Hey Coolc.
Building 303k
Land 193k
Land ok
Construction came in at 257k
450k
Browse Forums Building A New House Re: Anyone building with Homebuyers Centre in VICTORIA? 4481Dec 05, 2016 9:40 pm Coolc That is a big different. Would you mind telling us what was the building and land cost ? What was the value bank given ? Hey Coolc. Building 303k Land 193k Land ok Construction came in at 257k 450k Re: Anyone building with Homebuyers Centre in VICTORIA? 4483Dec 05, 2016 9:49 pm Coolc Atherbogan had same issue 12K under. Builders just pushing their prices or banks are tight on valuations ? What design are you building ? I think its the valuer and the bank trying to make more money. We are getting a second valuation as where we are nothing similar with a high end finish has sold for less than 490k. Very disappointed with the bank but will see what happens as if it remains I cant see it foing ahead unless the builder wants to provide something of a carrot........ Re: Anyone building with Homebuyers Centre in VICTORIA? 4484Dec 05, 2016 9:54 pm So is the house built or are you at contract stage and getting approval for the mortgage? Re: Anyone building with Homebuyers Centre in VICTORIA? 4485Dec 05, 2016 9:55 pm Alleypally So is the house built or are you at contract stage and getting approval for the mortgage? Yes contract stage Re: Anyone building with Homebuyers Centre in VICTORIA? 4486Dec 05, 2016 9:58 pm Thank god, for a minute there I thought you had built and the bank said no to the final payment. Unfortunately the banks are clamping down on lending, they started doing it just after ours got accepted 18 months ago Re: Anyone building with Homebuyers Centre in VICTORIA? 4487Dec 05, 2016 10:06 pm Alleypally Thank god, for a minute there I thought you had built and the bank said no to the final payment. Unfortunately the banks are clamping down on lending, they started doing it just after ours got accepted 18 months ago I tell you its heartbreaking the stress this has caused hopefully the next valuation is realistic. Re: Anyone building with Homebuyers Centre in VICTORIA? 4488Dec 07, 2016 6:00 pm Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Had walk through Yesterday (tuesday). All was well, very minor things. Overall pretty happy with how it looks ! Will be going back Friday to sign off regarding all defwcts are conpleted. Also getting $6,200 back from them. Woohoo SS is hoping for handover next week. But this all depends on my bank to do the evaluation and release funds. Re: Anyone building with Homebuyers Centre in VICTORIA? 4489Dec 07, 2016 6:17 pm Manchestergrove I think its the valuer and the bank trying to make more money. We are getting a second valuation as where we are nothing similar with a high end finish has sold for less than 490k. Very disappointed with the bank but will see what happens as if it remains I cant see it foing ahead unless the builder wants to provide something of a carrot........ I am sorry but Valuer can't make extra money by valuating your property for less. And I guess same goes for bank. Where are you building? And is it Jasper 17? Re: Anyone building with Homebuyers Centre in VICTORIA? 4490Dec 07, 2016 7:03 pm Hi All, I am new to this thread. I am looking at building the terrace 16 with HBC, the package is 410k, just wondering how many extra costs would be incurred? I am a first time home buyer, so looking at both building and buying options. thanks Re: Anyone building with Homebuyers Centre in VICTORIA? 4491Dec 07, 2016 7:18 pm FirstHomeBuyer88 Manchestergrove I think its the valuer and the bank trying to make more money. We are getting a second valuation as where we are nothing similar with a high end finish has sold for less than 490k. Very disappointed with the bank but will see what happens as if it remains I cant see it foing ahead unless the builder wants to provide something of a carrot........ I am sorry but Valuer can't make extra money by valuating your property for less. And I guess same goes for bank. Where are you building? And is it Jasper 17? The valuer works for the bank and broker/builder and of course there valuations and skill in avoiding risk grant them a continuation of employment and or fees. Thats the industry. But I am not suggesting it was done as a corrupt scenario or weekly wage increase etc more pointing out that the banks and valuers depending on which bank you go with differ hence they all have there own valuers. Or the valuer is a twit and may be the case. Re: Anyone building with Homebuyers Centre in VICTORIA? 4492Dec 07, 2016 7:41 pm Manchestergrove The valuer works for the bank and broker/builder and of course there valuations and skill in avoiding risk grant them a continuation of employment and or fees. Thats the industry. But I am not suggesting it was done as a corrupt scenario or weekly wage increase etc more pointing out that the banks and valuers depending on which bank you go with differ hence they all have there own valuers. Or the valuer is a twit and may be the case. I work for a Valuation firm and this is what I think. I might be wrong because I am not a valuer, I just work for them. Valuer's work independently from banks and they charge a standard fee. Valuation amount doesn't have to do anything with what they get. Their valuation depends on multiple factors sales happening in that area, a formula they use on the built area (there are many upgrades you don't get money for), and what they think about the property market in that area. Bank always tend to lend more money, as the more they lend more they will earn as interest. Two banks might come with different valuation amount as the Valuers and valuation firm will be different. The database they have for sales occurring in that area might be different. But if both the banks have same valuation firm, the amount won't be changed. What you can do is to go with a bank who can get better valuation. You can also ask your broker to check the reason for the Valuation value. If it is sales in that area, you can check similar houses (land size, number of beds and baths, build area) on realestate.com.au which were sold around your contract price and provide the same to Broker. He/She can create a review case for Valuation firm. Hope i helped. Which area are you building in? and which bank is it? Re: Anyone building with Homebuyers Centre in VICTORIA? 