Browse Forums Building A New House Re: Building with Wisdom Homes 1649Mar 31, 2016 12:05 pm Just received email form Wisdom admin that Sydney Water records indicate that our proposed building will potentially impact on their underground asset. Any idea how much additional cost for these sort of issues? Building Washington 29, Avanti Facade. Re: Building with Wisdom Homes 1650Mar 31, 2016 12:39 pm Hi Greg K, I wish we didn't need to have LMI and unfortunately it's not the bank being difficult, it's a LMI requirement that the payment structure the way I have mentioned. So id be screwed at any bank coz either way we still need LMI!!!! Wisdom certainly don't want to change it and I'm taking it up with the GM now. Hoping I get a good resolution otherwise we will have to go with another builder that don't have their payment structure with 5% at signing and 25% in stage 2. Building Wisdom Homes Serenity 31 Re: Building with Wisdom Homes 1652Mar 31, 2016 1:12 pm Hi hashem2k3, Depends on where that particular line (sewer i assume) is. They will first come out and do an inspection (which you will have to pay for). It could be as little as no impact and hence no cost or significant in which case you would need to get the sewer pipes encased with concrete which can be very expensive. Re: Building with Wisdom Homes 1654Mar 31, 2016 1:21 pm Greg_K Can you see a sewer line or something similair on your plans - it should come with some sort of easement. Thank for your reply. I cant see anything on the plan that denotes a sewer or water line. Or maybe I am not seeing it correctly. Now I am worried will be stung with this additional large cost . I am already over my budget with the building and not sure how to accommodate this extra cost. Building Washington 29, Avanti Facade. Re: Building with Wisdom Homes 1655Apr 02, 2016 4:15 pm Kirst10 Hi Greg K, I wish we didn't need to have LMI and unfortunately it's not the bank being difficult, it's a LMI requirement that the payment structure the way I have mentioned. So id be screwed at any bank coz either way we still need LMI!!!! Wisdom certainly don't want to change it and I'm taking it up with the GM now. Hoping I get a good resolution otherwise we will have to go with another builder that don't have their payment structure with 5% at signing and 25% in stage 2. LMI is not the same for each bank, some use their own inhouse, others use external like genworth so changing banks will make a difference. Commbank has no issue with Wisdoms payment schedule, if you don't have a broker, you really should get one rather than dealing with banks directly. Re: Building with Wisdom Homes 1656Apr 02, 2016 5:37 pm After reading here abt Wisdom's payment plan I sent it across to Westpac , our bankers , they too hv not indicated any issue with it Re: Building with Wisdom Homes 1658Apr 03, 2016 4:33 pm No, we are not paying any LMI, the loan hasn't been drawn yet, but the bank hasn't brought it up, and wouldn't LMI be linked to how much of your equity is involved, in our case there is more than enough equity so I am quite confident LMI will not be required Re: Building with Wisdom Homes 1659Apr 03, 2016 8:06 pm hashem2k3 Just received email form Wisdom admin that Sydney Water records indicate that our proposed building will potentially impact on their underground asset. Any idea how much additional cost for these sort of issues? Our build is classified as "Building Adjacent to Sewer" (BAS), so we have a $5000 contingency within our tender for the anticipated extras that will be incurred in order to satisfy Sydney Water requirements. We were quoted about $30 000 by another company as their design would have meant the alfresco was on top of the sewer pipe, so sewer would need to have been encased in concrete (Building Over Sewer). Hope that helps! Re: Building with Wisdom Homes 1660Apr 03, 2016 8:19 pm You're lucky bluemviews! It required when you're borrowing more than 80%. You might miss out if you have equity u can drawn on. Unfortunately as first home buyers, we could only rely on our land being valued higher than what we had purchased it at. Which it was, but not enough to get us out of needing LMI! Building Wisdom Homes Serenity 31 Can someone please offer some advice? Im DESPERATE. Because I'm completely and utterly exhausted. How long are variations taking with other companies at the moment? We… 0 18847 In fairness nobody gave a crap about the ACCC and the gag clauses continued in the pro forma templates of a few other builders after the ACCC took on Wisdom, and more… 19 73897 Hi Everyone, I am exploring builder in NSW and received a very tempting quote from Wisdom home for their momentum series. I just want to know experience of building… 0 9110 |