This week my employment status changed and we lost the finance for our house.
Really disappointed! What will be will be...
Edit to remove some personal details.
Finance
Page 1 of 1
Start by contacting the builder and see what they say.
Another thing is if you change career the bank my remove finance approval.
I know when we signed our mortgage papers they asked if there would be any changes to our circumstances in the next few years... I would assume if I had said I would be giving up work, pregnant etc they may have chosen not to give us the loan.
Approval is based on your current situation not changing substantially....
I know when we signed our mortgage papers they asked if there would be any changes to our circumstances in the next few years... I would assume if I had said I would be giving up work, pregnant etc they may have chosen not to give us the loan.
Approval is based on your current situation not changing substantially....
Some close friends pulled out of a contract which appeared to be unconditional by proving to the bank that they would not be able to make the repayments due to altered financial circumstances.
Otherwise, the builder had the legal right to demand that they build. They would have then had to wait a year to sell and keep the repayments going until then. Go back to the bank and explain your altered circumstances as soon as you can!
Otherwise, the builder had the legal right to demand that they build. They would have then had to wait a year to sell and keep the repayments going until then. Go back to the bank and explain your altered circumstances as soon as you can!
When we were going through the process of getting finance, etc, we'd had so much trouble from the bank who lost a few of our forms and things like that, and ended up with a 3 month contract instead of one month for the land.
It was so stressful, at one point after it had gone unconditional (we were waiting for the FHOG to be paid to the bank which was what the delay was about), I wanted to pull out and forget about it. My solicitor said that if we pulled out of the contract after it was unconditional, the owners could sell the block and if they sold it at a lower price, we would be liable to pay the difference. I'm guessing you are purchasing off a developer which could be different, but worth finding out.
In the end, the owners charged us penalty interest for going over the contract period, which we had to pay out of pocket but the bank refunded us because it was their mistakes that caused it.
I would speak to your solicitor.
It was so stressful, at one point after it had gone unconditional (we were waiting for the FHOG to be paid to the bank which was what the delay was about), I wanted to pull out and forget about it. My solicitor said that if we pulled out of the contract after it was unconditional, the owners could sell the block and if they sold it at a lower price, we would be liable to pay the difference. I'm guessing you are purchasing off a developer which could be different, but worth finding out.
In the end, the owners charged us penalty interest for going over the contract period, which we had to pay out of pocket but the bank refunded us because it was their mistakes that caused it.
I would speak to your solicitor.
Related
6/12/2023
3
you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package?