Browse Forums Building A New House 1 Jul 30, 2010 10:32 am Hi all! First time builders (so sorry for any stupid questions hehe) We are currently in Tender and are sorting out our finances and the bank has asked for a copy of the tender and copies of the plans. After asking our builder for the plans they have asked us for $10,000 to prepare the finished working drawings, but have agreed to bring it down to $5,000. I don't really want to hand over $5000 only to find out we wont get approval from the bank or something else to crop up and for us to loose out! I basically just wanted to ask for advice on here and see what the normal procedure is? Do the banks need the final working drawings? as we were given geotech drawings with the house on... Thanks. www.tinas-cakery.com Building a Monte Carlo with Fowler Homes. Our Build Thread --> https://forum.homeone.com.au/viewtopic.php?f=31&t=49218 Re: Paying to have plans prepared before approval of loan? 2Jul 30, 2010 11:08 am We were in a similar situation. We got 'preapproved' (although I know it really means nothing) for the approximate amount we wanted to spend, then paid $2k for the drawings. Re: Paying to have plans prepared before approval of loan? 3Jul 30, 2010 11:14 am We got pre-approved so we knew a rough amount of what we could spend, and sent through the masterplans and engineers reports as they became available. Once the bank had the docs, they unconditionally approved the loan. We didn't pay any money until we were sure we would get the loan 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 1 2992 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 19112 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 3165 |