4493Dec 07, 2016 8:32 pm FirstHomeBuyer88 Manchestergrove The valuer works for the bank and broker/builder and of course there valuations and skill in avoiding risk grant them a continuation of employment and or fees. Thats the industry. But I am not suggesting it was done as a corrupt scenario or weekly wage increase etc more pointing out that the banks and valuers depending on which bank you go with differ hence they all have there own valuers. Or the valuer is a twit and may be the case. I work for a Valuation firm and this is what I think. I might be wrong because I am not a valuer, I just work for them. Valuer's work independently from banks and they charge a standard fee. Valuation amount doesn't have to do anything with what they get. Their valuation depends on multiple factors sales happening in that area, a formula they use on the built area (there are many upgrades you don't get money for), and what they think about the property market in that area. Bank always tend to lend more money, as the more they lend more they will earn as interest. Two banks might come with different valuation amount as the Valuers and valuation firm will be different. The database they have for sales occurring in that area might be different. But if both the banks have same valuation firm, the amount won't be changed. What you can do is to go with a bank who can get better valuation. You can also ask your broker to check the reason for the Valuation value. If it is sales in that area, you can check similar houses (land size, number of beds and baths, build area) on realestate.com.au which were sold around your contract price and provide the same to Broker. He/She can create a review case for Valuation firm. Hope i helped. Which area are you building in? and which bank is it? Hey First Home Buyer 88 . We are building the Aspect22 and extending it quite a bit. I have had it explained in detail and it was the bank trying to make more money and the valuer doing what they were told. This same bank seems to have changed there valuations to conservative. I can explain it if you like. Inshort this bank/valuer did not do a fair valuation as the bank has changed its policy and forecasts. Fair enough. As it was explained to me an alternate bank with a better policy will be used. And yes the valuation was low due to that particular bank not because the house is worth that much. Similar houses with less in them are going 500 plus..... If I could get a 4 bedroom double storey with a big backyard anywhere near Caroline Springs for 447k I would but it on the spot . Theres nothing. Also the banks make money by low valuations by trying to make upsales to LMI or gaining a greater deposit against the asset they are loaning for hence they can lend more out and not have to hold the capital required etc etc. Hope that clarifys this scenario for you Re: Anyone building with Homebuyers Centre in VICTORIA? 4494Dec 07, 2016 8:47 pm Manchestergrove Hey First Home Buyer 88 . We are building the Aspect22 and extending it quite a bit. I have had it explained in detail and it was the bank trying to make more money and the valuer doing what they were told. This same bank seems to have changed there valuations to conservative. I can explain it if you like. Inshort this bank/valuer did not do a fair valuation as the bank has changed its policy and forecasts. Fair enough. As it was explained to me an alternate bank with a better policy will be used. And yes the valuation was low due to that particular bank not because the house is worth that much. Similar houses with less in them are going 500 plus..... If I could get a 4 bedroom double storey with a big backyard anywhere near Caroline Springs for 447k I would but it on the spot . Theres nothing. Also the banks make money by low valuations by trying to make upsales to LMI or gaining a greater deposit against the asset they are loaning for hence they can lend more out and not have to hold the capital required etc etc. Hope that clarifys this scenario for you I understand your situation. But as your deposit is more your LMI goes less. It's still difficult for me to understand how bank make money for the deposit you make. The deposit you make doesn't go to bank. I understand they will lend less for the asset they are holding. But then they will make less interest as the money given by bank is less. And higher the deposit, lower will be your interest rate. Maybe I am not getting your scenario. But you can always challenge the valuation. If you know the worth of your house and there are sales around with similar price. It's very easy to get it changed. I am sorry but i am saying this because I did the same. My valuation came 9k less and I challenged it with evidences. And then they corrected the same. Re: Anyone building with Homebuyers Centre in VICTORIA? 