I imagine there are a few of us in here who are rushing to get this bloody FHOG in time.
I will be signing my contract this week without my final tender and drawings. Which makes it hard getting a loan. My builder suggested that I take our previous tender to the bank and bring in the final one when it arrives.
Doesn’t the bank need to value your home before they lend you money? And if I use this tender won’t they only pay for whats on this tender and not anything different to it?
What happens if once I have paid 5% to the builder (required when I sign the contract – I will pay out of my own pocket). The bank undervalues my house and I don’t have enough money to make up the difference?
Can anyone help me on this topic? I am with CBA