Browse Forums General Discussion 1 Jul 05, 2022 10:16 pm Hi, We have unconditional approval with RAMS and going ahead with refinancing land and they will retain the construction amount till we have all the approvals and contract ready. We provided the tender and plans but our builder is very slow with providing a contract. We found another builder that's much quicker and can provide the contract much quicker. If we were to change the builder and plans would our loan application be void and has to be reassessed from scratch( I.e supply payslips,bank statements and subject to serviceability ) or would it just be subject to the new plans and contract valuation. the new builder will charge 70K extra but we happy to cover any amount above what is already approved by the bank from our savings. Trying to avoid going through a new finance application or going through all this again specially with interest rate rising might affect how much we could borrow now if we were to apply for a new loan. Re: Changing Builders/plans after loan unconditional approva 2Jul 06, 2022 10:25 am That's a good question - It probably depends on how long ago you got unconditional approval and how long it lasts for. In theory you should just be able to get a new valuation on the new design/contracts and they should just be able to be slotted in the current approval, just like if you were buying an established home. Though it will vary from lender to lender i'd imagine. A lot can change in a short period in the current market. Also Im unclear on how you achieved an unconditional approval without a builders contract. Its kind of an integral document. Are you sure its not an approval in principle? As to the new builder getting things done "quicker", I'd do your due diligence on that because they are all impacted by the same market conditions and challenges. You don't want to be out of pocket by 70k for an empty promise. Dark matter scientist, can breathe underwater, mind reader and can freeze matter just by willing it. Trust me, its in my sig. How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12137 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19696 Hi All, I'm new here! I'm in a block of 4 apartments (Waverley council) and looking to change a window to a sliding door. The window faces an enclosed garden (with a… 0 5660 |