Land loans difficulty - The Ivy Doreen

We paid a deposit for a corner block in The Ivy Doreen and it is scheduled for settlement in 3 weeks. We cannot go for a home and land package as no builder have design suitable for this block and we need to do custom built. The problem is that we did not realise that the contract says the land cannot be sell without a house in it or we need to pass on the development guidelines to the new buyer and the developer has to approve it. The bank valuer picked on this issue just last week as they did not have access until mid jan. And my broker said that most likely the bank will reject the land loan application because of this. And we don't have the construction contract ready yet for at least 3-4 weeks. Has anyone had a similas clauses in their land contract with a developer and managed to get land loan only? Thanks.

I am not sure what you mean by having a house in it clause. The contract guidlines refer to having a house build start date to be within a year of purchase of land. I think if the bank just needs a quotation for the build you could speak to Burbank, henley etc to site your land with a quote. Maybe choose a smaller single story that would fit the plot for the purpose of the loan. Not too sure on this though. All the best with your query hope it gets resolved. Do talk to Alam Singh from Burbank, they are quiet flexible and very helpful. He may just have something to help with the same.

Talk to Burbank, they are fantastic. They were the only ones that could help us with a custom build for a corner block.

That is so true. Ours was a easement problem and Burbank were the only ones who were ready to modify existing designs considerably to suite our needs!!!!