Browse Forums Home Finance 1 Sep 17, 2011 11:26 am Hi I am in a bad situation as I had paid the deposit amount to Stockland for a lot in Wallan Euclupt, theres time for the settlement date may be in Jan '12 but since I had lost my job for a month so my savings went down. I am not sure if i would be still getting loan from any bank. I have approached my broker he is also saying its hard to get loan now. In this situation how can I get my deposit back from stockland or should i find someone who is interested in the land and transfer the lot. Please help. Thanks Re: Loan may not approved 2Sep 17, 2011 3:03 pm So sorry to hear about your situation Yes the banks have tightened up, you now generally need to have been in a full-time job for 6 months to be approved for a loan. I would suggest you get legal advice regarding what your options would be and whether you would be able to get your deposit back. I know that if you had put a deposit down on building a house and lost your job, you would lose your deposit - but I am not sure if this would be the same for a deposit on land. Re: Loan may not approved 3Sep 17, 2011 9:51 pm Hi, Just to clarify you have committed and signed contracts for the land only and it was not a house and land package? Are there any restrictions for the estate where building must commence within a certain period of time? If so is this achievable now? My cousin signed a contract for a block of land and changed her mind after cooling off period was over. She contacted the developers and they agreed to let her out of the contract but she lost 5% of the 10% deposit. It may be worth sounding out Stockdale to see what they can do. When you signed your contract did it have a subject to finance clause in it? Good luck and hope things work out for you. House - Lockup completed 23rd December 2011 - Painters are in!!! https://forum.homeone.com.au/viewtopic.php?f=31&t=37261&start=0&hilit=Blaxland Re: Loan may not approved 4Sep 19, 2011 11:38 am Hi Motion Bee, By the sounds of it your broker hasnt said you 'cant' get a loan.. Just that it MAY make things more difficult. If you are wanting to keep the land I suggest you get your full circumstances looked at from a lending point of view either with your current broker or someone else. A second opinion isnt going to hurt if you are still indeed interested in buying the land. Something to take into account is that between now and settlement you have about 4 months. Realistically the conversation you would have now with your broker or lender will give you an 'idea' of whether the lending can be done. However, you could potentially wait out until November before needing to lodge an application to a lender. So, the questions to ask of your lending manager/broker are..... - Am I in a position to still be able to obtain lending for my purchase? - (if yes) Happy Days! - (if no) ... then... What are the things I would need to do in order to be able to obtain lending? - If you arent able to now, and your broker does give you an idea of 'what needs to be done' to get you ready. The decision to make is whether you believe you would be able to achieve these things over the next 2 months. If you ask yourself that question and answer honestly. No I cant. Then you need to take steps to withdraw from the contract. I am ASSUMING that you have a finance clause on your purchase contract... and would suggest that if in the discussion with your broker you are unable to obtain finance. That you have a letter drafted from your broker to the solicitor/real estate agent advising that the finance clause is unable to be satisfied. If you have signed a 'cash unconditional' contract. You may need to seek legal advice to see if there is an avenue to withdraw within any cooling off period or due to hardship. As a side note... if you are UNABLE to get your deposit back... the developer may be more willing to EXTEND the terms on the contract to allow you time to be in a position to finalise the purchase than they are to cancel the contract. - This may be useful to you if you are in fact still wanting to buy the property but require a further couple of months to save the larger deposit back up that you had used while unemployed. I hope this helps. Regards, Trent Davidson Property Finance Consultant Residential Lending LJ Hooker Finance Brisbane North Credit Representative Number: 387283 under Australian Credit Licence:380270 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 19096 I engaged my builder in December last year and we’ve been working on preliminary drawings for last couple of months. I got a call from the salesperson this morning… 0 517 If your patio is going to be 35 sqm then that's going to need Council Approval. The fact that they previously approved your 25sqm patio will be irelevant 1 5505 |