Browse Forums General Discussion Re: Construction Loan settlement question 10Oct 20, 2007 11:30 pm Just be *really* sure the valuation has been done before you go to pick up your cheque, etc.
We have our mortgage with Suncorp & had sent in our valuation request within the 7 days, etc. I rock on up to the bank the day before handover...no cheque. The person who had done our valuation when the mortgage was approved no longer worked for them so, for whatever reason, they decided the final valuation couldn't be done & didn't tell me or anyone else. I had to wait for them to get someone out to do it & had to delay handover (PD were fine with this BTW). No apology from Suncorp & the valuer who did turn up didn't seem to know why he was there. Sigh. Apparently it's not uncommon. 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 18895 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35191 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 |