Browse Forums Building A New House Re: Lender only providing approval in principle - Need Advic 2Oct 15, 2016 7:38 am It takes wisdom to build a house, and understanding to set it on a firm foundation; It takes knowledge to furnish its rooms with fine furniture and beautiful draperies. Proverbs 24:3-4 Re: Lender only providing approval in principle - Need Advic 6Oct 15, 2016 7:51 pm - otherwise known as Kym - Re: Lender only providing approval in principle - Need Advic 7Oct 16, 2016 10:07 am needsausername I'm quite confident you'd need to supply the council approved plans, builders insurance, specifications as well as your contract of sale. The bank won't do anything formal as yet because the builder doesn't even own the land let alone have started the work. Once you have all of these things I would think the bank will proceed with loan offer. If you think about it like a traditional sale, it would be the same as saying I'm settling on XYZ's house they are settling on Monday. If that makes sense. It does make perfect sense. And that's the reason why I have a clause in my signed contract where the vendor/builder must supply updated title search with him name as owner, domestic building insurance and building permit within 2 weeks from the date of contract. The problem is, I have two weeks as well to sort out my finance. If I can't get finance without submitting the above mentioned docs, then it is a catch 22! If the builder takes 2 weeks to give the docs to me, I would then need another 2 weeks to sort out the finance. Is it correct? 1 1343 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 2182 Thank you so much for the effort. We will use it to talk with builder. We also had idea of building duplex instead and seeking suggest ions. viewtopic.php?f=31&t=106744 11 10738 |