Browse Forums Home Finance Re: Developer/Builder + Broker Purposely Stalling Finance? 2Nov 23, 2019 11:14 am Can I just confirm - strata lots? Is it a unit or villa type? Connected walls or free standing dwelling? Have you had any lender feedback, ie: the need to supply additional information or answer questions? Most lenders are behind at the moment - but in October it wasn’t too bad - especially anz / Citi off the top of my head. Have you had any feedback from broker at all? Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Developer/Builder + Broker Purposely Stalling Finance? 3Nov 23, 2019 11:27 am Hi, My partner and I applied for our finance 4/10/19, and the bank waited until they had a copy of the contract to proceed with the loan, which they got 11/10/19. Anyway, we got approved 15/11/19. That's 35 days. Many banks at the moment are having delays due to large amounts of loan requests coming in due to the interest rates being lower etc, if you're going through a bank with the lowest or a lower rate to most, they'll be really delayed. Christmas is coming too and it can cause delays, cant imagine it would for you though as you've applied earlier. We met with our broker yesterday and he said the time is just getting longer for loans to be assessed here in QLD.. The broker should tell you what's going on, demand an answer Building Grange 22 by Coral Homes in QLD -> https://forum.homeone.com.au/viewtopic.php?f=31&t=97426&p=1860633#p1860633 Re: Developer/Builder + Broker Purposely Stalling Finance? 4Nov 23, 2019 11:42 am becjarrettdalton Can I just confirm - strata lots? Is it a unit or villa type? Connected walls or free standing dwelling? Have you had any lender feedback, ie: the need to supply additional information or answer questions? Most lenders are behind at the moment - but in October it wasn’t too bad - especially anz / Citi off the top of my head. Have you had any feedback from broker at all? Thanks for the response Bec. From my understanding it is a villa type. Free standing but built right up next to each other. Despite this they mentioned their plan was to build the whole row all at once, perhaps there are cost savings in that for them? My thoughts were that they were perhaps happy to build 1-2 themselves and sell at completion, but that only having sold one is not attractive to them? They did also say they would begin the build process straight away to me though. I specifically asked this because I would not have purchased if I knew I had to wait for the others to sell. I only seem to get feedback from my broker when I contact them asking where we are at in the process. They have also come across as far from competent many times, to the point where it makes me think they can't genuinely be this incompetent. Example - I sent emailed copies of requested documents at the very beginning, and then received an email from them 2 weeks later requesting some of the exact same documents. A few days after this they asked for another document I had already sent. I'll also add, it took him 3 and a half weeks from his initial visit to him returning with the best rates he could get us. This seemed far longer than needed from what I could gather from friends and online. The loan provider is Suncorp Thanks again Re: Developer/Builder + Broker Purposely Stalling Finance? 6Nov 23, 2019 11:54 am Ohhhh ok Suncorp explains a lot, they’re verrrry slow at the moment, and have been for quite a while. So slow they are completely off my radar. Look it’s not impossible for 5 weeks with no movement from Suncorp, but proactive feedback isn’t hard! In regards building together, you can see the advantage - not just for the builder, if they are very close you won’t want building debris on your completed dwelling, but also there may be an issue with registration if they are strata and not ready together as your settlement requires the registration of the strata plan, so possibly they all have to be built before. The builder may need the pre-sales for finance approval to do the build. May, I’m guessing! Not that any of that is your issue though, it should have been clearly stated to you, I’m just hoping it alleviates some of your concerns or gives you some understanding & helps in some way. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Developer/Builder + Broker Purposely Stalling Finance? 7Nov 23, 2019 12:24 pm Thanks for the feedback everyone, it does make me feel a lot better about the situation. I don't know why they couldn't just tell me this information at the time of our last meeting. much appreciated Broker here - legislation says that every true broker must put the clients best interests before theirs so in theory they must offer you the best options for you on their… 2 46444 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? 3 68372 |