I posted this in another thread too, but thought there may be more immediate answers here....thanks!
My brother and I have decided to build a home with Dennis Family Homes. We have been in contact with their financial people who have been terrific and have helped us apply for a loan and are packaging the loan as a 'house and land' loan. We have gone through Colonial/CBA and have been granted pre-approval.
We have paid our $7,000+ deposit on the land. The land does not settle until July. We have had our initial DFH consultation and have paid our $500 deposit.
DFH cannot conduct a soil test on the land until late May-early June, so realistically, a total purchase price cannot be reached until this is done, therefore we won't know the exact loan amount until this has been done.
We are currently being contacted by the lawyers of the land owners through our conveyencer requesting to know that we have a full loan approval. They have contacted us twice now - we have contacted our finance man and he can't understand why they need to know now as we have a pre-approval and evidence that the bank will support us, and that technically as we can't soil test until so much later, it is really them who are holding up the process of getting to contract.
We are first home buyers, new to this obviously and are feeling a but run around by all of this stuff....