12
Discussion Thread 🍩 Sunday 15 June 2025
(aussie.zone)
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 14 Jun 2025
12 points (100.0% liked)
Melbourne
2108 readers
33 users here now
This community is a place created for the people of Melbourne and Victoria. We are a positive, welcoming and inclusive community. We might not agree about everything, but we always strive to stay civil and respectful.
The focus of our discussions is based around things that affect Victoria, but we are also free to discuss our local perspective on wider issues. Or head to the regular Daily Random Discussion thread to talk about anything.
Ongoing discussions, FAQs & Resources (still under construction)
Adoption Certificate for Nellie, the Daily Thread numbat (with thanks to @Catfish)
founded 2 years ago
MODERATORS
Any good advice?
Well a couple of things:
I didn't know I could get enough from the bank on my current salary to buy or build a place by the 3nd of the year
You can reserve land in new builds and not have to pay for it (through a loan) for a couple of years, during which the price would increase, but you'd still pay the same amount.
The 2 builders he gave me the details of can do the mortgage broking as well, kind of an all in one deal.
Explained that it's possible to pay to have your credit record scrubbed of defaults
I've basically had to learn to do almost everything in life by myself, from a young age. so this was good to advice to get.
Please be very careful of those all-in-one build/finance packages - they don't have a good success record. Please check out the quality of their previous builds too. And any past bankruptcy/business failures too for the builders. Phoenixing a building company to cover up past defaults is all too common. Get some advice from your accountant BEFORE you sign anything, and be very clear about your rights if the builders go broke or otherwise default before completion. Or vanish after completion leaving serious structural repairs that need to be done to make the place liveable. Please.
Too many people get caught out by an industry that for a very long time now has depended on a kind of reverse ponzi scheme. It works fine for a bit, but any tiny change in for example materials supply can bring the whole thing crashing down. And with the world in such turmoil and supply chains in such chaos, it seems very difficult to predict what will happen over the next few years.
Thank you ❤️
I've saved this comment.
I wouldn't make a move without consulting a financial adviser first definitely.
Yeah I feel like they're known for doing shit builds. That's why I'd rather buy a pre-existing place.
Hopefully the builders aren't those shonky ones from those building inspection videos.
That was my first thought too lol
Regardless, it's good to know the process.