Browse Forums General Discussion Re: Construction Loan settlement question 9Oct 18, 2007 6:08 pm rellie We are close to settlement, Yipeeee Anyway, the bank told me today that before they release final payment they need to send a valuer out again, this can only be done when the house is finished and has to be at the minimum 7 days before settlement. PD do their PCI 7 days before settlement date as this is when the issue the final invoice. Which means we will have to have the valuer out on the same day. Do all or most banks do this, or is ours just being a pain in the jaxy ? Our valuer came at the day of the handover. We did pay the final $$$ from our pocket and the bank has given us back the money next day. I believe you need to push the bank. When wecalled the first time they said they will come whenever the valuer will have time. We called to the branch manager and the valuer showed up at the day of the handover. cheers kate Re: Construction Loan settlement question 10Oct 20, 2007 11:30 pm Just be *really* sure the valuation has been done before you go to pick up your cheque, etc.
We have our mortgage with Suncorp & had sent in our valuation request within the 7 days, etc. I rock on up to the bank the day before handover...no cheque. The person who had done our valuation when the mortgage was approved no longer worked for them so, for whatever reason, they decided the final valuation couldn't be done & didn't tell me or anyone else. I had to wait for them to get someone out to do it & had to delay handover (PD were fine with this BTW). No apology from Suncorp & the valuer who did turn up didn't seem to know why he was there. Sigh. Apparently it's not uncommon. 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 20118 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 36642 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12395 |