Browse Forums Building A New House 1 Dec 11, 2009 1:54 am Quick question for those building with PD. When providing proof of funds, did everyone else have to provide their Consumer Credit Contract with signatures on it? Along with the Authority to Commence Construction? My CSC is being a pain and won't start without it and my loan manager is trying to get a hold of them but it is taking a longer time than expected because apparently it's not something that is normally asked for. I'd upload a pdf of an example consumer credit contract but H1 won't let me upload pdf files =[ Thanks in advance! ---------------------------------------- Building the PD Lisbon 24 http://www.porterdavis.com.au/#homeviewer/lisbon/24 Blog of our progress. http://lisbon24.blogspot.com/ Homeone build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=28665 Re: Consumer Credit Contract & PD 2Dec 11, 2009 6:41 am Can't remember, but don't think so. I think we just provided the formal approval letter from the bank and a copy of a bank statement showing that we had the funds to cover the rest. Re: Consumer Credit Contract & PD 3Dec 11, 2009 7:18 am Im not sure what a consumer credit contract is. Is it known by anything else? I just checked my emails and my proof of funds was an online bank statement with name/address/account number and a screenshot of my internet banking page with the current balence for the shortfall. The broker provided the details from the bank and loan amounts. Things may have changed in the last 6 months, I dont even remember an "Authority to commence construction". Thought thats what the HIA contract is for!! Re: Consumer Credit Contract & PD 4Dec 11, 2009 8:06 am We signed the authority to commence construction, but we didn't do any consumer credit contract. Seems odd...... wouldn't the lender have done all of stuff before they agreed to the loan? If you have the funds to pay for the build... that should be all that would be of concern to the builder. What is it?? Is it like a credit report? I leave you to fend for yourself, figure things out yourself. Terrence Malick Re: Consumer Credit Contract & PD 5Dec 11, 2009 11:45 am Ok so I've put the example on flickr Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ This and the Authority to commence construction is what my csc is asking for before she'll do anything. ---------------------------------------- Building the PD Lisbon 24 http://www.porterdavis.com.au/#homeviewer/lisbon/24 Blog of our progress. http://lisbon24.blogspot.com/ Homeone build thread https://forum.homeone.com.au/viewtopic.php?f=31&t=28665 Re: Consumer Credit Contract & PD 6Dec 11, 2009 12:28 pm A Consumer Credit Contract is just the loan contract, the one that details all the nitty-gritty like how much you're borrowing, interest rate, term and the million fees the bank is going to charge you. It's a requirement under the Consumer Credit Act in Vic. There may or may not be something similar in other states. Basically, you sign that plus the mortgage docs, plus an authority to complete and pay, which is the thing that allows the bank to pay progress payments direct to the builder. Re: Consumer Credit Contract & PD 7Dec 11, 2009 12:44 pm Yes, we were asked at our contract signing to provide a copy of the signed mortgage documents (AKA Consumer Credit Contract) when we received them and before we returned them to the bank. I don't recall an "Authority to Commence Construction", not to say that we didn't sign one. Re: Consumer Credit Contract & PD 9Dec 11, 2009 1:29 pm I don't remember having to produce that document. But we went through Choice which is PD's lending arm, so maybe it was all provided for us. Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 17166 12 5637 The best advice is for you to get a competent building consultant to guide you through your build 7 4969 |