Browse Forums Building A New House 1 Jul 15, 2010 11:50 am Were you asked to give a copy of your signed mortgage documents to your builder? I must admit I found this request a bit odd, I believe its private & confidential info, I was also told that it is a requirement in the contract (which it is, after checking) and dont understand why a letter from the bank advising them that we have finance approved and an amount on there does not suffice. Just curious if anyone else has been asked to give this info. Many thanks Site Start: 10th September, 2010 PCI : Friday 27th January, 2011. Handover: 3rd February, 2011 Build Thread: viewtopic.php?f=31&t=37677 Re: Copy of Bank Docs to Builder 2Jul 15, 2010 12:04 pm We weren't asked to do that and I havent heard of anyone else that has had to do that. Maybe they are wanting to see that the land is in your name? We provided our land settlement confirmation documents as well as the certificate of title stating that we were the owners.You shouldnt have to produce the actual mortgage though, and an unconditional letter of approval and evidence of any other funds to complete the build is required for the finance part of it. Land Settled: 29 March 2010 Pre contract & Deposit paid - 17 May 2010 Pre Start & Contracts Signed - 16 June 2010 Council Approval Received - 30 June 2010 Slab Down 30 July 2010 Plate High - Late August Lock Up - TBA Re: Copy of Bank Docs to Builder 3Jul 15, 2010 12:18 pm Our mortgage broker sent a letter to the builder advising them that we had unconditional approval and for what amount. As far as I know, our mortgage documents were never sent to our builder. It does seem strange that they want them. contract signed: Nov 09 Released to Construction: 23 Jul 10 Slab poured: 9 Aug 10 Frame completed: 30 Aug 10 Windows & Gutters: 7 Sep 10 Bricks: 15 - 23 Sep 10 Roof: 24 Sep 10 Gyprock: 20 Oct 10 Lockup: 25 Oct 10 Kitchen: 27 Oct 10 Tiling: 6 - 9 Nov 10 Painting: 17 Nov 10 Carpet: 30 Nov 10 PCI: 15 Dec 10 Handover: 17 Dec 10 https://forum.homeone.com.au/viewtopic.php?f=31&t=35943 Re: Copy of Bank Docs to Builder 4Jul 15, 2010 12:30 pm thanks for your replies, yes I thought that weird as well, we have already provided proof that land has settled. My concern is now that things will mysteriously go up, extra site costs etc. etc. etc. Site Start: 10th September, 2010 PCI : Friday 27th January, 2011. Handover: 3rd February, 2011 Build Thread: viewtopic.php?f=31&t=37677 Re: Copy of Bank Docs to Builder 5Jul 15, 2010 12:46 pm Hi Ring09, Our broker did the same thing as carlswils. Do you have fixed sites costs as apart of your building contract? Or have they given you an estimated cost? Re: Copy of Bank Docs to Builder 6Jul 15, 2010 12:49 pm No fixed site costs, we were only just given a final price for site costs after final site/soil etc, with another provision of 6k for rock removal etc, how much do you want to bet that they will use all of this 6k. Site Start: 10th September, 2010 PCI : Friday 27th January, 2011. Handover: 3rd February, 2011 Build Thread: viewtopic.php?f=31&t=37677 Re: Copy of Bank Docs to Builder 7Jul 15, 2010 12:51 pm Hmmmm true... Does your area have alot of rock though? Re: Copy of Bank Docs to Builder 9Jul 16, 2010 10:51 am mervyn My builder (PD) ask me to proof the short fall (Contract amount - approved loan amount). which mean i have to give a copy of my bank acount details. has anyone done this? a bit odd for me... Hi Mervyn This is normal, the builder needs to see that you have the rest of the funds to complete the build Land Settled: 29 March 2010 Pre contract & Deposit paid - 17 May 2010 Pre Start & Contracts Signed - 16 June 2010 Council Approval Received - 30 June 2010 Slab Down 30 July 2010 Plate High - Late August Lock Up - TBA Re: Copy of Bank Docs to Builder 10Jul 16, 2010 1:16 pm Our builder (PD) asked for signed mortgage documents along with evidence of funds along with bank statements etc. We flat out refused due top being private information. Turns out our CSC didn't realise an acceptance letter from the bank was enough (we had to escalate to a manager). So that's all we gave them. They just wanted some official document proving we have a mortgage and were apologised to for asking for private information. Life is; then you tell yourself a story. Re: Copy of Bank Docs to Builder 11Jul 16, 2010 6:43 pm Of course it's normal. The builder needs to know that you have the money to pay them, or they're not going to start work. If you were funding the cost yourself (without borrowing from a financial institution), you'd have to provide copies of bank statements to prove you had enough cash available. No business run by sane people is going to just take your word for it that you have the ability to pay; they need proof. It's been this way forever, certainly was in the early 80s when I worked in lending. The builders who don't check are the strange ones. Re: Copy of Bank Docs to Builder 12Jul 16, 2010 10:49 pm If anyone would like to provide me with their bank details - BSB account number, home address, full name, date of birth, customer id and password, I will also "check" your accounts........... Re: Copy of Bank Docs to Builder 13Jul 17, 2010 5:02 pm ring09 No fixed site costs, we were only just given a final price for site costs after final site/soil etc, with another provision of 6k for rock removal etc, how much do you want to bet that they will use all of this 6k. i understand the cynicism as we had similar provisions in our contract. though a few weeks after slab was down they had the final figures and did the balancing adjustment, there was a substantial crediting back of the provisions, except rock at that stage, as there were still a few things to do Re: Copy of Bank Docs to Builder 14Jul 17, 2010 5:05 pm mav999 ring09 No fixed site costs, we were only just given a final price for site costs after final site/soil etc, with another provision of 6k for rock removal etc, how much do you want to bet that they will use all of this 6k. i understand the cynicism as we had similar provisions in our contract. though a few weeks after slab was down they had the final figures and did the balancing adjustment, there was a substantial crediting back of the provisions, except rock at that stage, as there were still a few things to do and i forgot to add, when they did hit rock i got a call and was given the option to go out there, the drainers gave me the dimensions and copy of the plans with rock, shale and measurements all marked, from the provision per cubic metre which they set out in the contract, the rock expense was pretty much spot on Re: Copy of Bank Docs to Builder 15Jul 17, 2010 5:46 pm We are with one of the big four banks, didn't go through a broker, and also needed to provide our signed documents to our builder. We also needed a letter from our conveyer that proved settlement on our land, before they would step foot onsite. We are building with a small family builder. Just protecting themselves really. Dear J.K. Rowling, Your books are entirely unrealistic. I mean, a ginger kid with two friends? Sincerely, Anonymous How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11917 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 20416 |