Browse Forums Building A New House 1 Feb 10, 2010 4:09 pm Our builder has a copy of our approval letter from the bank for our mortgage and up until now has asked for no more documentation in regards to our mortgage. They have spoken to our personal banker and confirmed we have the funds. Now apparently they want specifics on our repayments, interest rates ,fees and charges etc. Surely this information is none of their business?! They have proof the funds are available (the letter and phone calls to banker) and proof of land title from the solicitor (letter). Is it normal for a builder to want detailed financial information to keep on file?? Surely that's none of their business. What are other people's experiences? Life is; then you tell yourself a story. Re: Financial Details to Builder 2Feb 10, 2010 4:33 pm We didn't have to provide that type of information to our builder. I wonder why your's wants that Blog: http://bluemistkids.blogspot.com "Never be afraid to try something new. Remember, amateurs built the ark, and professionals built the Titanic." Re: Financial Details to Builder 3Feb 10, 2010 4:34 pm I'd be asking your builders *why* they want this information. viewtopic.php?f=31&t=22766 - my build thread! Time waits for no man. Unless that man is Chuck Norris. Re: Financial Details to Builder 4Feb 10, 2010 5:11 pm Hmmmm Our builder asked us for a letter saying our finances were in order because we hadn't arranged a loan through a financial institution at the time of signing our contract. So, I sent them a letter stating that I understood that we needed to meet the progress payments and we had made suitable arrangements to ensure we were able to do so. I really didn't expect them to accept this......but they did. I think your builder is asking for more information than they are entitled to. But, I'd be tempted to say I'm happy to supply that information in return for a comprehensive statement (backed by appropriate documentation) of the builder's assets, liabilities, cashflow etc to convince me they were a safe propostion to build with. Since when has a builder ever had their fingers burnt by a customer with loan approval? We all know via this forum of people whose build has come to grief due to the financial collapse of a builder. Just another example of the unnecessary inequities in the build situation. If customers en masse demanded their basic rights, building would be a better experience for us all. Instead, we seem to have to beg the builder to do what is contracted within a reasonable time frame and to an appropriate standard. If we did our bit (make the progress payments) with the same degree of timeliness most builders demonstrate, they'd get pretty sh*tty. Sorry for the rant. Cheers zeke Re: Financial Details to Builder 6Feb 10, 2010 10:10 pm None of his business. There is no reason for them to need to know the details of the loan to that level of detail. Oh, and on Zeke's point - you may want to check the builder out before you sign anyway, we changed our builder as when we did some digging we didnt like what we found...... Feel much happier now. Re: Financial Details to Builder 7Feb 10, 2010 10:16 pm zeke Hmmmm Our builder asked us for a letter saying our finances were in order because we hadn't arranged a loan through a financial institution at the time of signing our contract. So, I sent them a letter stating that I understood that we needed to meet the progress payments and we had made suitable arrangements to ensure we were able to do so. I really didn't expect them to accept this......but they did. I think your builder is asking for more information than they are entitled to. But, I'd be tempted to say I'm happy to supply that information in return for a comprehensive statement (backed by appropriate documentation) of the builder's assets, liabilities, cashflow etc to convince me they were a safe propostion to build with. Since when has a builder ever had their fingers burnt by a customer with loan approval? We all know via this forum of people whose build has come to grief due to the financial collapse of a builder. Just another example of the unnecessary inequities in the build situation. If customers en masse demanded their basic rights, building would be a better experience for us all. Instead, we seem to have to beg the builder to do what is contracted within a reasonable time frame and to an appropriate standard. If we did our bit (make the progress payments) with the same degree of timeliness most builders demonstrate, they'd get pretty sh*tty. Sorry for the rant. Cheers zeke BAHAHAHAHAHA... That is super funny! I'll show you mine if you show me yours? Our house thread: https://forum.homeone.com.au/viewtopic.php?f=31&t=18335 Re: Financial Details to Builder 8Feb 11, 2010 8:11 am LOL....I love the you show me yours if I show you mine...LOL. Thanks everyone for your responses Turns out PD need some evidence that we have accepted the loan. The letter we gave them was a copy of the letter saying the bank is happy to lend us the money basically. But they want a copy of something saying we have accepted the offer. Kind of makes sense. So I'll get a copy of the acceptance page of the contract. That way I will be giving NO private details about the loan. Not that I really care, it's the principle of the thing, it's private info. They could have just asked for it yesterday rather than the CSC asking for intricate loan details. Just another slice of the bad communication pie. Life is; then you tell yourself a story. Hi Mofflepop, I would recommend finding a building designer to prepare plans, they should design to your specified budget. The benefit is you can tender the project out… 9 20355 Yes, I have. But, I haven't paid yet. They know they did not do proper jobs and I sent the email re: final payment, I cannot pay. They said, we will do 2nd PCI. Since… 2 5486 |