We are currently applying for a house and land package through homebuyers centre, paid our 10% deposit and have received conditional approval subject to valuation by the bank.
The subject to finance clause on the land originally ended this week, but we were able to apply for an extension. They have given us another week, but also advised us that the bank will not be given access to the land until the end of the month due to construction works.
So at this point, I wouldn't be able to get a valuation until after the subject to finance clause passes and I would lose the deposit.
Since putting in the deposit, land in the area has jumped up $15,000.
We are currently applying through bankwest and resolve finance have told me they would be able to offer us finance if bankwest goes through.
I've also talked to other buyers in the are they have said that they have all been valued higher than the purchase price.
Has anyone else here ever gone through similar issues? What would be the problems I could face if we go forward at this point without unconditional approval.