Browse Forums Home Finance 1 Oct 19, 2010 10:21 pm Hello We have recently purchased some land a few months back which we are paying a mortgage for. Have gone through the whole building thing and decided to build w/ Dennis Family & apply for a construction loan w/ CBA. Our mortgage broker advised that anything extra eg. Shedding, Water Tanks, landscaping to get quotes for and submit w/ our contract w/ the construction loan. We were happy as Larry that we could include 25K of extras & have it all done in the one hit. That was until today after we signed the contracts last week w/ Dennis and visited the broker on Friday and provided everything to be told today by our broker the bank will only borrow/lend the amount for the contract of the home....no extras!! Has anyone come across this can the builder add these as a dummy quote, or any luck w/ the banks the other issue is we submitted a planning permit w/ the extras listed & paid deposits w/ the shed company & water tanks as we were advised that this will be included & the amounts of the deposits can be used to count as a deposit for the contruction loan. Help Thanks 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 19108 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35330 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11933 |