Anyone bought land with Mirvac near a transmission tower and

Hi all, so angry right now!! Long story here. We are in the process of purchasing a block of land through Mirvac in Gledswood Hills and settlement is due tomorrow. Due to their clause having to build within two years otherwise they can buy the land back for whatever the want, bank west won’t settle on the land without a signed building contract. We literally put the holding deposit on the land on the 29th of October. So it’s been 1 and a bit months and we are feeling really rushed and pressured. Now that settlement is due tomorrow, everyone closing over Christmas we are going to have to pay $120 A DAY, until the bank receive the building contract AND then organize settlement. How ridiculous is this. Mirvac won’t help and the bank won’t settle. So my husband and I will be paying interest to Mirvac whilst everyone is on Christmas holidays. How nice is that? Feeling really **** and outdone right now. Such a horrible process and experience.

Ouch! But what does this have to do with Transmission Towers?

Yeah, totally. Apparently because the transmission towers are within 50 meters it’s an issue. Bloody horrible situation. It’s turned me off the whole building project

We are supposed to settle on our block 5403
Banks have given Us approval but since said they won’t do it due to the powerlines. We don’t have time to go through the processes again before settlement. Mirvac have advised us that they will be Charging us for full 10% deposit if we pull out. Don’t have any options. We’re about to lose $80k 😥😥😥

Oh gosh, you’ve been going through it too. we are 5409 and the last few weeks have been a nightmare. Approved, declined, Mirvac wouldn’t give us to next year. I was losing it, the fact that we would have to pay interest daily whilst everyone on holidays. Mirvac weren’t any help. After all this crap over the last few weeks, The bank felt sorry for us and re-did the loan, because we were losing it. Had pre approval since august. What are you going to do? Losing that much money should not happen. Mirvac have had issues with the 2 year clause and they really need to work with everyone because the situation is just not fair, otherwise don’t bloody release that close to the power lines

Try Australia bank. Apparently they lend and have no issues with the power lines

My brother is a financial advisor, he asked over 30 banks and the only one that would do it was Australia bank. Try them. Go to Mirvac and ask for a delayed settlement. Tell them they are not reasonable as banks won’t lend for that close to the power lines. You’ll pay interest whilst you apply for Australia bank but at least you won’t lose $80,000. Good luck

Thanks so much hun! We will try with them tonight. Hopefully we can get an answer ASAP. We are almost going crazy. Most banks want 70% lvr which is crazy!
I’m just so over it all. We are trying to rack our brains to come up with other options but it’s just honestly so exhausting. Fingers crossed we will get across with bank Australia. How long was the turn around time for banks to get approval hun?

We didn’t go with them, we managed to sort it out with Bankwest thanks to my brother threatening them. But when we were declined he said he emailed 30 banks and only Australia bank replied they would do it!! Yes, try them. I’m not sure about the lvr, but I know based on the power lines it’s not an issue for that bank. Can’t believe it is such an issue and Mirvac aren’t really helping with the issue. He also found comparable sales data that the bank didn’t find which helped the cause. We actually ended up settling today but as you, it has been an absolute nightmare for the last three weeks. It’s so bloody horrible and it shouldn’t be like this. There’s plenty of homes near power lines!! Good luck, happy for you to private message me if you need any further info

P.s ours got declined by Bankwest last Thursday and we had to reapply on Wednesday when they had a change I heart and then we got notified yesterday afternoon they were ready for settlement. See if they can escalate the application. But also keep in mind, it’s better to lose $6000 in interest to damn Mirvac than lose $80,000 to them. It’s sooo ridiculous!! I nearly through in the towel too

Thanks hun
Do you think your brother would be able to help us get our application over the line using the same info. We tried bankwest and they said they weren’t able to do it. Do you know who your brother dealt with?

where is this land? Suburb and state

Gledswood hills The Crest estate NSW