Browse Forums Home Finance Re: Tiling and painting affecting loan 18Mar 09, 2011 9:29 am Liliana Thanks dragonflychic and crawley. I will definitely be talking to the bank manager and perhaps to another bank! Unfortunately I did find the following on another thread on Homeone which would seem to indicate that banks don't have to be accommodating: "Banks want to make sure that you complete the home, otherwise it isn't very good for them from a security point of view. To reduce their risk they make sure that you have enough funds to complete the project, including the flooring and anything else not included in the building contract. Be careful as what your bank may not tell you, as often bank managers don't understand the construction process, is that the bank will likely withhold the final payment to your builder until your floor is complete as well. This can cause a lot of problems if your builder completes his work and wants payment however the flooring people have a delay and can't complete the floors quickly. Discuss this with your bank to confirm how they will manage these payments, and if possible book in your flooring people quickly so that there will be no delays with payment to your builder." Oh and by the way dragonflychic, neither of us is a professional tiler. Maybe that's why the bank is nervous! We went with one of the big 4 and they honestly couldn't have cared whether we had flooring etc done or if we could afford it. As long as the house is habbitable, ie, usable kitchen, bathrooms etc, then in my experience as long as it's not included in the loan, the final payment isn't a problem. A friend of mine is in her house a year on and has no floors, paint and yards, but that didn't bother the banks. I think the above comment is more for if your getting floors included in your loan or have used quotes for flooring and given them to the bank to do the valuation. 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 19097 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 35326 Looking to tile the facade pillars rather than rendering. Builder is quoting 2500$ laying cost for upto 10msq. The 2 pillars come to be 16msq. So laying costs are 5000$… 0 7547 |