Browse Forums Home Finance 1 May 23, 2009 12:13 am We just received a letter advised that our land will be titled between Aug 09 and Oct 09. Our broker said that there may be a problem with the $26K FHOG when applying finance with ANZ because the construction might start after 26 weeks from contract date. Does anyone come across this? Does your bank take into account the FHOG as your deposit although you can't prove your construction date? Our concern is that if the bank doesn't include that $26K FHOG, we need to pay higher mortgage insurance... I can't see why the bank would ignore our FHOG when we want to apply for unconditional finance now... Metricon Amira Re: FHOG as part of the house deposit 2May 23, 2009 12:36 am Hi, My lender (homestart) certainly accept the fhog as part of the deposit. They do still expect the build to start within 26wks though. When did you sign? Are you sure the 26wks will have elapsed by the time your land titles? Sorry I can't be much help, I'm still new to this whole process myself! Re: FHOG as part of the house deposit 3May 23, 2009 9:36 am GreenNooby When did you sign? Are you sure the 26wks will have elapsed by the time your land titles? Hi GreenNooby, We signed our contract on 7 May. By calculation, it will be 5 Nov after 26 weeks... We worried our land settlement will be delayed as they just advised it would be between Aug and Oct... Thanks anyway... Metricon Amira Re: FHOG as part of the house deposit 4May 23, 2009 11:42 am The victorian government says: "In limited circumstances the Commissioner may approve an extension to the commencement and completion date where the delay was outside the control of the parties and could not have been forseen at the time of entering into the contract." Given that they say that up front on the website, it sounds like they know that these things can be delayed and they're not going to just take the money back. I also applied for a construction loan with ANZ via a broker and my land is expected to be titled now in "late october", pushed back from september. We didn't have any problems with that. I think the issue is more that the contract specifies that construction will start within 26 weeks, and that the estate has put something in writing saying they expect the land to be ready by then (we do have a letter stating the expected date of registration). That's my guess. Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4831 You’re on the right track, wire brush in a grinder then a zinc rich epoxy primer then a top coat of some sort, like a waterproofing membrane. Raising the concrete would… 1 7035 How good is Simeon?! Always taking time to help others out! Wish we were building in NSW and could work together. Thanks for all that you do! 7 6585 |