Yay, thats great news!
Browse Forums Building A New House Re: Coral Homes general build thread 7581Feb 22, 2017 11:43 am BrownDog77 Woo Hoo our land has registered! Exciting and terrifying all at once Yay, thats great news! Re: Coral Homes general build thread 7582Feb 22, 2017 11:47 am BrownDog77 BrownDog77 jonesie2017 Thanks! We are building on the Gold Coast, hopefully the same plan as you - Grange 26. All depends on which block of land we can get, as we are waiting on release. If we can't do the Grange 26 we will likely go with the Avoca 25. Sounds exciting for you! Sorry pic not working replied but sent it back blank twice usually on of you click on quote to reply in same topic and on tapa talk the arrow. Yaay for the Grange if you get the land you want. Tracyt on here is building Grange 23 in SC and there are a few Avocas here too. Everyone's really helpful and full of knowledge for us newbies. Have you seen the Grange Display? We haven't so hoping the pics here and plans are as good as they look Ah thank you! That's great to know, I was so happy to find this I have, that's what made us so keen for it in the first place. It's great! Such a good idea with the three living rooms. The WIR is a little small, but they've put a lot of the space into the living areas. It's still a WIR after all Re: Coral Homes general build thread 7583Feb 22, 2017 12:07 pm jonesie2017 BrownDog77 BrownDog77 [quote="jonesie2017"]Thanks! We are building on the Gold Coast, hopefully the same plan as you - Grange 26. All depends on which block of land we can get, as we are waiting on release. If we can't do the Grange 26 we will likely go with the Avoca 25. Sounds exciting for you! Sorry pic not working replied but sent it back blank twice usually on of you click on quote to reply in same topic and on tapa talk the arrow. Yaay for the Grange if you get the land you want. Tracyt on here is building Grange 23 in SC and there are a few Avocas here too. Everyone's really helpful and full of knowledge for us newbies. Have you seen the Grange Display? We haven't so hoping the pics here and plans are as good as they look Ah thank you! That's great to know, I was so happy to find this I have, that's what made us so keen for it in the first place. It's great! Such a good idea with the three living rooms. The WIR is a little small, but they've put a lot of the space into the living areas. It's still a WIR after all [/quote] So glad to hear we are going with one of the options available so removing living area & having it hub and bigger WIR lol hope it will be big enough Re: Coral Homes general build thread 7584Feb 22, 2017 12:17 pm Bridgetwitch So... received our tender letter / contracts etc. today BUT can't arrange for signing because the bank can't get access to the land to do their valuation. Now to try and explain this to our SC... I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? Re: Coral Homes general build thread 7585Feb 22, 2017 12:30 pm BrownDog77 Bridgetwitch So... received our tender letter / contracts etc. today BUT can't arrange for signing because the bank can't get access to the land to do their valuation. Now to try and explain this to our SC... I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? Land won't register until July (at least that's what we have been told!), and we want to combine the land and build contracts to be assessed as one loan, so our rent won't be included as a living expense. This means we have to wait until the developer at least puts pegs in the ground! Re: Coral Homes general build thread 7586Feb 22, 2017 12:33 pm Bridgetwitch BrownDog77 Bridgetwitch So... received our tender letter / contracts etc. today BUT can't arrange for signing because the bank can't get access to the land to do their valuation. Now to try and explain this to our SC... I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? Land won't register until July (at least that's what we have been told!), and we want to combine the land and build contracts to be assessed as one loan, so our rent won't be included as a living expense. This means we have to wait until the developer at least puts pegs in the ground! /quote] That sounds frustrating so if you don't combine the two, are you saying that the bank has to see whether you can afford to pay the loan plus your rent? Is the loan interest only until the house is completed? Re: Coral Homes general build thread 7587Feb 22, 2017 12:34 pm jonesie2017 Thanks! We are building on the Gold Coast, hopefully the same plan as you - Grange 26. All depends on which block of land we can get, as we are waiting on release. If we can't do the Grange 26 we will likely go with the Avoca 25. Sounds exciting for you! Hi jonesie. Building on the gold coast will get you a quick build I got my avoca 25 done in 4 months. Although I asked my ss to slow the progress down so it would have been about 3 months and 1 week if I let the build run its course. Where on the gold coast are you building? Coral Homes Avoca 25 in Gainsborough Greens Gold Coast Viewtopic.php?f=31&t=81406 Re: Coral Homes general build thread 7588Feb 22, 2017 12:52 pm Bridgetwitch BrownDog77 Bridgetwitch So... received our tender letter / contracts etc. today BUT can't arrange for signing because the bank can't get access to the land to do their valuation. Now to try and explain this to our SC... I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? Land won't register until July (at least that's what we have been told!), and we want to combine the land and build contracts to be assessed as one loan, so our rent won't be included as a living expense. This means we have to wait until the developer at least puts pegs in the ground! /quote] Oh I'm sorry that is a bummer I didn't know you could do it that way I'm a newbie at this with no idea) Re: Coral Homes general build thread 7589Feb 22, 2017 12:59 pm I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! [/quote] That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? [/quote][/quote] Land won't register until July (at least that's what we have been told!), and we want to combine the land and build contracts to be assessed as one loan, so our rent won't be included as a living expense. This means we have to wait until the developer at least puts pegs in the ground! /quote] That sounds frustrating so if you don't combine the two, are you saying that the bank has to see whether you can afford to pay the loan plus your rent? Is the loan interest only until the house is completed?