Browse Forums Building A New House Re: Is anyone building at Mawson Green, Meadows SA? 221May 18, 2015 2:47 pm oh no! Which lot are you again? I have a feeling we are going to have the same problem-which lender are you with? Ours is conditional with ANZ, as soon as we get the house pricing back from the builder they will do the valuation Re: Is anyone building at Mawson Green, Meadows SA? 223May 18, 2015 2:50 pm I am feeling very nervous now. We are also using a broker. What did Ben say about the land value? Re: Is anyone building at Mawson Green, Meadows SA? 224May 18, 2015 2:53 pm Lot 70. Westpac came back low. Trying nab now to see what happens. I havent spoken to him directly yet, my broker just said he had spoken to him and he said a few people had issues with valuation coming back low from lenders. Re: Is anyone building at Mawson Green, Meadows SA? 226May 18, 2015 2:59 pm I'm thinking it might have How can land go down though?? We paid 184, for 820m2. Re: Is anyone building at Mawson Green, Meadows SA? 227May 18, 2015 3:02 pm We paid 177 for 800. Seems comparable with others in the area outside mawson green, maybe the fact it's classed as rural has an effect, would take the bank longer to sell off? Re: Is anyone building at Mawson Green, Meadows SA? 228May 18, 2015 3:05 pm Im going to email our broker as we are borrowing extra! Re: Is anyone building at Mawson Green, Meadows SA? 229May 18, 2015 3:11 pm Keep us updated Shell01, and I will post if we have good news or bad news Re: Is anyone building at Mawson Green, Meadows SA? 230May 18, 2015 3:15 pm Hey Shell we are having the exact same problems but have found Bankwest could do the valuation where it needed to be. The first one was $25k short! Now we had a second one with Westpac and they undervalued it by 30k but our broker got them up to what we needed. That still doesn't mean the bank will lend to us though which is very stressful! My concern is if a lot of ppl are having this issue, have Devine taken us for a ride so to speak? We paid $220k for 1025m2 Re: Is anyone building at Mawson Green, Meadows SA? 231May 18, 2015 3:49 pm I'm worried they may have treechange.....it's scary-it's our lives/futures it's messing with Re: Is anyone building at Mawson Green, Meadows SA? 232May 18, 2015 4:07 pm The argument we had was why did the bank lend us the money to purchase the land at that price? Do we know how many ppl have had this problem? Is it maybe worth seeking advice? Re: Is anyone building at Mawson Green, Meadows SA? 233May 18, 2015 4:13 pm Exactly! That's what I was thinking. We are putting our car loan into it so they lent us quite a bit more that the land price already-and it was valued back then I thought? Re: Is anyone building at Mawson Green, Meadows SA? 234May 18, 2015 4:23 pm Yeah it would have been valued back then... We had our home and an investment which we've sold for this dream home of ours now we are stuck with this valuation and a block of land we mightn't be able to build on without a huge deposit... I believe that if you owe the same or more than what the purchase price was, there's issues because they're saying the land value has dropped... Sorry but land doesn't drop and Devine have increased the prices of the blocks so how does that work...,??? If we can work out how many ppl are having this issue then we should be going to Ben and asking the question... I didn't think we would over capitalise up there but maybe we will..., if that's the case we'll consider whether or not to sell up and go elsewhere... I'm beginning to think that's where all of these Raine & Horne sale signs have come from Re: Is anyone building at Mawson Green, Meadows SA? 235May 18, 2015 4:35 pm I wonder if it's also dependent on how much the house is costing or if it is just the land. I think including everything ours is around the 265k, but i am sure there are houses up there that cost alot more than that! I'm also wondering if they are valuing it right as comparing to strathalbyn isn't right surely? Land it worth nothing there. It's another 25mins further out and a horrible drive to get to it etc. Meadows is a much better location, and hard to value perhaps because the only land is very rural? I feeling very stressed as we move in with my mum and all our stuff goes into storage in a few weeks so we need our house to start ASAP as we can only stay there for a few months. My daughter is starting at the school up there next term and I dont want to be changing schools if we can't build on our block! Makes me wonder how everyone else got loans-perhaps they had huge deposits (we dont). I know someone there already and spoke to them a few days ago and they can't believe people are having this trouble Re: Is anyone building at Mawson Green, Meadows SA? 236May 18, 2015 4:39 pm Yeah I think it is... Ours is $370k plus land so we realise it's a dearer build but we don't feel we've gone stupid... Tanks are an added cost compared to normal housing alone Re: Is anyone building at Mawson Green, Meadows SA? 237May 18, 2015 4:44 pm Exactly! We haven't gone stupid either, kept the upgrades under 8k (half of that was electrical) and will pay cash for the changes we can do ourselves later. We have paid deposits on a 5kw solar system and evac tubes for hot water already too so we can't leave them out of the loan application lol Re: Is anyone building at Mawson Green, Meadows SA? 238May 18, 2015 4:59 pm Oh it's so stressful! It is somewhat comforting though knowing we aren't the only ones... I'll keep you posted... We are waiting on Peoples Choice val and depending where they come in, we are applying with either them or Westpac Re: Is anyone building at Mawson Green, Meadows SA? 239May 18, 2015 6:11 pm Hmm, seems a bit weird that the valuation has come in so much lower but they already lent you the money for the land anyway?! But I'm no expert and have no idea how this stuff works! I guess we will wait and see how we go but I'm hoping we will be okay as we were lucky to have a good deposit and aren't borrowing over 80%. I'm pretty sure Ben follows this thread (hi Ben!) so I'm sure he would be open to a convo if need be. I would try not to get too stressed Jakki, you might be fine. I understand though the stress of renting/living with someone else and not knowing exact time frames for the build etc - I'm sure it will be all worth it in the end! I think... Hope your next val goes the way you want treechange. Fingers crossed! Our build - viewtopic.php?f=31&t=77368 Re: Is anyone building at Mawson Green, Meadows SA? 240May 18, 2015 6:19 pm I know Ben said if there were any issues he had a broker who would be able to help out so that's good! I called him about it the other week & he was very helpful so I'm sure if there were any issues we could go in and ask him. I'd imagine his broker recommendation would be more familiar with the area too then. We just keep thinking, there is a light at the end of the tunnel, it just might be a longer tunnel than we'd hoped Wish you all the best. Once you signed the contract, they will find millions excuses to charge you. And have seen their sites unfinished for a long time. 4 25074 As title suggests, looking at using the interlocking Pentablock stacked stone products to replace failing timber retaining… 0 18121 I am building in claymore NSW and this is shown in the building envelope plan. … 0 10226 |