4495Dec 07, 2016 8:52 pm FirstHomeBuyer88 Manchestergrove Hey First Home Buyer 88 . We are building the Aspect22 and extending it quite a bit. I have had it explained in detail and it was the bank trying to make more money and the valuer doing what they were told. This same bank seems to have changed there valuations to conservative. I can explain it if you like. Inshort this bank/valuer did not do a fair valuation as the bank has changed its policy and forecasts. Fair enough. As it was explained to me an alternate bank with a better policy will be used. And yes the valuation was low due to that particular bank not because the house is worth that much. Similar houses with less in them are going 500 plus..... If I could get a 4 bedroom double storey with a big backyard anywhere near Caroline Springs for 447k I would but it on the spot . Theres nothing. Also the banks make money by low valuations by trying to make upsales to LMI or gaining a greater deposit against the asset they are loaning for hence they can lend more out and not have to hold the capital required etc etc. Hope that clarifys this scenario for you I understand your situation. But as your deposit is more your LMI goes less. It's still difficult for me to understand how bank make money for the deposit you make. The deposit you make doesn't go to bank. I understand they will lend less for the asset they are holding. But then they will make less interest as the money given by bank is less. And higher the deposit, lower will be your interest rate. Maybe I am not getting your scenario. But you can always challenge the valuation. If you know the worth of your house and there are sales around with similar price. It's very easy to get it changed. I am sorry but i am saying this because I did the same. My valuation came 9k less and I challenged it with evidences. And then they corrected the same. Im really sorry Firsthomebuyer88 but I cant be bothered explaining it but appreciate your response. Here is the best answer I can give. LMI is supplied in house and capitalised so interest over 30 years is paid on it and the house is held with less risk so more can be lent. By undervaluing or conservative lending then they take your 20 percent deposit plus a further 10 percent and now relend to someone else in the same scenario. So this bank tried to F us over by taking a 30 percent deposit or adding 20k in mortgage insurance and keeping the 20 percent. Cheers Re: Anyone building with Homebuyers Centre in VICTORIA? 4497Dec 07, 2016 8:57 pm Manchestergrove Im really sorry Firsthomebuyer88 but I cant be bothered explaining it but appreciate your response. Here is the best answer I can give. LMI is supplied in house and capitalised so interest over 30 years is paid on it and the house is held with less risk so more can be lent. By undervaluing or conservative lending then they take your 20 percent deposit plus a further 10 percent and now relend to someone else in the same scenario. So this bank tried to F us over by taking a 30 percent deposit or adding 20k in mortgage insurance and keeping the 20 percent. Cheers That's alright. As far as i know LMI comes in picture when the deposit is less than 20 percent. And the deposit we make towards the house be it 20 or 10, is not given to bank. But that's my understanding. Anyway, all good. Thanks Re: Anyone building with Homebuyers Centre in VICTORIA? 4498Dec 07, 2016 9:00 pm FirstHomeBuyer88 Manchestergrove Im really sorry Firsthomebuyer88 but I cant be bothered explaining it but appreciate your response. Here is the best answer I can give. LMI is supplied in house and capitalised so interest over 30 years is paid on it and the house is held with less risk so more can be lent. By undervaluing or conservative lending then they take your 20 percent deposit plus a further 10 percent and now relend to someone else in the same scenario. So this bank tried to F us over by taking a 30 percent deposit or adding 20k in mortgage insurance and keeping the 20 percent. Cheers That's alright. As far as i know LMI comes in picture when the deposit is less than 20 percent. And the deposit we make towards the house be it 20 or 10, is not given to bank. But that's my understanding. Anyway, all good. Thanks Your correct. Thats whats meant to happen. Spot on. But not if they undervalue then tell.you to pay the additional or take the LMI. Hope I didnt come across rude I am really tired and on the train home and just a bit upset about the finance. I feel better now I think I just Vented. Re: Anyone building with Homebuyers Centre in VICTORIA? 4499Dec 07, 2016 10:01 pm Manchestergrove Your correct. Thats whats meant to happen. Spot on. But not if they undervalue then tell.you to pay the additional or take the LMI. Hope I didnt come across rude I am really tired and on the train home and just a bit upset about the finance. I feel better now I think I just Vented. No worries mate. The whole building process is a stressful procedure. You will be fine. Please DM me if I can help you in any way. Re: Anyone building with Homebuyers Centre in VICTORIA? 4500Dec 08, 2016 8:26 pm LILPOM Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Had walk through Yesterday (tuesday). All was well, very minor things. Overall pretty happy with how it looks ! Will be going back Friday to sign off regarding all defwcts are conpleted. Also getting $6,200 back from them. Woohoo SS is hoping for handover next week. But this all depends on my bank to do the evaluation and release funds. Looks really good Lilpom, you must be getting excited. We have been in for just over a week. I havent, and i havent looked to much into it, but on face value its not the saviour its trying to make out to be. Shared equity in your home is never a good idea. The… 1 4032 Hi, have purchased a house with 2 single garage doors. The Centre pillar one side sits proud to the other. Can I change 2 doors into one. Please see picture. 0 6488 For reference, this is the Austlii reference. My take on this is, that they would be breaking the law denying access to a homeowner in Victoria, or their agent from having… 1 9270 |