Browse Forums Home Finance 1 Sep 13, 2009 9:03 am Hi All, I have been a long time watcher but first time poster ... My Husband and I are building our first home and have come across a few problems. The following is a list of items required by my bank to complete our loan. The only problem is we are still in council waiting for approval. We have been advised that once we have been approved by council we will start in 3 weeks, I don't really want to hold up the start of building due to bank approvals. Any ideas? Copy of Council Approved Plans- with Construction Certificate (ALL PAGES SIGNED BY BOTH CUSTOMERS & WITNESSED-not by each other) Where do i get these things? From the builder ? "Home Owners Warranty Insurance "Public Liability Insurance "Workers Compensation Insurance (if you use Sub-Contractors who provide their own Workers Compensation Insurance, please provide this information in writing Thanks Katherine Re: Documents required by Bank for loan 2Sep 13, 2009 1:19 pm katherineandadrian Copy of Council Approved Plans- with Construction Certificate (ALL PAGES SIGNED BY BOTH CUSTOMERS & WITNESSED-not by each other) Need to wait for council to approve your plans for the above Just ask your builder contact person for the below (they may tell you that they'll provide them along with council approved plans); katherineandadrian "Home Owners Warranty Insurance "Public Liability Insurance "Workers Compensation Insurance (if you use Sub-Contractors who provide their own Workers Compensation Insurance, please provide this information in writing Re: Documents required by Bank for loan 3Sep 14, 2009 10:56 pm Thanks for the info Thlo, Bugger... I was hoping someone wouldn't be saying that... I think its a bit funny that the bank needs all this stuff to process the loan but the builder needs final approval and full finance at final signing to enable the start of the build straight away... how are you supposed to have all of these documents for both the bank and the builders at the same time. Re: Documents required by Bank for loan 4Sep 16, 2009 11:10 pm Actually it's not that bad. Those requirements can be settlement conditions meaning you can have unconditional approval with council approval pending. It really depends on your lender though. How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11842 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 18894 I know foam has been around since the 90's and CSR started manufacturing Hebel in 1989, so it's definitely possible 5 5404 |