Browse Forums Building A New House 1 Sep 15, 2011 7:42 pm Hi everyone!
Me and my wife are planning on building with Henley, the Monaco Q1 Nouveau 28sq in Casiana Grove Cranbourne West. I now have pre approval pending valuation of new house and land! yay! but... our bank won't give us unconditional approval until they have builder's contract. This is going to take 12weeks plus with Henley. How are the developers going to approvel such a long extension for our land contract?? Is this normal what our broker and bank are doing? If anyone has been in a similar situtation or care to comment if this is the right way to do things? Im just a bit iffy with having to wait for months to get unconditional approval. What if we go through ahead with Henley and spend lots of hours then bank comes back and rejects our loan? My senario is borrow up to 90% of current home and putting deposit towards new house and land. LVR for new house and land is about 91%-92%. Anyways its going to be a long wait to know we get un conditional approval so we hope everything goes to plan... Tom Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 2Sep 16, 2011 3:03 pm Congratulations on your pre approval Tom...!!! Casiana Grove is a good looking estate we had gone to some of the displays out there and loved it Monaco Q1 - Henley is a great floor plan!!! Banks don't give the unconditional approval until the contracts are all signed, that does sound about right..... Our land was settled by the time we decided to change builders so we had to get our unconditional approval done for the land and later convert the loan to the land + construction..... Check with your broker to see if it's advisable for you to do that..... I know what you mean when you say that you don't feel comfortable going ahead with all your plans before you get a tick from the bank but don't worry most of the times pre-approval is 75% of the tick..... If you can get your unconditional approval for your land since you must already have the contract for that all signed and ready to go, at least you'll have one less thing to worry about...... but then again.....I'm no financial advisor so I would still consult my broker/financial advisor..... and see what they think.... Good luck with your build!!! Aj Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 3Sep 16, 2011 9:20 pm Hi Aj, Thanks for your comment. Yes our broker said the Bank wants it done this way. Originally she told us bank would give unconditional on land and build would be conditional. Now we are told conditional for both land and build. So I asked her whats changed, and she said nothing. Bank just wants it done this way because of our scenario. I just have this sixth sense when something is not write or we are approaching this an unconventional way... if it really is. One other thing, we are cross securitising our current house so it will be one large loan of current house and house and land package. Maybe that is why bank wants conditional? We're going to take the plunge and hope we dont get screwed over by bank. Tom Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 4Sep 16, 2011 10:03 pm I could be wrong, but I'm pretty sure we had unconditional on our loan well before the contracts we signed (Also building with Henley) Land Deposit - 18/12/2009 Became a land Baron - 21/12/2010 Site Start - 27/1/2011 All moved in!! Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 5Sep 27, 2011 7:12 pm Thanks Twiggy. Well now we are trying to rush through the paper work but seems like the office is taking its time getting back to us. I've paid our initial deposits for quote and paper was submitted by sales consultant last Mon/Tues. Our sales consultant has been great! Hes been very upfront with costs and advise. He said we should get a call back from pre site administrator within a few days. Its now been a full week and still no call back. I was just wondering if anyone who has build with Henley, how long did it take for them to call back? Normally we wouldnt feel so rushed but at the moment our broker which is through Waterstone is pushing to get our building contract submitted to bank ASAP to get unconditional approval. hmmmmm should we just chill? Im hoping we can get contract within 2months... Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 6Sep 28, 2011 1:05 am It took us 9 weeks from deposit to contract, and another 8 to site start. Then another 4 months and we are almost at handover. Single story home with henley and no major complications, fingers crossed. So maybe 9 months from start till we move in. Chatz Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 7Sep 28, 2011 6:48 am I'm probably not a good person to ask, as we put a deposit down to lock in the price, then did the rest of it a few months later. Umm I think we got a call back from our first admin after a few weeks maybe? I'm not sure. We did do our colour appointment about 4 days after paying the rest of the deposit though. Who's your broker at Waterstone. We've had Nat doing ours and he's been fantastic. I think using Waterstone was probably the best decision we've made for the whole build. We haven't had one drama on the bank front for the whole build. We don't even have to talk to them Land Deposit - 18/12/2009 Became a land Baron - 21/12/2010 Site Start - 27/1/2011 All moved in!! Building w/ Henley Monaco Q1 Nouveau Pre approved! 8Sep 28, 2011 7:33 am Twiggy I could be wrong, but I'm pretty sure we had unconditional on our loan well before the contracts we signed (Also building with Henley) The bank does need the signed contract to draw the loan against. Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 9Sep 28, 2011 10:48 am Chatz - Cheers i hope it'll take us same. 8-9 weeks will give bank a couple of weeks to approve. Heres hoping land doesnt title before 9 wks! Othewise we may lose our land it if the developer pulls out and sells to someone else for a higher price! Wow 4 months build time is awesome! hope ours will be that quick! Twiggy - Heard you getting keys soon. congrats. Ours was Tiffany. shes been great too. No major hickups from her or bank so far as well. Henleys headoffice must be quite busy. Colour selection has been booked in now for 5th Oct. It was acutally booked in by our sales consultant because our pre admin person hasnt called yet. Fingers crossed we can get an early tender date and contract appointment date. If anyone is going with Henley in South East, go see Sean at Lyndhurst office! Hes been great! Highly recommended. Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 10Sep 28, 2011 10:52 am Rups - Our main concern here is the land contract. According to our broker, bank won't unconditionally approve land side of things until they get the build contract. So yeh. Silly how they are doing it this way... makes us the client feel uneasy and rushed. Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 11Sep 28, 2011 11:52 am investa Chatz - Cheers i hope it'll take us same. 8-9 weeks will give bank a couple of weeks to approve. Heres hoping land doesnt title before 9 wks! Othewise we may lose our land it if the developer pulls out and sells to someone else for a higher price! Wow 4 months build time is awesome! hope ours will be that quick! Twiggy - Heard you getting keys soon. congrats. Ours was Tiffany. shes been great too. No major hickups from her or bank so far as well. Henleys headoffice must be quite busy. Colour selection has been booked in now for 5th Oct. It was acutally booked in by our sales consultant because our pre admin person hasnt called yet. Fingers crossed we can get an early tender date and contract appointment date. If anyone is going with Henley in South East, go see Sean at Lyndhurst office! Hes been great! Highly recommended. Yeah we have handover tomorrow. Hooray! This is probably the best bit of using Waterstone I think. We don't have to organise anything with the bank for handover. It's all been done internal so we don't have to stress about getting the cheque or anything! Have you been to Cosham before? Suggest you do if you haven't. We spent a few hours there and had most of our colours picked, but it still took 3hrs to complete the appointment. Oh and our sales rep booked us in for colours too, so don't feel too bad lol Land Deposit - 18/12/2009 Became a land Baron - 21/12/2010 Site Start - 27/1/2011 All moved in!! Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 12Sep 28, 2011 12:58 pm Not yet, we were going to go last weekend but they were shut due to renovations. They are redoing the whole place so it good to know its up-to-date. We're going to the presentation day. Is that enough to give us an good idea of what we want do you reckon? Well I have good news. Henley have come through on there side! Just got off the phone with pre administrator. Her name starts with C. and seems really nice. Fingers crossed she can deliver haha Our tender date is in two weeks exactly! Contract should only take 4 weeks max Im hoping. Building w/ Henley Monaco Q1 Nouveau Pre approved! 