract to a bank to access?

 

Not difficult, as mentioned fixed price build contract is essential.

As per usual, the primary challenge with granny flat construction deals is that generally the cost of the granny flat is far greater than the increased end valuation - resulting in more equity needing to be used/cash put into the deal.

I hope by 'asking' you/your broker are not putting in applications with each lender? Great way to destroy your credit file if so.

 

I will discuss with my broker if I should get a fixed price build contract.
I guess my broker just enquries to lenders without application because I haven't signed any lender's application yet.

 

You will definitely need a fixed pricing building contract. Your broker should be able to tell you how this works.

 

Thank you. I will confirm with my broker.