Browse Forums Home Finance Re: Valuation shortfall on Contruction component of our loan 2Mar 25, 2021 9:30 am Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Valuation shortfall on Contruction component of our loan 3Mar 25, 2021 10:31 am Hey Kevinp8590 Welcome to the forum Have you firmed up all the build prices, more importantly the engineering eg Big Ticket money pit item$ or is there more $ticker $hock increases to come? WA tradies are hot property as home building goes through the roof Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Valuation shortfall on Contruction component of our loan 4Mar 25, 2021 12:19 pm Hi there mate, thanks kindly for the welcome. We have a fixed price contract which we are happy with. Funnily enough, it was the cheapest of the 4 quotes we obtained. Re: Valuation shortfall on Contruction component of our loan 5Mar 25, 2021 12:20 pm We have an excellent broker and have 100% faith in him. We are just going to write the letter and include our justification of the difference in variance which I hope they accept. Re: Valuation shortfall on Contruction component of our loan 6Mar 25, 2021 3:54 pm kevinp8590 We have an excellent broker and have 100% faith in him. We are just going to write the letter and include our justification of the difference in variance which I hope they accept. Love this, good work!! Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Valuation shortfall on Contruction component of our loan 7Mar 25, 2021 5:05 pm kevinp8590 Hi there mate, thanks kindly for the welcome. We have a fixed price contract which we are happy with. Funnily enough, it was the cheapest of the 4 quotes we obtained. Just be mindful that contract costs can be varied in extenuating circumstances, ie. before the build starts by builders variation. It's also up to you whether you accept it. Once the build starts all bets are off....goodluck Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs Re: Valuation shortfall on Contruction component of our loan 8Mar 25, 2021 5:11 pm StructuralBIMGuy kevinp8590 Hi there mate, thanks kindly for the welcome. We have a fixed price contract which we are happy with. Funnily enough, it was the cheapest of the 4 quotes we obtained. Just be mindful that contract costs can be varied in extenuating circumstances, ie. before the build starts by builders variation. It's also up to you whether you accept it. Once the build starts all bets are off....goodluck Thanks for the heads up mate. We have a very good relationship with our builder, so that gives even greater comfort. 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 13530 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 31784 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 9180 |