I was just wondering if anyone could offer some advice.
We have a house & land package loan. DH and I ended up in quite the argument yesterday over when payments start and how much they are. We don't have the paperwork back yet and we are both remembering different things. The finance lady we've been dealing with is calling us back today but until then.
Because your house isn't yet built, would you just be paying for the land at first? Meaning we are paying a percent of the cost of the land back as soon as building starts OR as soon as the bank/finance place gives the first installment of money on our behalf?
Do I make any sense? I want to know because it seems its another 6months before the house will be finished - there is a lot to do before then I understand but in order to budget we need to know. I thought I'd ask on here if anyone could let us know.
Brand new to the housing market. Please let me know if I've made ZERO sense and I'll be back to do better explain.
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06-02-2013 10:52 #1
House Loan Repayments HELP
06-02-2013 10:59 #2
Re: House Loan Repayments HELP
We started off just paying the land loan. Once building started it was interest only on the house portion of the loan until the house was complete. Is this what you meant?
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06-02-2013 11:00 #3Senior Member
- Join Date
- Jan 2009
House Loan Repayments HELP
yes you start paying for the land. the builder will request payment in installments. the bank pays them and your loan and repayments increase.
well thats what happened with us
06-02-2013 12:12 #4
Okay. From reading it seems to do installments. When the slab is put down, the bank pays over an amount and we then pay a percent on that, not on the whole entire loan yes? And so on?
Thanks, I'm glad you were able to get what I meant!
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