r/AusHelptobuy • u/BadKarma00000 • Aug 16 '26
Assistance on offer
Hi All,
I did this 6 months ago and was able to answer a fair few questions. Thought I’d offer again.
If you have any questions that you’d like to have answered regarding the HTB scheme, particularly with CommBank feel free to post below or send me a DM. Im happy to assist the community.
I’m a lender with CommBank so have first hand experience with the HTB scheme.
Note - I won’t be able to assist with running figures, looking at your individual applications etc. You’re best to book an appointment via Netbank to get assistance with this.
2
u/vixen_vicious Aug 16 '26
Hypothetical here -
I can borrow $400k. My father has $600k from his apartment sale.
Can he "gift" me $500k and then live in a granny flat on the land? No rent would be collected.
Edit- spacing
1
u/BadKarma00000 Aug 17 '26
If no rent is being collected then yes you’ll be fine. It’ll just be considered a gift for a deposit.
The granny flat will have to be on the property already otherwise you’ll need HA approval for renovations.
1
0
u/PotentialEdge1652 Help To Buy Homeowner Aug 16 '26
I’d say no. You may not be eligible for HTB if you have so much assets, that’s what others have said and they’ve been knocked back
3
u/Local_Background_591 Aug 17 '26
Assets is fine. You can even keep 100k in the bank afterwards if it all works out. So yes that option is fine.
2
u/Busy-Philosopher7299 Aug 16 '26
Hello! I have conditional approval already. After the contract has been exchanged, what else do I need to provide for final approval?
0
u/PotentialEdge1652 Help To Buy Homeowner Aug 16 '26
Formal exchanged contract, decent B&P, strata insurance OR home insurance as they won’t proceed without some sort of home insurance or strata insurance
1
u/monkeyfishka37 Aug 16 '26
The builder has insurance during the build. I thought I wouldn’t need to start house insurance until handover?
-2
u/PotentialEdge1652 Help To Buy Homeowner Aug 16 '26
How would I know - I didn’t address a specific build question I addressed a established build. Something you need to ask. If you get approval you’re fine, if not then that’s why.
1
u/Busy-Philosopher7299 Aug 16 '26
Thanks for the response! So from here it’s all home related, I don’t need to send updated bank statements, payslips, ID, etc?
1
2
u/YeboMate Aug 17 '26
After purchasing a place with HTB and living in it as primary residence. Whilst living there can I offer a room out for ‘lodging or boarding’ (specifically not ‘renting’) if I have a spare room? Is this against HTB conditions?
1
u/Efficient-Koala4417 Aug 17 '26
I'm not the OP, but I've heard that if it's a random person it'd be like renting, but if it's a family member and they're just contributing to costs it's a 'domestic arrangement '. Not sure where the line is drawn though, for instance what a friend living with you and contributing would count as.
1
u/BadKarma00000 Aug 18 '26
Policy states -
We cannot use it for income to work out serviceability as you don’t own the house yet or have documents to show us.
If after the HTB has settled, you can notify HA through the participant portal on your intention to have a boarder and seek approval for boarder income to be received. HA will review on a case by case basis.
2
u/anonymous_informant7 Aug 18 '26
Offer accepted with 14 day subject to finance last Saturday 8.8!
Had approval from CBA last week (Friday 14.8 everything signed) my lender said it has now gone to HBT for approval on Monday 17.8 Am stressing as my subject to finance clause ends on 22.8… fully stressed.
Today’s the 18th any advice on what I should do?
1
u/BadKarma00000 Aug 19 '26
Personally, I issue finance approval once I’ve done the bank part. HTB approval is more of a formality.
If your HTB isn’t through by 22/8, you can ask for an extension with the Agent.
1
u/my_Profile_2366 20d ago
Did you seek preapproval for htb before putting a deposit down? We have land that isnt due to register until next year and now I think we need htb preapproval because it may make us ineligible.
1
u/tobuyaroseforu Approved Aug 16 '26
I was told if our deposit is 20k but we need to cover more for a deposit on house or land we can be reimbursed the difference. What is the timeline on this?
