Browse Forums General Discussion 1 Jun 19, 2009 12:00 pm We were just about to start building with a major building company in Victoria. Today we found out that we couldn't get enough finance so have decided to pull out. We haven't told the company as yet. All we have paid so far is $1500 for initial deposit. All plans have been finalised including colours, electrical and building permit approved. All they were waiting on to start was confirmation of finance approval. So nothing has been done on our block yet by the building company except a soil test report. What sort of costs/fees do you think they might try to charge us? The $1500 included the soil test, so I don't expect to get any of that back. Any suggestions on what we should do? Belinda Re: Pulling out due to finance problems 2Jun 19, 2009 12:04 pm You'd need to check the documentation you've signed so far - it would specify any additional penalties upon cancellation. I'd prepare a letter to fax to them /drop in - but call your customer service rep first - explain the situation - and then state that you'll be confirming all of this in writing. After 4 years - we're in! Re: Pulling out due to finance problems 3Jun 19, 2009 3:17 pm I was just reading over the HIA agreement last night and it states that if you pull out and building hasn't started, you only have to pay what ever fee that was agreed on (if at all), ONLY if you didn't stipluate that the build was subject to finance. On top of that, the only other thing that you have to pay for is the costs associated with work that you signed for up until that point in time. Best to have a read over your contract. Greg Our house thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=18335 Re: Pulling out due to finance problems 4Jun 20, 2009 3:48 pm Given that your permit has been issued, i doubt you will get any back..... Soils are about $400-$600, colours would cost $200-300 and permits cost about $1500, so it might end up that you could owe them...... There's also admin fees, engineering fees, HOW insurance fees you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 56139 I am not a brick expert, but rendering would be 1 option, it would be costly to do the entire house though.... 2 6677 Hi all, has anyone been ask to do the weeds in their property while in the middle of build? We are under the impression that they are in control of the site while they… 0 2766 |