[/quote] Yep, that's right! The loan is interest only until completion and we have pre-approval for both the land and construction loans, but our broker said if we can combine the two it would be better for us as rent is taken out of the equation. We are only a single income family, so need to look as good as possible! Re: Coral Homes general build thread 7590Feb 22, 2017 1:05 pm vonsta76 jonesie2017 Thanks! We are building on the Gold Coast, hopefully the same plan as you - Grange 26. All depends on which block of land we can get, as we are waiting on release. If we can't do the Grange 26 we will likely go with the Avoca 25. Sounds exciting for you! Hi jonesie. Building on the gold coast will get you a quick build I got my avoca 25 done in 4 months. Although I asked my ss to slow the progress down so it would have been about 3 months and 1 week if I let the build run its course. Where on the gold coast are you building? Coral Homes Avoca 25 in Gainsborough Greens Gold Coast Viewtopic.php?f=31&t=81406 That's good to know! It's such a long process it's great to know once things get moving you can be in quickly. How is the house now it's done? Re: Coral Homes general build thread 7591Feb 22, 2017 1:09 pm Bridgetwitch I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? [/quote][/quote] Land won't register until July (at least that's what we have been told!), and we want to combine the land and build contracts to be assessed as one loan, so our rent won't be included as a living expense. This means we have to wait until the developer at least puts pegs in the ground! /quote] That sounds frustrating so if you don't combine the two, are you saying that the bank has to see whether you can afford to pay the loan plus your rent? Is the loan interest only until the house is completed?[/quote] Yep, that's right! The loan is interest only until completion and we have pre-approval for both the land and construction loans, but our broker said if we can combine the two it would be better for us as rent is taken out of the equation. We are only a single income family, so need to look as good as possible![/quote] That makes sense. We have pre-approval for a total amount, but should our broker be doing something different for us to have specific building pre-approval? I have seen that the interest rate is higher for a construction loan so wasn't sure if the loan amount may be less? Re: Coral Homes general build thread 7592Feb 22, 2017 1:20 pm jonesie2017 Bridgetwitch I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? Land won't register until July (at least that's what we have been told!), and we want to combine the land and build contracts to be assessed as one loan, so our rent won't be included as a living expense. This means we have to wait until the developer at least puts pegs in the ground! /quote] That sounds frustrating so if you don't combine the two, are you saying that the bank has to see whether you can afford to pay the loan plus your rent? Is the loan interest only until the house is completed?[/quote] Yep, that's right! The loan is interest only until completion and we have pre-approval for both the land and construction loans, but our broker said if we can combine the two it would be better for us as rent is taken out of the equation. We are only a single income family, so need to look as good as possible![/quote] That makes sense. We have pre-approval for a total amount, but should our broker be doing something different for us to have specific building pre-approval? I have seen that the interest rate is higher for a construction loan so wasn't sure if the loan amount may be less?[/quote] Just butting in incase you didnt know, but a loan approval is only current for 90 days and if you dont draw from the loan to make payment for the house build it expires and you have to show all your wages etc again. We are at frame/roof stage and got a shock when the bank said ours was about to expire as we had to pay the first invoice for the slab ourselves and hadnt got the feame invoice. Luckily we got it with 2 days to spare! Its very hard juggling it all, there always seems to be something teicky at each stage. Good luck Re: Coral Homes general build thread 7593Feb 22, 2017 2:25 pm NicMac03 jonesie2017 Bridgetwitch I just want to get my loan approved, but waiting for things to happen and trying to get time frames to work together is doing my head in! Stupid me thought building a house would be fun (it took us so long to even be in a position to entertain the idea of owning our own home), but it all just seems so damn hard atm... and we haven't even really started yet!!! That sucks. R u waiting on land to register? Don't they approve the construction loan on your contract docs? Land won't register until July (at least that's what we have been told!), and we want to combine the land and build contracts to be assessed as one loan, so our rent won't be included as a living expense. This means we have to wait until the developer at least puts pegs in the ground! /quote] That sounds frustrating so if you don't combine the two, are you saying that the bank has to see whether you can afford to pay the loan plus your rent? Is the loan interest only until the house is completed?[/quote] Yep, that's right! The loan is interest only until completion and we have pre-approval for both the land and construction loans, but our broker said if we can combine the two it would be better for us as rent is taken out of the equation. We are only a single income family, so need to look as good as possible![/quote] That makes sense. We have pre-approval for a total amount, but should our broker be doing something different for us to have specific building pre-approval? I have seen that the interest rate is higher for a construction loan so wasn't sure if the loan amount may be less?