Next fun part is the permits then the build and lot more negative balances to come
ST TROPEZ 25 make it yours.
Congratulations!!! lol the bank balance don't get any better either once the build starts.
Browse Forums Building A New House Re: Boutique Homes 2462Jun 15, 2016 9:10 am --------------------------------------------- Building a St. Tropez 25 - Boutique Homes Aurora Estate Wollert - Victoria Re: Boutique Homes 2469Jun 15, 2016 10:52 pm --------------------------------------------- Building a St. Tropez 25 - Boutique Homes Aurora Estate Wollert - Victoria Re: Boutique Homes 2474Jun 16, 2016 2:59 pm EN710 How's bank valuation for you peeps? Mine come back to me today 37k under 😨mainly due to the build. Land come on mark.. I quote: total building contact of xxx is considered to be unreasonable and not in line with the current market levels for this type of dwelling in locality Hey EN710 That's our biggest fear - the bank coming back with a shortfall. We spent an additional $60K at our colours appointment and currently our house and land costs sit at over $100K above median house prices for our area. Because this is our "forever home" we were well aware of over-capitalising on our build - we want to live comfortably and don't plan on turning our home into an investment property down the track. Hopefully our mortgage broker can find us a bank (when the time comes) to lend us what we require rather than what they feel our house would be valued - or even a bank with a high LVR. The upside is, we've saved enough to put down 20% deposit so hopefully the bank takes this into consideration also. Let us know how you get on with the banks and if you're able to find a bank that will lend the total amount you need for the build so you don't have to pay the shortfall out of pocket. Good luck! Check out our blog: www.followusfromthegroundup.blogspot.com Barcelona 22 - expected land title NOV 2016 Re: Boutique Homes 2475Jun 16, 2016 3:23 pm CallMeAz EN710 How's bank valuation for you peeps? Mine come back to me today 37k under 😨mainly due to the build. Land come on mark.. I quote: total building contact of xxx is considered to be unreasonable and not in line with the current market levels for this type of dwelling in locality Hey EN710 That's our biggest fear - the bank coming back with a shortfall. We spent an additional $60K at our colours appointment and currently our house and land costs sit at over $100K above median house prices for our area. Because this is our "forever home" we were well aware of over-capitalising on our build - we want to live comfortably and don't plan on turning our home into an investment property down the track. Hopefully our mortgage broker can find us a bank (when the time comes) to lend us what we require rather than what they feel our house would be valued - or even a bank with a high LVR. The upside is, we've saved enough to put down 20% deposit so hopefully the bank takes this into consideration also. Let us know how you get on with the banks and if you're able to find a bank that will lend the total amount you need for the build so you don't have to pay the shortfall out of pocket. Good luck! Check out our blog: http://www.followusfromthegroundup.blogspot.com Barcelona 22 - expected land title NOV 2016 My valuation came under more than 30k so have to cough up additional funds, i really dont get it shouldnt the LMI cover the gap in the event the bank repossed the property and sell it at the market. --------------------------------------------- Building a St. Tropez 25 - Boutique Homes Aurora Estate Wollert - Victoria Re: Boutique Homes 2476Jun 16, 2016 3:35 pm 7th_Cavalry CallMeAz EN710 How's bank valuation for you peeps? Mine come back to me today 37k under 😨mainly due to the build. Land come on mark.. I quote: total building contact of xxx is considered to be unreasonable and not in line with the current market levels for this type of dwelling in locality Hey EN710 That's our biggest fear - the bank coming back with a shortfall. We spent an additional $60K at our colours appointment and currently our house and land costs sit at over $100K above median house prices for our area. Because this is our "forever home" we were well aware of over-capitalising on our build - we want to live comfortably and don't plan on turning our home into an investment property down the track. Hopefully our mortgage broker can find us a bank (when the time comes) to lend us what we require rather than what they feel our house would be valued - or even a bank with a high LVR. The upside is, we've saved enough to put down 20% deposit so hopefully the bank takes this into consideration also. Let us know how you get on with the banks and if you're able to find a bank that will lend the total amount you need for the build so you don't have to pay the shortfall out of pocket. Good luck! Check out our blog: http://www.followusfromthegroundup.blogspot.com Barcelona 22 - expected land title NOV 2016 My valuation came under more than 30k so have to cough up additional funds, i really dont get it shouldnt the LMI cover the gap in the event the bank repossed the property and sell it at the market. 