13Sep 29, 2011 12:24 am Sean and Viv were very helpful with us too! Chatz Re: Building w/ Henley Monaco Q1 Nouveau Pre approved! 14Nov 18, 2011 2:53 pm Just wanted to update on my build. Tender process was on 11/10/11. Everything was smooth up until we had our tender. There were lots of mistakes but nothing major. I have a keen eye for detail so I managed to pick up on about 7 mistakes. The only major issue was the BAL rating 12.5 that we had to upgrade to for fire affect zones so our build came in at approx 6.3K extra. This was not Henley's fault though as the legislation only came into effect the week before. We are now waiting on land settlement which could be in a few weeks. So i'm getting quite excited. Oh our loan was also finally unconditionally approved after nearly 3 months of paper work. Westpac wouldn't give unconditional approval on house and land until build contract was signed. Some details about our colour selection. Bricks - Austral Melbourne Hawksburn Mortar - off white Roof Tiles - Magnum Window frames - Jasper Garage Door - Colorgrain Caoba Front Door - Madison MAD 104 Merbau stained Front awning timber windows - Merbau stained Front Pillars - Rendered Lindseed Re: Henley Monaco Q1 Nouveau Casiana Grove Approved! 16Nov 25, 2011 10:49 am congratulations investa! We are just waiting on our building permit. We are building the Monaco q1 and opted for your kitchen layout. I can't remember our BAL level but we paid an extra $5,500 gggrrrr. Good luck with the land settlement. Re: Henley Monaco Q1 Nouveau Casiana Grove Approved! 17Nov 25, 2011 1:28 pm Thanks Mak! You're BAL upgrade is cheaper then mine! Mine was 6.3K! It basically same house so not sure why I've been charged more then you. Do you guys have an alfresco? I think your plan doesnt have it, maybe thats where the extra was. Maybe extra sarking in the Alfresco roof space. You havn't updated your blog for ages... so it's a race to see who finishes first! Reckon you'll get slab before the Christmas breaks? I don't think we'll start til late Jan or early Feb. Re: Henley Monaco Q1 Nouveau Casiana Grove Approved! 18Nov 25, 2011 10:23 pm Hi guys! We recently locked down a deposit for a MN Q1. UNFORT have had a terrible start with the Admin we have been given. So we have requested a new one. Pending the impression we are left with, we may proceed. But at the mo we are VERY dissheartened. The admin was a really B&@#$%!!! Started off making MEGA assumptions about us. Then realised she had us confused with another client. Yet proceeded to say she had emailed info and questions, when she clearly had not. So fingers crossed. Cosham appt on monday. I think the experience has brought home the need for an independant body. Such as Site Super etc... Hope to keep posting.....with positive vibes! Re: Henley Monaco Q1 Nouveau Casiana Grove Approved! 19Nov 26, 2011 9:44 am Hi skar, that's unfortunate. Which region are you building in? We are South East and we've had excellent service so far. Only some minor issues with our tender but we're all human and we all do make mistakes. As long as both parties can work with each other to resolve things, then it shouldn't be an issue. Once our build starts then that's where mistakes can be painful to get fixed. Fingers crossed we get a good SS. I'll be posting on here how our build goes to help any future clients. I'll also try to give praise where they belong as well. Henley Monaco Q1 Nouveau Casiana Grove Approved! 20Nov 28, 2011 12:40 am Thanks! In the list for our BAL it included the alfresco...metal beam etc...I'll have a look and let u know... I have been so lazy with my blog lol maybe if it's quiet at work tomorrow I'll update it. We got the developer approval last week and someone dumped rubbish and dirt on our block...FFIL went with forklift to flatten it and bcoz of the rain it tipped and got bogged for 4 hrs! Haha race is on! We were told a toilet or even a slab should be down by Xmas...it's been 2 weeks since contract so maybe get building permit ASAP ???? Have they told u a date??? Or when a site start may be??? Hi, I'll be starting on my verandah repair soon - replace ledger, rafters, roofing iron, flashing etc. (fascia board already done). My question is about the timber ledger… 0 931 DIY, Home Maintenance & Repair Hi all I've got a brick garage/shed at the back of my house. It's been hit at some point (before I owned it) and has a large crack running down through the bricks. I want… 0 828 |