Browse Forums Building A New House 1 Jul 19, 2007 1:51 pm Hi all,
Am building my first home down south of Perth and am at a critical point and am hoping someone can offer some much needed advice. I am at the stage of getting our house/land package loan approved through Keystart. I am having issues with our finance person to what I assume is not doing there job resulting in us potentially losing our land and losing $30k. Basically the events have been: 1. Financier goes on holidays around time Titles were to be released, told us it would be ok as she will (only after we complained) get somebody to look after it. 2. Titles get released, to which 7 days later the Finaciers replacement calls us informing us (only after she was informed by the settlement agent) that finance approval was due that day by 5pm. 3. We Cry. We had pre-approval but could not get formal approval as we had just completed PreStart with builder as builder was waiting on contour survey access from land developer. 4. We ask what to do, financier replacement suggested asking for 2 weeks extension. We are getting a bit worried about our Financiers abilty, so we ask for three weeks - gets approved. 5. Financier comes off holiday and acts as if everythings ok and nothing out of the ordinary happened. Grrr. 6. 2 weeks later (as ws suggested by the Financiers replacement) still nothing submitted by them to the lender (by this time we had rushed the builder to get the docs needed for the lender to approve $ for them), so had we followed there advice we would of lost the land. 7. Come Monday with 1 1/2 week until end of extension we ask financier if we should ask for another extension as our documents had been sent to lender and we understood process to take 2 weeks - they reply "No should be fine, next Monday at the latest. Anyway if you ask for an extension you wont get it". Hmmmm. 8. Not being confident of their response we go behind the scenes with Lender who said not a chance with it being approved before the approval date and advised us to seek another extension. So, I'm really p^&*ed with our Finance person, have always given wrong advice and always with the "She'll be right" to which it never is. I really want to swap Finaciers, even if only to not have them get the commission. I have had to take 2 days off work because they failed to handle the financial side of thnigs , and seem blazay about us losing our land and having to fork out another $30k for similar land (been 1yr since reserving). What action can I possibly take? Do I have a commitment to continue using them? Have I expected too much of them (in regards to them not managing the Finacial part as in "Oh, your formal loan approval was due today by 5pm")? Am I am whinging sod lol. (Apologies about the long dribble, but this has totally put me off the whole house thing, as there are many other issues ) Re: Please help - Financier recommendations 2Jul 19, 2007 3:16 pm Really sorry to hear things like that happened to you...
Don't see why you should stay with such a un-professional finance service company. Shop around for second opinion or even get some legal advice. Other finance service companies might be able to provide some alternative solution. Make sure you got all details written down and keep all relevant document (with dates)/email/SMS message, ...etc in case you need to take the action further. All the best! Cheers Allan http://building-our-first-house.blogspot.com/ Current stage: Peg-out done, waiting for excavation to start... Re: Please help - Financier recommendations 3Jul 19, 2007 3:48 pm Soup
Do you have a solicitor / conveyencor working for you on the settlement process as well? If not - it is possible that is why it is not all going so well. Where is the $30k at risk? With the Financier or the property company? I'd hop to it and see a solicitor and find out what your options are - The finance market is very competitive these days so unless there is some contract with the financier that will risk the money - you should be able to change to another financier - but time is of the essence. Make those calls now - and also see if you can get an extension - From what I have heard the Perth market is close to it's peak at present, so if there is less demand from other buyers - the developer may be keen to keep you within his contract and give you abit more time. I would also be ringing the banking ombudsman right now - details below. http://www.bfso.org.au/ABIOWeb/abiowebsite.nsf Good luck, pick up the chin and the fight within you is all that will win it for you. Go to it. Steve Re: Please help - Financier recommendations 4Jul 19, 2007 4:43 pm Yak_Chat Soup Do you have a solicitor / conveyencor working for you on the settlement process as well? If not - it is possible that is why it is not all going so well. I was going to ask this as well......Your sol/conveyancer should be liasing with your fiancier/broker on your behalf and making sure things are all being done on time.... Re: Please help - Financier recommendations 5Jul 19, 2007 7:52 pm Gday Soup. Not sure where exactly you are but if you are looking for a top class conveyancing co. we used Kwinana Settlements. They looked over everything, advised us to change a few things on the contract and stayed on top of things all the way through.
Cheers Col Re: Please help - Financier recommendations 6Jul 20, 2007 11:30 am Hi there,
We are based in Brisbane but have used BankWest for all our mortgaging - they have been absolutely fantastic - highly recommend them if you need a new financier. Building for the 1st time with M3tricon Site Start was 19th July 07. It's been 2 weeks to Handover for the past 8 weeks. Go figure. Re: Please help - Financier recommendations 7Jul 22, 2007 2:24 pm My advice would be the same get a new broker and get some good legal advice before doing anything because you may still have to pay the broker for any work done valuations etc. Re: Please help - Financier recommendations 8Jul 23, 2007 11:28 am I forwarded your post to a friend in Westpac working as home finance manager, here's her reply:
"Thank you for your email message. I feel so sorry to this person with such a bad experience. It looks to me he is dealing with mortgage broker. He has no committment to continue using this financier. Once you are not comfortable with that person's service or advice, you can simply ask for 2nd opinion from other lender and no need to wait that long for approval esp in a current competitive market condition." Hi We have finally decided to complete a KDR on our corner plot in NE Melbourne suburbs. Given its a corner plot approx. 400 sqm just a standard design may not fit the… 0 8910 Really tight at the top of the stairs- how to get furniture into those rooms? Study books - does anyone really use them these days? Large storage closet would be more functional. 2 6995 I do enjoy the drama:-D In his latest two videos he has started bringing security guards to site, I am waiting for the punch on to begin lol 6 45787 |