Browse Forums Building A New House 1 Jan 11, 2010 6:05 pm Hi, all My construction contract was done Dec 2009! As we want our house start ASAP! We need to ensure our builder start to build house in Feb and builder already book the date for us! Now, everything is ready except construction loan approval! Today, just got phone call from Westpac loan manager said loan application will take 12-15 working days, is that long? As far as I know, normally it only takes 3-5 working days for most of banks! Why westpac takes so long! I am worry about this will delay our building start day in FEB! Is there anything I can do or any docs I can provide to speed up the loan processing in the bank? Another question is about building permit! Since our construction contract is done, land already settled and released, I think no more issues to apply building permit, but builder looks like playing waiting game with us, does it mean builder won't apply building permit until they receive the loan approval from bank? Anyone can help me out? Thank you Re: Loan approval and building permit issue~ 2Jan 11, 2010 8:40 pm Hi I'm assuming you already have pre-approval from the bank, as you are ready to build? If that is so, then I don't see why the builder can't put the building licence application in... they can take even longer than the bank to approve. I don't think 15 days is long for the bank to fully approve a loan. Many people have had their banks take a verryyy long time before it's approved. Why do they need to start building in February? If you only signed the contract in December I don't think there would be anything you could really do to make the bank go any quicker. Built with New Generation (Summit Homes) We own land!... with a slab on it! Plus a shell of a house with stuff inside ! The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19091 No, not yet. It’s currently being assessed by our building surveyor 4 6325 Looking to start the journey of becoming an owner builder in SA. Feeling pretty (overly) confident on the building and construction details, but really struggling to find… 0 8415 |