Hi everyone
I've got a question if anyone can help but its quite longwinded, here goes
When we get to the Gold Coast we would like to buy a plot of land and OH would like to build the house himself. (Excellent bricklayer)
Would we be able to get a mortgage to cover the land and build costs and for OH to take a small wage for us to survive on whilst building. Or do they only lend when you go through a well known building company.
If they did it would surly make our mortgage smaller as we would be cutting out the middle man and as well as being a brickie oh fits kitchens, bathrooms, tiling, doors everything so we could even use our home as marketing at the end
So can anyone tell me if they think this may be poss !
Would we be able to get a mortgage to cover the land and build costs and for OH to take a small wage for us to survive on whilst building. Or do they only lend when you go through a well known building company.
G'day
Some banks won't lend to owner builders, some will but they will lend less than if the build was being done by an established building company.
ANZ will lend but to a maximum of of 80% of the land value and nothing for the house.
WestPac will lend up to 60% of their valuation of the completed house and land value.
There are some other banks that will look at it on a case by case basis. I'd suggest you find and talk to a mortgage broker about your circumstances.
Some banks won't lend to owner builders, some will but they will lend less than if the build was being done by an established building company.
ANZ will lend but to a maximum of of 80% of the land value and nothing for the house.
WestPac will lend up to 60% of their valuation of the completed house and land value.
There are some other banks that will look at it on a case by case basis. I'd suggest you find and talk to a mortgage broker about your circumstances.
Thanks BullcreekBob, the information you gave gives us a clearer picture.
I notice that you are a mortgage broker, do you have any objections of us contacting you once we arrive if we are still planning this
I too went through the same thought process, then after getting here and doing a bit of investigation I realy don't think its worth all the stress and ball ache. There is much more to building a house than laying a few bricks and unless you know the system inside out here you will be lining your self up for a fall. There are litraly hundreds of house builders that sell plots, land/house packages and house only deals and they knock them out all day long 7 days a week and for as little as 150,000 (not including plot) you could have a brand new 4 bedroom house built to a high spec with guarantees about 6 years (structural), all white goods, they will pay rent for like house if build goes over project.
Hi everyone
I've got a question if anyone can help but its quite longwinded, here goes
When we get to the Gold Coast we would like to buy a plot of land and OH would like to build the house himself. (Excellent bricklayer)
Would we be able to get a mortgage to cover the land and build costs and for OH to take a small wage for us to survive on whilst building. Or do they only lend when you go through a well known building company.
If they did it would surly make our mortgage smaller as we would be cutting out the middle man and as well as being a brickie oh fits kitchens, bathrooms, tiling, doors everything so we could even use our home as marketing at the end
So can anyone tell me if they think this may be poss !
Thanks
My hubbie works with an Electrician, who had a house built using the same builders that we did. He asked him why he didn't build himself,as he knew someone in every trade he needed, his answer was that he could not do if for the same price, apparently house builders get huge discounts for materials etc, he did however, do the electrics himself, which was obviously taken off the price.
Thanks BullcreekBob, the information you gave gives us a clearer picture.
I notice that you are a mortgage broker, do you have any objections of us contacting you once we arrive if we are still planning this
I'm on the Gold Coast and have bought land and built a house, we designed our own house and tendered it through several builders, I think I got a good deal, my OH is a Plumber abd he did all the work, so we saved some money. Also because of strict licensing in QLD you have to have your house signed of at different stages, so all trade need to be licesnsed and there are certain things you are not allowed to do yourself.
If you need any help or advice about the Gold Coast, drop me a line
I bought a plot of land 1200sqm corner plot, I have a 4 bed home split level with a pool the house size is 45 squares which is about 450sqm. The Gold Coast suburbs are generous with their land size and is quiet, I am happy and so is my family.
In the UK I had a three bed semi and could hear the guy next door sneeze!!!
1200sqm is too much, depending on what style of home you want depends on how much land you need. Low storey houses (Bungalows) are the cheapest to build, but if you want a large house then it will obviuosly spread out over the land more, if you build a double storey then it wont take up so much ground floor and you would therfore wont need lots of land. I think 900sqm is adequate for what you are after, I now have lots of garden to landscape and look after and it is a pain, especially as there are high level water restictions on the Gold Coast.
