Browse Forums Home Finance 1 Sep 03, 2009 10:09 pm Has any body had any issues with the "Time limit for borrowing the loan amount" clause in your Loan Offer? Ours says we must borrow the amount 3 months from the disclosure date, yet the land does'nt settle until 3 months and 2 weeks. I've read one case of someone having to reapply for their loan due to this - what about others? Loan contract expiry clause 3 months 2Sep 04, 2009 1:22 am I have had one case where my customer agreed (a mistake in my opinion), after executing his contract, to amend from a six week to a 3 month settlement just because the vendor asked and said this would give him extra time to be prepared. My customer did this without letting me know in advance. The timing of the loan documents meant that he would have still settled within the loan offer 3 month clause however the vendor kept pushing the settlement further and further out. This is when my customer started panicking. It only took a couple of emails from me to the bank settlements team manager to keep the loan alive. Just as well as the bank had changed their policy and if we had to re-apply he would not have been considered! Re: Time limit for borrowing the loan amount 3Sep 04, 2009 8:41 am Thanks for your info thlo. Hopefully my broker can speak to the bank then. Its just a worry as I often wonder if anyone at the bank truly keeps any tabs on whats going on! Re: Time limit for borrowing the loan amount 4Sep 04, 2009 9:57 am Is this a smaller lender or the norm these days? Westpac always had a policy if 12mths from the signing of the contract the loan had to be drawn. NAB I think is around the same timeframe. Some things are worth waiting for. home loan offer expiry clause 6Sep 04, 2009 2:39 pm ibfragalot99 Thanks for your info thlo. Hopefully my broker can speak to the bank then. Its just a worry as I often wonder if anyone at the bank truly keeps any tabs on whats going on! No problem ibfragalot99. I'm sure your broker will be able to sort it out with your home loan lender (read: bank, as they seem to be doing almost all of our home loans these days). Re: Time limit for borrowing the loan amount 7Sep 05, 2009 12:07 am can someone please help me....im thinking of selling my house to my brother, at below market value. House value is about $390k. My payout figure for this mortgage is $380k. I will sell it to him at say $370k. I intend to repay the balance owing in cash upon settlement. The question is, would you deposit the balance of $10k into your loan account prior to selling, or can you pay this balance in cash to the settlement agent during settlement? how does it work? 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4831 10 3818 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 19114 |