Browse Forums Building A New House 1 Jul 25, 2017 12:20 pm Would love some advice...... We are doing a knock down rebuild. Our assumption was that we get finance approved before we knock down the house. For finance to be approved we need the building permit etc approved? I emailed our builder this morning for an update and she's told me that we need to demo before the permit can be applied for? Am I missing something? If we demo and then the slim chance finance isn't approved we are without a house completely. Re: What comes first, the demo or the finance? 2Jul 25, 2017 12:30 pm We are doing a KDR and have bank approval in principal - guess it is a bit like pre-approval for purchasing a property. It does feel like we are going around in circles sometimes as the bank won't formally approve until council has approved, then can't get council approval until we have signed with a builder who won't move forward without approval from the bank etc. Re: What comes first, the demo or the finance? 3Jul 25, 2017 12:35 pm Nawsome We are doing a KDR and have bank approval in principal - guess it is a bit like pre-approval for purchasing a property. It does feel like we are going around in circles sometimes as the bank won't formally approve until council has approved, then can't get council approval until we have signed with a builder who won't move forward without approval from the bank etc. OMG you are so right. Some days I wish we'd never started this whole process. I keep reminding myself, "It will be worth it in the end". Re: What comes first, the demo or the finance? 4Jul 25, 2017 12:38 pm Are you going through a broker or a bank? WE had a chat with a broker and were told that we would be able to service the loan, and that the only question would be the LVR (mortgage of 80% of value). That did give us piece of mind that we will be ok Re: What comes first, the demo or the finance? 5Jul 25, 2017 12:43 pm Nawsome Are you going through a broker or a bank? WE had a chat with a broker and were told that we would be able to service the loan, and that the only question would be the LVR (mortgage of 80% of value). That did give us piece of mind that we will be ok We're going through our bank. They are great but haven't officially said yes. We received the contract in the mail last week (they're in NSW and we're in Vic) but we made a change so are waiting for a new contract. Hopefully today. Re: What comes first, the demo or the finance? 6Jul 25, 2017 1:20 pm Ok so I heard from the builder - without the house being demolished they can't do the second soil and survey, engineering and without those they can't get a building permit? Also heard from the bank who have told me that we have been - Approved subject to approved council plans. She also said that they'd never heard of needing to demo before getting building permit. you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 55047 11 40691 Thank you. Do I use timber floorboards for stairs or do people use timber treads? Or is both the same? 6 7255 |