Browse Forums Building A New House 1 Aug 12, 2011 12:58 pm Our land titles will not be available until Oct/Nov... not holding breath as I know that titles can take longer than what they say. It is fine if it takes longer as DH and I have to save the deposit for the loan so any extra time is good at this stage. The problem that I can't get my head around how far we can go with a builder to get enough information for the bank loan. We have a design of a house that we have done ourselves and do not have costings as yet. If we choose a builder to draw up plans, ?pay a deposit to do so.... get costings, is this enough for the bank? but if we don't get finance could we get our deposit back? Can we put on the building contract, subject to finance, because if it all falls through we don't want to be left high and dry!...... I know we can get "pre-approval" from the bank, but because we are building they want costings....... Re: is this right? re: land titles, borrowing money 2Aug 12, 2011 1:05 pm So I am guessing you have purchased the block subject to finance? If so then I would make it your first priority to get the land fully approved and have the deposit for that first. I would not be putting money down with a builder until you know the land is going to be yours otherwise you will lose your deposit with the builder if you have not saved enough for the land loan deposit. Then I would get a construction loan for the house as you can use the land as security for the house. Thats what I have always done anyway. Also sometimes if the land title is delayed if you sign up with a builder now you can be hit with a price rise if titles take too long as sometimes you only have 45 working days from signing the building contract to having titles (in your name) and unconditional loan approval for the house. As a tradesmen get a private inspector although I don't think there worth it in their profession themselves the reminder they serve to the tradesmen doing the work is… 3 28012 I've just had a look at the website. The company are just building broker's. There are plenty of similar companies that basically draw your plans (they own them so you… 8 11875 Yeah sorry man, thats always been my fear during this first time build.. we have literally just hit lockup as-well, so ive been praying for no issues. Our mortgage /… 3 2864 |