Browse Forums Building A New House Re: Building with Wisdom Homes 1635Mar 22, 2016 4:09 pm I am looking at doing the landscaping outside of Wisdom, that being so by when would they expect me to give them the landscaping plans, I will be asking them too Re: Building with Wisdom Homes 1636Mar 22, 2016 4:23 pm bluemviews I am looking at doing the landscaping outside of Wisdom, that being so by when would they expect me to give them the landscaping plans, I will be asking them too They'll need your landscape plans prior to submitting them for developer/da approval. Re: Building with Wisdom Homes 1637Mar 24, 2016 12:23 pm Eeek, first little road block. Bank dont like wisdoms progress payment schedule. Apparently doesn't meet Lenders Mortgage Insurance requirements. Bank wont give more than 20% for the first 2 stages combined, but wisdom are asking for 30% (5% and 25%). Anyone else gone back and asked Wisdom to change it based on what the bank says? Did anyone have any luck is probably more the question! Building Wisdom Homes Serenity 31 Re: Building with Wisdom Homes 1638Mar 24, 2016 11:37 pm Hi Kirst10, Yes we were in the same boat - the bank raised this as an issue after we had signed the contract! Luckily they agreed to the terms. Tell your bank you will go elsewhere if they don't agree to it. Unless everyone is getting this clause changed in their contracts there is quite a few banks that are willing to lend and if they want your business they will too. (or get a mortgage broker to find you one that will) cheers Lou Re: Building with Wisdom Homes 1639Mar 25, 2016 7:51 am Did u have to pay LMI LouR? Apparently it's due to LMI requirements that they don't allow u to pay more than 20% in the first 2payments. We are going with one of the big 4 so not sure how desperate they'll be for our loan considering. I have sent the concerns on to our legal rep and she's asked for our contact at wisdom. Hopefully we can just put that other 10% into the next stage. I have spoken with friends who has also built with other companies and they were only asked for 15% at the slab completion and that's 2 different companies, so wisdom are asking for a lot more in that early stage of construction. Did u ask wisdom if they would change it or just try and sort it with the bank straight away because u had signed the contract? Building Wisdom Homes Serenity 31 Re: Building with Wisdom Homes 1640Mar 26, 2016 7:46 am No we didnt have to pay LMI but I remember having a very nervous week after the bank evaluated whether they would agree to the terms or not. I remember that they were not happy about it and we were freaking out as we had already signed the contract and we knew that we couldn't get the contract amended after we had signed it (it hadn't been flagged as a huge issue prior to this). Have you signed contract yet? Maybe if that is the case go back to Wisdom and get them to see if they will change it? I remember i was most annoyed that it is obviously a bank standard practice to agree to set % repayments and thinking why don't the builders schedule just meet the banks or is this just too much common sense for them to have industry terms? Just another joy to the build process Can someone please offer some advice? Im DESPERATE. Because I'm completely and utterly exhausted. How long are variations taking with other companies at the moment? We… 0 18461 In fairness nobody gave a crap about the ACCC and the gag clauses continued in the pro forma templates of a few other builders after the ACCC took on Wisdom, and more… 19 73443 Hi Everyone, I am exploring builder in NSW and received a very tempting quote from Wisdom home for their momentum series. I just want to know experience of building… 0 8233 |