Browse Forums Building A New House 1 Apr 06, 2011 9:36 pm Hi Friends, I have a few questions below that I am hoping to get some advice in here : 1. My soil test result came back today as W1 ( M/H ) , is that good ??? 2. My builder gave me a site cost estimated quote previously base on a H soil which was $7800, and now after getting the proper soil test result, he siad the site cost would be around the same as he previously estimated. Does this $7800 sounds right for the above soil test result of M/H ??? 3. I just found out from the bank today that they actually could not approved the full loan amount that I orignally applied for. So I am now 20K short of my budget. so I am thinking to go ahead with the house building anyway, but to leave maybe the carpet and tiles or driveway etc for later and do it on my own when I have save enough money. Will bank accept that ?? Or they need to see a proper house being done before loan you the money. Every dollar counts now. Need you guys urgent help ......... Thanks Re: My soil test result came back 3Apr 06, 2011 11:50 pm thanks mate. So the bank would not approve if the carpet and tiles are not done when the house is completed ?? Re: My soil test result came back 4Apr 06, 2011 11:58 pm Check with your loan provider - I'm sure they have their own unique conditions. I just received approval in principle from Homestart and they require stormwater, driveway, floor coverings and fencing be included in the building contract OR that I obtain separate quotes for those things. So that may be ok for your bank too. You'd probably get better prices than you'd get from the builder too. 23 Aug 2011: Land settlement 14 Sep 2011: Block levelled 20 Oct 2011: Slab 3 Nov 2011: Frame 10 Feb 2012: Handover http://s1098.photobucket.com/albums/g372/Dazzab6/ Re: My soil test result came back 5Apr 07, 2011 10:34 am I spoke to the bank today, it seems that the bank require the house to be completed finish , they won't allow me to do the carpet and tiles or driveway later...... I have already place a $1500 deposit at the builder, take off the soil testing fees, how can I get the rest of my money back ?? or is it possible for them to hold the deposit for 6 months, until I have save enough money to commence the construction ?? Re: My soil test result came back 6Apr 07, 2011 11:51 am M/H is a fairly middle of the road soil investigation result. This is a link to a posting that talks about soil investigation and has a further link to the types of foundation. http://www.anewhouse.com.au/?p=337 Remember the investigation tests only a small portion of the site so the final cost will only be decided after the excavation in completed. Regards bashworth The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: My soil test result came back 7Apr 07, 2011 11:55 am I doubt you'd be able to get your deposit back. Do you own the land now, or is your loan going to be for that too? If you own the land then I think it you're best off just saving up for a few months. Will the bank let you find your own contractors for the carpet etc? I doubt you'd be able to get quotes $20k cheaper but maybe $5k (?), then you may be able to make up the rest by saving up over the next few months. Otherwise you may need to think about a different design. 23 Aug 2011: Land settlement 14 Sep 2011: Block levelled 20 Oct 2011: Slab 3 Nov 2011: Frame 10 Feb 2012: Handover http://s1098.photobucket.com/albums/g372/Dazzab6/ Re: My soil test result came back 8Apr 07, 2011 12:24 pm My loan includes the land as well, here is the breakdown : My original budget was around 380K ( land and house ), 20% of my own money of 76K and 304K loan from the bank. But now the bank will only loan me 286K which leads me 20K short of the budget. That is why I was thinking to only select and construct below from the budiler and then do the rest myself later when I have save enough House - 125.5K Site cost - 7.8K Kitchen upgrades - 3K security - 2K water tank - 6.5K room extension - 9K landscaping - 3.5K air con - 4K Is that too mch of risk ?? Re: My soil test result came back 9Apr 07, 2011 2:10 pm Surely your bank wouldn't make you get landscaping and air con now. That's crazy! And I'm surprised they'd make you get security now, but I can see why they would. And can the rainwater tank wait? Or are you in the country? Or does your state require you to? Where are you? Everything else is house stuff. But there's $16k saved. Maybe you should speak to another bank. 23 Aug 2011: Land settlement 14 Sep 2011: Block levelled 20 Oct 2011: Slab 3 Nov 2011: Frame 10 Feb 2012: Handover http://s1098.photobucket.com/albums/g372/Dazzab6/ Re: My soil test result came back 10Apr 08, 2011 11:29 am Seems odd that they wont accept it without carpet etc. It should be ok whatever state it is in as long as it is fit for handover from the builder. Assuming you are not being completely ripped off by the builder ($7K for extra site works sounds ok) then the value of the house should be what you paid for it. I would ask them to point out exactly where in the terms and conditions it says you must have carpets, etc. The home loan clerks dont know what they are talking about half the time and will tell you all sorts of rubbish. Re: My soil test result came back 11Apr 08, 2011 12:00 pm If you can get water tank provision only and DIY the landscaping, that can get you closer to the budget. In theory you should have those done when you move in, but we have a certificate of occupancy conditional on us installing the water tank later. Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: My soil test result came back 12Apr 08, 2011 9:47 pm Banks have tightened up in a lot of areas now. I think in the past they have lended and people have said they will do their own this and that and a few years later they are back for more money to do they things they were suppose to have done already. I guess if those things haven't been done, the the value they are assessing it as being worth isn't there. Does that make sense. Thanks for your reply. I will just wait and see I guess. Trying to get some more information from our builder. 9 30233 We were lucky in that our old house was so small (86 square metres) compared to the new house, they were able to take enough readings around the old backyard house before… 8 37076 Three options 1 Ask the liquidator 2 Find another PD customer and ask the source of their report 3 Pay for new report 3 12182 |