Browse Forums Home Finance 1 May 16, 2014 12:11 am Hey everyone, Anyone with Westpac bank for construction loan please tell me how they are when it comes to third party quotes. Do they accept them? I'm confused as my broker says NO! I emailed a home loan manager he said it's better to include everything with main builder however when I called Westpac Home Loan customer service they said Yes, they accept third party quotes and is better to give those quotes along with our building contract which I was very happy to hear! Now I would like to hear from someone whether you were allowed to give third party quotes? I know most of the banks allow this. It will be great if someone can share their experience with Westpac please. Also how are they when it comes to construction valuation? Our land valuation was 100% though. Thanks Re: Construction Loan - Westpac Bank 2May 16, 2014 10:38 am My loan was through Westpac but I didn't get any third party quotes (everything was done through the builder) so I'm not sure how much help I can be. I did have my own customer service person at the local bank who I went to directly with any queries - she was really great and even gave me a plant for my garden when the whole process was finished . So I would see if you have been appointed a similar person and run your question past them. As you may be aware, the Westpac head office is in Adelaide and at a couple of stages in the process matters had to go directly through them. I do recall there was an incident where they took too much money out of my bank account (for the deposit) and I had to go through a bit of stuffing around talking to the faceless bank people in Adelaide (and mention the banking ombudsman) before they would give me my money back! That was the only glitch though really. With respect to valuations - of course you never get to see them but I believe that both my house and the land were valued at at least what I paid for them (well, the bank loaned me the money I wanted in any event lol). Hope that helps and good luck with the process Re: Construction Loan - Westpac Bank 3May 16, 2014 12:06 pm Yes they accept third party quotes. We submitted our house contract, pool contract and then separate quotes for: - beacon lighting - pantry fitout - landscaping - retaining walls - concreting - carpet - tiles Hope that helps! Any more questions, let me know. Build thread: viewtopic.php?f=31&t=65085 Re: Construction Loan - Westpac Bank 6May 30, 2014 9:16 pm If you include such items as: - light fittings - landscaping - retaining walls - concreting - carpet - pergolas on the documents you lodge with your bank they will expect to see these items before that make their final loan payment. I had 2 sets of drawings, the one I gave to the bank (which bank?) for the mortgage & the set of drawings I built to. This way I got final payment from the bank before I had finished the items such as - light fittings - landscaping - retaining walls - concreting - carpet - pergolas When I got the banks final progress payment, the basic house had already been finished & paid for. I then had more than enough money to finish the outside of the house as well as furnish it. 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 19114 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11934 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 35332 |