Browse Forums Building A New House Re: Bank valued &approved less than construction contract amount 3Sep 17, 2009 2:39 pm Building Thread viewtopic.php?f=31&t=13002 Site start: 8th July 2009 Handover: 11/12/2009! 5 months total build time. 40 sqs of luxuary...Bliss! Re: Bank valued &approved less than construction contract amount 7Sep 17, 2009 7:58 pm I got caught out by this! Apparently most banks are under valuing house and land at the moment to try to protect them selves. Our block was valued 10k less then what we paid even though we had got it for a reasonable price. Now waiting on our construction loan to be approved but have been cautioned by the bank that they are unlikely to value the house at the contract price. Regardless of our pre approval amount our bank will only lend us 95% of what their evaluation figure is. 10 3684 at most it will have a short lintel which could be moved up just below the ceiling or even above. Above means you need to patch the cornice and might need to deal with… 2 61372 If your patio is going to be 35 sqm then that's going to need Council Approval. The fact that they previously approved your 25sqm patio will be irelevant 1 5504 |