Found land - 45 days & process from here..
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Hi all, we have found this beautiful piece of land in lakelands WA to build our home on - yay! Just a query - if we put down our deposit on the land, do we need to have our pre-approval from the bank in order for the builder to put the contract together? And if the contract takes longer than 45 days to put together, will we lose our land?
Hellooooo!
We did all of ours through the builder and our mortgage broker. They will tell you the various steps. You need to get the building contract and the land put in to get finance on BOTH as a package. You don't get final approval for finance until the building contract is done, and the builder can't get that until you have pre-approval. It's a bit confusing but best to let the builder and the mortgage broker guide you - they've done it all before.
Ours went over the 45 days by weeks. They just kept extending it, and in the end we were a week past the date but they didn't make a big deal. We bought MIRVAC land and the MIRVAC representative was really nice (and dealt with a lot of tears and calls from me when things were taking so long)...
The building contract took AGES for us. Just don't stress. It all works out.
Xx
Ally
We did all of ours through the builder and our mortgage broker. They will tell you the various steps. You need to get the building contract and the land put in to get finance on BOTH as a package. You don't get final approval for finance until the building contract is done, and the builder can't get that until you have pre-approval. It's a bit confusing but best to let the builder and the mortgage broker guide you - they've done it all before.
Ours went over the 45 days by weeks. They just kept extending it, and in the end we were a week past the date but they didn't make a big deal. We bought MIRVAC land and the MIRVAC representative was really nice (and dealt with a lot of tears and calls from me when things were taking so long)...
The building contract took AGES for us. Just don't stress. It all works out.
Xx
Ally
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The significant date is when receive final payment invoice Check that section of contract Bit of fluff by builders prior to that
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you must be new to the internet
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I'll be here once a week, lets make that Mondays. > If you have a question, this will be the day I will log in for a look around.. If your lucky, sooner. Ask away...…