Boutique Homes

Congratulations!!! lol the bank balance don't get any better either once the build starts.

Totally agree

Congrats 7th_Cavalry

fun times ahead

Congrats 7th_Cavalry! Fun time ahead.

Would like to check with those here who are past your lock-up stage - should floor finishings (tiles, timber, carpet) be installed at the lock-up stage or do these come in later?

The contract says "flooring laid" so it's ambiguous to me. Boutique says this refers to the concrete flooring. I read it as flooring INCLUDING the finishing.

Hey, we definitely didn't have our floors in at lock-up and was advised via our independent inspector that this was normal.

Our flooring have just been laid in the last 2 weeks and we're 2 weeks off from handover (just to give you an idea!)

Thanks Tina.

Congrats 7th_Cavalry!!! sooooooo exciting!!!

i have a q. for anyone that has already completed handover - just wondering how long it took from New Home Presentation to collection of keys?
I'm trying to gage times for move-in and everyone is being quite vague

Thanks everyone with everyone saying now the fun time starts ... you all got me worried

[quote="tinaC"]Congrats 7th_Cavalry!!! sooooooo exciting!!!

i have a q. for anyone that has already completed handover - just wondering how long it took from New Home Presentation to collection of keys?
I'm trying to gage times for move-in and everyone is being quite vague /quote]

I had my new home presentation on the 24th may. Few adjustments and had another final presentation a week later.
Then signed off and wait for the occupancy permit.
Once done pass to bank. Who will send a valuator out.
Once complete (a week from bank). We should be picking our key up after our holiday. Which is next Monday.

Removalist booked for Tuesday , connect nbn on Tuesday, and new sofas week Monday.

[quote="tinaC"]Congrats 7th_Cavalry!!! sooooooo exciting!!!

i have a q. for anyone that has already completed handover - just wondering how long it took from New Home Presentation to collection of keys?
I'm trying to gage times for move-in and everyone is being quite vague /quote]
I had my new home presentation last Friday and they haven't booked 2nd inspection as yet but they verbally said it might be next week Wednesday or Thursday. I will confirm once I get the keys roughly how long it takes

Just finished our colours & electrical so now like a few others on the forum at the moment are just waiting for our block to title (Approx Aug) so we can start the build. Like many of you the colours & electrical added quite a bit onto our price that we signed our PWC at. I am now just wondering if anyone has had to pay more for their 6 star energy rating once the plans have gone to council. I have a $1000 allowance in my PWC for this & would be rapt if there is a chance that I won't need it.

How's bank valuation for you peeps? Mine come back to me today 37k under 😨?mainly due to the build. Land come on mark..

I quote: total building contact of xxx is considered to be unreasonable and not in line with the current market levels for this type of dwelling in locality

Hey EN710

That's our biggest fear - the bank coming back with a shortfall. We spent an additional $60K at our colours appointment and currently our house and land costs sit at over $100K above median house prices for our area. Because this is our "forever home" we were well aware of over-capitalising on our build - we want to live comfortably and don't plan on turning our home into an investment property down the track.

Hopefully our mortgage broker can find us a bank (when the time comes) to lend us what we require rather than what they feel our house would be valued - or even a bank with a high LVR. The upside is, we've saved enough to put down 20% deposit so hopefully the bank takes this into consideration also.

Let us know how you get on with the banks and if you're able to find a bank that will lend the total amount you need for the build so you don't have to pay the shortfall out of pocket.

Good luck!


Check out our blog: www.followusfromthegroundup.blogspot.com
Barcelona 22 - expected land title NOV 2016

My valuation came under more than 30k so have to cough up additional funds, i really dont get it shouldnt the LMI cover the gap in the event the bank repossed the property and sell it at the market.

7th_Cavalry

You'd think that that's what you pay the LMI right? But apparently not

I guess the LMI will only cover you for the amount you have loaned from the bank - and that amount is based on what the bank has valued your property at. So, it's not really taking your shortfall into consideration.

I guess they do this to mitigate the financial risk involved - they're not going to lend you more than what your property is worth in the event they need to sell it off if you can't pay it.

But it's annoying because no one wants to build a turn-key home with just the basics as their "forever home" if they have no intention of turning it into an investment property down the track to make back their money. So, of course a lot of people will have shortfalls.


Check out our blog: www.followusfromthegroundup.blogspot.com
Barcelona 22 - expected land title NOV 2016

Hi, get another opinion.
Ours came back with a similar scenario and got three other banks to value the property. ANZ was the worse!




https://letsbuildwithboutique.wordpress.com

Thank you, currently checking with my broker for options

CallMeAz yep, it's to live in and I definitely (knowingly) over capitalise. I think we have been very reasonable with upgrades (approx. 23k including increase in living room size) 37k below is making me cry. I did get a quote from Carlisle early on and theirs is not any better and with less inclusions.

At this point i have several option to consider:
1. See valuation from different lender. The catch is, if they use the same ballet, there's no point
2. Contest the valuation. Almost impossible to change but we can try
3. Go to 88% lend and pay LMI (capitalised). 88% is the sweet spot before LMI go bazinga monster size

Send from my phone through Tapatalk. Pardon the incorrect autocorrect and fat fingers.

my blog: http://sttropez27build.blogspot.com.au

Haha "bazinga monster size". Hilarious.

Try engaging other lenders - or put your broker to work to find you a lender that will cover the shortfall. The one-up is that brokers don't get paid their commission until a loan is locked and loaded so put them to work to find the right lender that will lend you what you need.

Ps just bookmarked your blog! Can't wait to have a read on my commute home from work on the train!


Check out our blog: www.followusfromthegroundup.blogspot.com
Barcelona 22 - expected land title NOV 2016

Have send them additional information to see whether we can challenge the valuation and whether different lender will be suitable for what we want to do in several years. Otherwise paying LMI is not too bad, around 6k or less at 88%

Oh thank you! I bookmarked yours too

Train commute... aint that like my life right now 😂 45 mins each way including walking. I'm hoping train station next to our estate get built asap

Send from my phone through Tapatalk. Pardon the incorrect autocorrect and fat fingers.

my blog: http://sttropez27build.blogspot.com.au