Anyone building with Homebuyers Centre in VICTORIA?

ruby123 · May 14, 2014 5:08 pm

are you fixed rate pooks we are for 2 years

pooks83 · May 14, 2014 5:12 pm

No, we didn't fix Ruby. At the time we had an indication that rates were coming down...which they did and we couldn't do half/half. We didn't get a lot of say at all!

Niccles · May 14, 2014 5:17 pm

_chylatte_

Hi pooks, did you ask for it to have no break away fees? Coz somewhere on my contract I read that fees will be high if we decide to change banks. Also, when is a good time to switch?

Fees are always high to discharge from a mortgage. But I've seen a lot of banks advertising they'll pay your fees, or a large amount of the fees to switch.

Switching is where you need to sit down and figure out how much it'll cost you. Gotta take into account LMI etc.

pooks83 · May 14, 2014 5:23 pm

Does equity come into it at all? For example, my house has been valued at 30k more than the house loan...is that considered when potentially facing LMI with another lender? I haven't researched any of this as yet.

Niccles · May 14, 2014 5:28 pm

Equity does come into it. But you still need enough in it, plus any fees etc to not cop LMI again.

I'm only going off what I've read from various brokers. So if I'm wrong, someone tell me

_chylatte_ · May 14, 2014 5:40 pm

Thanks guys!

pooks83 · May 14, 2014 6:03 pm

Thanks Niccles. I just heard from the bank - she said the valuer is inspecting our house at 12pm tomorrow and she hopes to get the report back the same day. Woo-hoo! I might just have to throw a party and invite you all when it's finally over

hayles85 · May 14, 2014 6:51 pm

That's great news pooks! How exciting! So how long after the report comes in does it take for funds to clear and for you to pick up your keys?

We have our inspection tomorrow! Can't wait to see the house from the inside all finished and clean!! Any tips pooks on things to look for/check apart from the power points?

pooks83 · May 14, 2014 7:42 pm

Thanks Hayles. We have signed the payment authority so I think it might be 2 days for money to clear...but when that will be processed, I don't know! Then I think keys will be immediately. Yay for inspection

open the blinds if they are down so that you can properly see paint work. I found that paint touch ups needed to be done on wall edges so keep a look out there. Open all the cupboards/drawers and check seals around the windows because they are so new they can pop out so you want to make sure they have jammed them in (outside seals). I also opened all the windows to make sure they opened/closed ok. Have fun! Take some photos

Niccles · May 14, 2014 7:48 pm

Good luck with your inspection tomorrow Hayles

Gaviscon Girl · May 14, 2014 8:32 pm

SLABBED!!!

pooks83 · May 14, 2014 9:09 pm

No way!!!! That's awesome Gaviscon Girl. Have you been to see it? Frames will be up in no time. Congratulations

Gaviscon Girl · May 14, 2014 9:19 pm

So excited! Is this when we get a letter to pay more? What happens? I just sign something for the bank to authorise the payment and it goes to the next stage? I went after work tonight. It's poured and the timber frame that was on yesterday is off. Don't think there's much left to do in this stage, is there?

pooks83 · May 14, 2014 9:25 pm

No more to do at this stage- a slab is a slab! In a few days at most HBC will send/email you a "stage complete letter" with payment info. That also gets forwarded to the bank. You don't need to do anything until the bank email you a payment authority with the amount. You sign and return it then they release funds. If your repayments are at the end of the month then this will be applied to the end of JUNE because they have to give you 30 days notice so you will have frame stage applied in a week or so and that repayment will be applied to end of June too.
If you give the bank a call after frame stage they will be able to let you know earlier what your repayments will be. Full steam ahead!!

Box 27 · May 14, 2014 9:51 pm

Niccles

_chylatte_

Hi pooks, did you ask for it to have no break away fees? Coz somewhere on my contract I read that fees will be high if we decide to change banks. Also, when is a good time to switch?

Fees are always high to discharge from a mortgage. But I've seen a lot of banks advertising they'll pay your fees, or a large amount of the fees to switch.

Switching is where you need to sit down and figure out how much it'll cost you. Gotta take into account LMI etc.

Yeah, if you haven't paid off 20% off your loan you will be stung LMI as you are borrowing over 80% of the property value. Even though you would have paid with your first lender since you are changing you will need to pay it again.

Gaviscon Girl · May 15, 2014 5:58 am

Thanks Pooks!

pooks83

If your repayments are at the end of the month then this will be applied to the end of JUNE because they have to give you 30 days notice so you will have frame stage applied in a week or so and that repayment will be applied to end of June too.
If you give the bank a call after frame stage they will be able to let you know earlier what your repayments will be. Full steam ahead!!

My payments are on the 17th. I wonder if they'll get that to me by tomorrow (17th is on Saturday). Otherwise it goes to June 17th and then Frame July 17th as they wouldn't make it on time for June 17th. Is that right?

pooks83 · May 15, 2014 6:06 am

The slab will be June 17th at the earliest otherwise they will both be in July.

Gaviscon Girl · May 15, 2014 6:09 am

For once in my life, I'm praying for the bank to be sloooooooow!

bkoolrocks · May 15, 2014 10:48 am

Congrats GG on your slab...my frames r going up this week and i still havent heard anything from HBC yet about the payment.

Meantime, how do i find out about my valuation of the house? I am not sure what was the amount that came up after valuation ! Should I ask my broker?

jazz40 · May 15, 2014 3:56 pm

Hi guys,
Hope you dont mind me asking another question. With resolve was there an establishment fee, also can you lock into a fixed interest rate and do they offer an offset account?