Browse Forums Home Finance 1 Apr 09, 2021 10:47 am Hi All, We are doing a KDR in Perth. We have pre-approval for the loan and are the broker is currently working through the valuation. The next step after that I've been told is plans. What level of detail is typical for plans to be submitted to the banks? The broker has said we need electrical plans, kitchen layout as well as plan and an elevation. Is this normal? I understand the plan (house size, general layout) and elevation (single story etc) but electrical and kitchen layout? Ultimately it would probably only delay the full approval by a few weeks but it seems like more detail than I would have thoughts (and more than some builders have said they would normally supply). What are other people experiences? Re: Plans submitted for Loan Approval 2Apr 09, 2021 11:25 am Lending Authorities have increase the level of information and data they require for checking. Only because they see the writing on the wall, ie Overpriced Builds with undervalued fitouts' that arent documented What they are trying to avoid is repossessing an overpriced $800K home shell with a $ 6 k Kabable or likea Kitchen with 2 down lights. (humour) There's no appetite to punish homeowners in any way, they just want them to get what's in the completed/compliant drawings/CDs OT. I see Engineering 3D Bim Data soon mandated on risky builds and the checking will be automated online. Cheers Chris Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Plans submitted for Loan Approval 3Apr 09, 2021 6:01 pm The key is the 4 elevations of the property (outside view from each side) and floor plan with room measurements - coincidentally this will encompass the above detail and its a very normal thing for lenders to want and builders to provide... the valuer needs to do their work imagining the finished home - hard to do if they don't have detailed plans.... Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building 2 31368 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 19140 1 2997 |