Going building house(contractor)and need about 500k for site purchase and build costs. Anyone any experience dealing with financial institutions for this type of mortgage?
Your site needs to have at least outline planning on it in order to get finance for it. Your likely to get 90 - 92 % of the total required depending on you meeting all the standard requirements.
You'll need to qualify on financial grounds for 500K as per any mortgage.
Build will need to be supervised by an architect or engineer in practice at all stages. Loan will be released in stage payments to pay for ongoing build.
With BOI last year we were accepted for 90% of the value of land + home. This was pulled before we could draw down the mortgage and its now a max of 80%