Does anyone know if one can shop around for a home relocation loan or have to stick with their mortgage provider?
I am stuck with the clowns at St.George , who can't arrange to get an inhouse mortgage broker to deal with such complex request. My patience has gone , only want to borrow 500k so maybe it's not enough profit.
Thanks, food for thought. Thanks.
Interesting I thought it would have been a well developed pathway. Just surprised by the general shirking of responsibility to do ones job. I am in what's left of Lismore so we don't have any walk in banks left.
Is this a bridging loan or a loan to physically relocate your house?
Depends if they new house is across a river
Currently in dry Lismore. .Most bridges have spent a lot of time underwater here!!!
We just went through this last year.
We were looking to relocate a beautiful old Queenslander style dwelling from Queensland (surprisingly) to northern Sydney, as a standalone, detached dual occupancy on our property that we would then rent out. Whilst this is completely permissible under the planning controls, we struggled to get any funding from a bank for a house relocation loan due to the risks and uncertainties from the banks perspective associated with the removal, relocation, resetting, renovating, certification and eventual occupation of the property. Future rental income from the dwelling did not even factor in to their considerations, as we were able to service the top-up loan without any additional income.
The bank viewed it in much the same way they would for a kit home - that the owner would source the materials and then build themselves. The banks view was that;
- there is no professional builder with a contract or a reputation on the line
- there is no guaranteed timeframe for completion for the asset to be liveable/valuable
- the quality/value of the dwelling was generally viewed as being lower than a new build
- and there was no guarantee that at the end of the process the bank will have an asset of a particular value against which they could provide a mortgage.
We are now looking to fund it ourselves because we just love the idea of "recycling" a home, with existing character and features, that would otherwise go to landfill!
Check these articles and sites out for more information;
https://www.domain.com.au/advice/how-to-buy-a-house-for-5000…
https://www.homestolove.com.au/relocated-queenslander-renova…
Well that is a real relocation loan..This time this a bringing loan.butnthanks anyhow.
….Ic looked at doing it a few years back, there were some awesome houses for sale. My friend bought one and had it cut in half to move it.
I guess from a banks perspective there is additional risk. And it is not business as usual.
I am of the thought that in house mortgage brokers cherry pick, One of the St.George mortgage brokers told me it would take him to much to go through the loan set up and I should apply online.
There are plenty of Queenslanders relocated from southern Queensland to the NSW Northern Rivers region. But relocating a house from Queensland all the way to Sydney sounds like a very expensive nightmare. You've got to find and survey a route to find out what width and height and length of load will fit between the road furniture and get around the corners, and get permission to block the roads with it. And if the whole house won't fit you've got to cut it up into structurally self-supporting slices that will, then reassemble it at the destination. I'd be astounded if a complete Queenslander would make it from Queensland to Sydney.
I assume this is for a bridging loan? St George calls it a relocation loan.
PM me if you need a hand
Thanks for the offer.
Yes I'd like a front page editorial highlighting the poor treatment of customers by large business.
And an annual customer scorecard for banks. Low scores attract higher tax rates on the organisation.
…also have PM'ed
They get away with murder.. especially the banks
I had a lot of trouble dealing with this sort of situation a couple of years back through any lender (inc. via brokers).
Despite what's advertised, banks just don't want to get involved in these, usually because they've got one hand tied behind their back due to "responsible lending" laws.
Best of luck, but would seriously consider (1) a broker, and (2) depending on your situation you may be able to tell the bank that you are keeping the existing property as an investment (to bump up your serviceability) and see if that will give you enough funding to purchase the new place … and then just sell the old one once the new arrangement settles.