[/quote] Just butting in incase you didnt know, but a loan approval is only current for 90 days and if you dont draw from the loan to make payment for the house build it expires and you have to show all your wages etc again. We are at frame/roof stage and got a shock when the bank said ours was about to expire as we had to pay the first invoice for the slab ourselves and hadnt got the feame invoice. Luckily we got it with 2 days to spare! Its very hard juggling it all, there always seems to be something teicky at each stage. Good luck [/quote] Thanks, yep I was aware that the pre-approval only lasts 90 days, but I didn't think that applied once you had your contracts for the house all done! How stressful for you! That's good you got it sorted in time. Thanks for letting me know, I would have thought that once we had confirmed what we were doing with the builder that was it. I think I need to talk more to my broker about it. Such a big learning curve! Re: Coral Homes general build thread 7594Feb 22, 2017 3:23 pm jonesie2017 vonsta76 jonesie2017 Thanks! We are building on the Gold Coast, hopefully the same plan as you - Grange 26. All depends on which block of land we can get, as we are waiting on release. If we can't do the Grange 26 we will likely go with the Avoca 25. Sounds exciting for you! Hi jonesie. Building on the gold coast will get you a quick build I got my avoca 25 done in 4 months. Although I asked my ss to slow the progress down so it would have been about 3 months and 1 week if I let the build run its course. Where on the gold coast are you building? Coral Homes Avoca 25 in Gainsborough Greens Gold Coast Viewtopic.php?f=31&t=81406 That's good to know! It's such a long process it's great to know once things get moving you can be in quickly. How is the house now it's done? Coral Homes Avoca 25 in Gainsborough Greens Gold Coast Viewtopic.php?f=31&t=81406 Coral Homes general build thread 7595Feb 22, 2017 5:58 pm All the incorrect information that goes around scares me lol you can get formal approval on your land and a pre-approval for the build portion and they will still exclude your rent. This only requires a land val. I think if you can, it's best to get the formal approval for both at the same time if you can line it up, this will stop any problems with valuations coming in short and having already gone unconditional on your land but this is not always possible. Re: Coral Homes general build thread 7597Feb 22, 2017 7:35 pm caitnkase All the incorrect information that goes around scares me lol you can get formal approval on your land and a pre-approval for the build portion and they will still exclude your rent. This only requires a land val. I think if you can, it's best to get the formal approval for both at the same time if you can line it up, this will stop any problems with valuations coming in short and having already gone unconditional on your land but this is not always possible. This is going to be a dumb question, but how can your valuation come in short for the build part? If the build costs you, e.g., $250k can the bank turn around and say they think it's only worth $220k? And they base this off the plans? (sorry, this is all totally new to me...) Re: Coral Homes general build thread 7598Feb 22, 2017 7:36 pm jonesie2017 caitnkase All the incorrect information that goes around scares me lol you can get formal approval on your land and a pre-approval for the build portion and they will still exclude your rent. This only requires a land val. I think if you can, it's best to get the formal approval for both at the same time if you can line it up, this will stop any problems with valuations coming in short and having already gone unconditional on your land but this is not always possible. This is going to be a dumb question, but how can your valuation come in short for the build part? If the build costs you, e.g., $250k can the bank turn around and say they think it's only worth $220k? And they base this off the plans? (sorry, this is all totally new to me...) Re: Coral Homes general build thread 7599Feb 22, 2017 7:39 pm Oh man I really just want a start date 😣 still waiting on variation for colours to come in and the septic plan was completely not where we asked it to be so they have to do another variation to plans for that....there error but we are being delayed for it. We had our first SC appointment in October before we even bought the land which is now longer settled...before xmas!! SC promised a Feb build but i dont feel like we will even make March at this rate. After all variations were back how long before you get a start date and how far into the future do they give them? Does start mean site scrapped or slab layed? FOLLOW MY CORAL HOME BUILD NOOSA29 https://tapatalk.com/topic/11116-homeon ... effery-pad Re: Coral Homes general build thread 7600Feb 22, 2017 7:39 pm caitnkase jonesie2017 caitnkase All the incorrect information that goes around scares me lol you can get formal approval on your land and a pre-approval for the build portion and they will still exclude your rent. This only requires a land val. I think if you can, it's best to get the formal approval for both at the same time if you can line it up, this will stop any problems with valuations coming in short and having already gone unconditional on your land but this is not always possible. This is going to be a dumb question, but how can your valuation come in short for the build part? If the build costs you, e.g., $250k can the bank turn around and say they think it's only worth $220k? And they base this off the plans? (sorry, this is all totally new to me...) exactly what can happen... But it's the valuation company not the bank. The banks have a panel of valuers they rotate through and generally the panel is similar between every lender. Well that's a terrifying thought! If that happens, would you just cut out some of the 'extras' you have on your home to make it be less expensive? Or would you be too late with the builder by then and basically stuffed? You should check your detail drawings, it may show downpipe within brick pier. 14 14121 Ask the council if there is a chance of getting build over easement exemption. Sometimes easements are unused and 24cm is not all that much. Good luck. And yes any builder… 2 13781 In Qld it is a requirement that a builder must have a cost breakdown, for building a home to the same specification, with the same inclusions and the same finish. So ask… 1 4354 |