We are building the Killara 28 with a gazillion changes to every part. Bought land separately.
So we've gone to the bank with our tender to get a valuation done in order to see if the bank can service our construction loan.
The Valuers came back say they need the building plans to do a valuation, and we are only at the tender stage and refuse to put $5000 for a contract and building plans if the bank may potentially not be able to service our loan.
What has everyone else done???
Is it normal for people to risk it all, place hefty deposits down, in the hope the bank will lend them the amount required? And then what if the bank can't lend the amount? You lose $5000 plus some percentage written on the contract?
I'm a little lost on this one. It's a big gamble that I am not willing to take.
And without the building plans, valuation can't be done and if we can't get the home and land valued together, we cannot get a construction loan. Absurd!
Go to a Morgage broker. They will work it out based on your income and assets how much the banks will be happy to lend you. Once you get the reassurance that you won’t have trouble borrowing what you need you can move forward with deposit.