Hi,
My partner & I are almost at contract signing stage with Adenbrook Homes to build our new home. To date we have paid them $1000 Preliminary Agreement Fee & $1500 to see the New Home Proposal. We have bank pre-approval for more than the required amountand all seemed to be going well.
When booking in a time with Adenbrook to sign the contract and pay 5% deposit (less the above amounts), I mentioned them that we would make it subject to final "unconditional" approval from the bank (based on the banks advice). Meaning the bank needs to see the plans & contract to do a valuation of the final product.
Adenbrook claim this is unheard of and have never taken a deposit subject to finace approval. They suggest we should pay the 5% and if the bank can't complete the approval within 5 days, the we would have to exercise the "cooling off period" and officially disengage from contract.
Has anyone had this problem with other builders?? We were able to make the land deposit to Stocklands subject to finance.....so I wouldn't have thought this was such an issue.