7th_Cavalry You'd think that that's what you pay the LMI right? But apparently not I guess the LMI will only cover you for the amount you have loaned from the bank - and that amount is based on what the bank has valued your property at. So, it's not really taking your shortfall into consideration. I guess they do this to mitigate the financial risk involved - they're not going to lend you more than what your property is worth in the event they need to sell it off if you can't pay it. But it's annoying because no one wants to build a turn-key home with just the basics as their "forever home" if they have no intention of turning it into an investment property down the track to make back their money. So, of course a lot of people will have shortfalls. Check out our blog: www.followusfromthegroundup.blogspot.com Barcelona 22 - expected land title NOV 2016 Boutique Homes 2477Jun 16, 2016 3:35 pm EN710 How's bank valuation for you peeps? Mine come back to me today 37k under 😨mainly due to the build. Land come on mark.. I quote: total building contact of xxx is considered to be unreasonable and not in line with the current market levels for this type of dwelling in locality Hi, get another opinion. Ours came back with a similar scenario and got three other banks to value the property. ANZ was the worse! https://letsbuildwithboutique.wordpress.com Re: Boutique Homes 2478Jun 16, 2016 4:45 pm johanna.ram EN710 How's bank valuation for you peeps? Mine come back to me today 37k under 😨mainly due to the build. Land come on mark.. I quote: total building contact of xxx is considered to be unreasonable and not in line with the current market levels for this type of dwelling in locality Hi, get another opinion. Ours came back with a similar scenario and got three other banks to value the property. ANZ was the worse! https://letsbuildwithboutique.wordpress.com Thank you, currently checking with my broker for options CallMeAz yep, it's to live in and I definitely (knowingly) over capitalise. I think we have been very reasonable with upgrades (approx. 23k including increase in living room size) 37k below is making me cry. I did get a quote from Carlisle early on and theirs is not any better and with less inclusions. At this point i have several option to consider: 1. See valuation from different lender. The catch is, if they use the same ballet, there's no point 2. Contest the valuation. Almost impossible to change but we can try 3. Go to 88% lend and pay LMI (capitalised). 88% is the sweet spot before LMI go bazinga monster size Send from my phone through Tapatalk. Pardon the incorrect autocorrect and fat fingers. my blog: http://sttropez27build.blogspot.com.au Re: Boutique Homes 2479Jun 16, 2016 4:53 pm EN710 johanna.ram EN710 How's bank valuation for you peeps? Mine come back to me today 37k under 😨mainly due to the build. Land come on mark.. I quote: total building contact of xxx is considered to be unreasonable and not in line with the current market levels for this type of dwelling in locality Hi, get another opinion. Ours came back with a similar scenario and got three other banks to value the property. ANZ was the worse! https://letsbuildwithboutique.wordpress.com Thank you, currently checking with my broker for options CallMeAz yep, it's to live in and I definitely (knowingly) over capitalise. I think we have been very reasonable with upgrades (approx. 23k including increase in living room size) 37k below is making me cry. I did get a quote from Carlisle early on and theirs is not any better and with less inclusions. At this point i have several option to consider: 1. See valuation from different lender. The catch is, if they use the same ballet, there's no point 2. Contest the valuation. Almost impossible to change but we can try 3. Go to 88% lend and pay LMI (capitalised). 88% is the sweet spot before LMI go bazinga monster size Send from my phone through Tapatalk. Pardon the incorrect autocorrect and fat fingers. my blog: http://sttropez27build.blogspot.com.au Haha "bazinga monster size". Hilarious. Try engaging other lenders - or put your broker to work to find you a lender that will cover the shortfall. The one-up is that brokers don't get paid their commission until a loan is locked and loaded so put them to work to find the right lender that will lend you what you need. Ps just bookmarked your blog! Can't wait to have a read on my commute home from work on the train! Check out our blog: www.followusfromthegroundup.blogspot.com Barcelona 22 - expected land title NOV 2016 Re: Boutique Homes 2480Jun 16, 2016 5:15 pm CallMeAz Try engaging other lenders - or put your broker to work to find you a lender that will cover the shortfall. The one-up is that brokers don't get paid their commission until a loan is locked and loaded so put them to work to find the right lender that will lend you what you need. Ps just bookmarked your blog! Can't wait to have a read on my commute home from work on the train! Check out our blog: http://www.followusfromthegroundup.blogspot.com Barcelona 22 - expected land title NOV 2016 Have send them additional information to see whether we can challenge the valuation and whether different lender will be suitable for what we want to do in several years. Otherwise paying LMI is not too bad, around 6k or less at 88% Oh thank you! I bookmarked yours too Train commute... aint that like my life right now 😂 45 mins each way including walking. I'm hoping train station next to our estate get built asap Send from my phone through Tapatalk. Pardon the incorrect autocorrect and fat fingers. my blog: http://sttropez27build.blogspot.com.au 10 15762 Ask for references and speak to them. If they are defensive or try to avoid the request, walk. 1 74719 |