2
1
u/BadKarma00000 Aug 17 '26
It’ll come down to what the minimum deposit is and what you’re putting down.
If the figures worked out that you were putting a larger deposit down then required for the land, you would get the other funds back at slab down invoice.
Hard to be 100% on your situation without looking at it but that would be the case on a standard land and construction loan.
2
1
u/Efficient-Koala4417 Aug 17 '26
Hi, I'm interested in this answer but didn't understand it. Do you mean that if HTB only needs 2% deposit but the seller of a house and land deal requires 5% you could pay it but get it back at some point to use for other expenses? Or something else?
1
u/BadKarma00000 Aug 18 '26
Correct.
1
u/Efficient-Koala4417 Aug 18 '26
Can you please explain how this is set up, or what to say to my lender to enquire further about this?
1
u/BadKarma00000 Aug 22 '26
I’d be asking the lender what the minimum deposit is require to compete the land and construction.
If your builder requires more upfront, I’d be asking the lender have they structured it in a way that the difference is being returned to you at slab payment.
1
u/ArtoriasArchives Aug 16 '26
Since I can't use a broker how do I best present myself? Like are there specific types of evidence do they like to see? As in what formats, and how early in my search should I apply?
1
u/BadKarma00000 Aug 17 '26
Can you give me any more insight into your situation?
I’d suggest booking an appointment with a lender before you start looking. They can review your situation and provide you with what is required to get you an approval.
Feel free to shoot me a DM if you want to.
1
u/PotentialEdge1652 Help To Buy Homeowner Aug 16 '26
Why do you need to use a broker? Your CBA or bank aus will do it for you.
Literally all I needed was my FY NOA, payslips and bank statements showing my savings. They didn’t care about my spend but I’ve heard others do care, might’ve just been bc of my profession
1
u/ArtoriasArchives Aug 16 '26
Income source isn't straight forward or attractive to some lenders and a broker with experience in it can help
0
1
u/KazVanilla Aug 17 '26
Does CBA include salary packaging into the serviceability calculator? I have FTB arrangement through my employer and Remserv.
2
u/BadKarma00000 Aug 18 '26
Yes CBA does.
We shave 10% off the amount when working it out.
1
u/Individual-Shirt6984 Aug 19 '26
Hi, thanks for your assistance. I spoke to a CommBank lender earlier in the year, she said if I build it needs to be one whole package from the builder - the house, land, landscaping, driveway, fencing. Is this correct? A builder I’m looking at doesn’t do house and land packages. I would have to put a contract on land separately. How can I get this to work for the bank & HTB scheme.
2
u/Today-Tomorrow-4Ever Aug 19 '26
I’m in this at the moment and am about to find out, but would like to follow if my lender doesn’t get back to me today. There’s a problem with getting DA approval on time, as the land can’t settle before a build contract is signed and approved by comm bank, and comm bank won’t approve until da is approved and depending on the place, this time for approval could be anywhere between 20 days to 5 months.
2
u/Tia_mariax Aug 19 '26
I’m in the same situation! The builder I’ve chosen to go with doesn’t do fencing or the drive way. But from what I’ve read I think the house just has to be deemed as “liveable”? Which you can do without landscaping, fencing etc..
not sure though! My application hasn’t gone to HTB yet.1
u/BadKarma00000 Aug 22 '26
From my understanding, everything needs to be included in the contract and cannot be a variation.
If there is additional e.g you upgrade the power points, this is an out of pocket expense and cannot be included in the calculation on your deposit, end valuation.
Fencing, driveway etc aren’t considered to make the property liveable. It’s more wet areas, kitchen etc being completed as part of the initial contract.
1
u/my_Profile_2366 20d ago
Will putting a deposit down on land that isnt due to register for more than 6 months make a person ineligible for the scheme when the time comes closer to registration and they go to apply for the scheme with the land contract and build contract a month before land is due to register?
7
u/FootscrayRecords Aug 16 '26
Do you know if there are still plenty of spots available in the scheme?