Browse Forums Owner Builder Forum 1 Jun 23, 2013 11:29 pm Hi, Hope someone can relate/help. I have my final plans, approved by council, and now I want to apply for a Loan from the Bank. The Bank has given me a document of 8 pages, requesting full-break downs for each stage. [img][IMG]http://i202.photobucket.com/albums/aa47/s2d3javu/Public%20Photos/image.jpg[/img][/img] Page 2 = [img][IMG]http://i202.photobucket.com/albums/aa47/s2d3javu/Public%20Photos/image-1.jpg[/img][/img] ...and there is 8 of these.. seriously, wth. The list is too detailed to work everything out so far in advance. So my question is, what is the best way of either filling these 8 pages out, or getting around it? A Builder won't waste their time filling this out, unless you sign the contracts. And to work out each and every step, + amount + rate, and to get the total cost, and in the end you probably don't go with that company anyways, is a complete waste of time. I understand it should cost me roughly around 10K per Square to get the finishes that I want, and I'm intending to quote and plan roughly 1 stage in advance. Any help is appreciated. Re: Break-down Estimates/Quotes for Bank when applying for l 2Jun 24, 2013 12:54 am First stop may be in this OB Forum. Check the posts by Greenify, then head to his website. Downloadable forms and other info there. In a similar prep stage to you, and inevitably you will have to itemise all those Bank items and many more. They will judge your application by the completeness and accuracy of the forms. Do the hard yards early for an easier jog later. Re: Break-down Estimates/Quotes for Bank when applying for l 3Jun 24, 2013 10:56 pm hey thanks for the quick reply. Since we are in the same boat, are you in Melbourne? Maybe we can share Price findings? And yes, I done some more deep thinking today, and figured there is no way around it. In reality I will have to get the quotes anyways, all I tried avoiding is doing all of this right now so much in advance. I know roughly i'll be able to build on a 10K per square budget. And having friends that have OB'd recently I can use the same tradies and get similar prices and build within that budget. However I was planning to only work-out 1-2 items/stages in advance, not 17 as per Bank's request. I've decided now that it will be too much work to try and work it out all on my own all at the same time, so I will split the 17 stages in to groups (e.g. Drainage and Plumbing quoted by one person, Excavation and Concrete quoted by one person), usually they know the pricing and I should be able to get a rough idea to place in the Bank's itemised list. So if I request quotes from 10 different people it will split the workload and get me rough idea to tell the bank how much money I want. Spoke to Bank today, and they said they were happy with a rough idea, no official quote required, but they will valuate each item against their own guidelines I suppose. thanks again. PM if you want to collaborate. Re: Break-down Estimates/Quotes for Bank when applying for l 4Jun 26, 2013 9:18 am Wow, that document is pretty messy (they want to know too much details) and you are completely right - no builder is going to waste their time filling it, and there is no way for you to know exact numbers either. When we were dealing with NAB 1.5 year ago about our owner-builder loan their requirements were less harsh - we just needed to provide the rough list of stages/items and costs, we also had to prepare the "time-frame" doc for thm. I still have those files somewhere, if you interested I can send them to you. Have you tried NAB? Everything was not smooth with them and we spent 3 months to get the actual loan, but after all they were the only one willing to help in our situation, and we were dealing with them through a broker. I think without a broker in our particular situation we didn't have a chance. Re: Break-down Estimates/Quotes for Bank when applying for l 5Jun 26, 2013 12:22 pm Thanks Nika25 for the reply.
I am dealing with NAB also, but directly without a broker, and after further talks with them, they have come off their high-horse and are now not demanding as much details. They said, fill out as much as I can, as long as i can provide them with an indicative idea of how much everythign is going to cost, and the sorts of materials I will be using (i.e. carpet, floor boards, etc) and several quotations, ti will be sufficient. would you be able to please send me some of the useful breakdowns/templates you used to provide them. Since it's the same bank it may make life easier. my email is: removed. in return if get you require some Rendering (Solid Plaster) done on your house, be sure to get in touch with me. Re: Break-down Estimates/Quotes for Bank when applying for l 6Jun 26, 2013 12:48 pm No problem, I'll try to fund the files and send them to you today. P.S. I got your email now, I strongly recommend you remove your email from your post as spam-software will pick it up quite quickly and you'll get tons of spam on your email. Re: Break-down Estimates/Quotes for Bank when applying for l 7Jun 26, 2013 2:18 pm I found it, in case someone else needs it I uploaded it here: http://www.gogofile.com/Default.aspx?p= ... 91240_5860 Please note that the file will be removed in 15 days or 7 days after last download. When preparing document for the NAB don't include "Actual $" column, it's there for our own use. Good luck! Re: Break-down Estimates/Quotes for Bank when applying for l 8Jul 06, 2013 7:47 pm thanks again. I've made a use of the template, and i also found mate who had his completed a year ago. So i was able to work of his figures a little. However in the end i still have legitimately sourced multiple quotes for the major items for the house. if anyone needs help with this, feel free to PM, happy to share more details. How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 9141 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 13456 The irony. I'm starting to wonder if this a Bimguys second account. 84 29221 |