Browse Forums Home Finance getting a home loan 5Sep 23, 2009 12:25 pm Hi Beebob, yes it does not take too much guessing to know that you are going out on a limb by signing a building contract before you have a bank valuation. Also all conditional loan approvals will have "subject to acceptable property" as a condition. Having said that this happens quite often although it is not recommended. We often see home buyers applying for a home loan after buying a home at auction. Re: Signing contract before getting loan 6Sep 23, 2009 1:06 pm Hi Beebob, We used our first tender to get uncondition approval from the bank.I asked our builder (same as yours) to put in provisional alowance for carpet,tank,septic and then deleted it in our final tender and will get all that done through elsewhere. As for upgrades,tiles,studio m i had a budget and stuck to it,yes we have to pay for these things out of our own pocket but we only got what we could afford. Im happy with what we got. kkatt ,i pm you more info Re: Signing contract before getting loan 7Sep 23, 2009 1:36 pm kkatt: wouldn't cba only pay our builder for the carpet, tiles, etc because that is what they valuated? Our tender is roughly the same price as what I am expecting to lend but there are many items taken out and others put in that will go into our final tender. However we did include tiles, carpet and driveway in this initial tender. We have also removed this and will get it done ourselves Villina with Trend facade Sydney Re: Signing contract before getting loan 8Sep 23, 2009 2:33 pm Beebob kkatt: wouldn't cba only pay our builder for the carpet, tiles, etc because that is what they valuated? Our tender is roughly the same price as what I am expecting to lend but there are many items taken out and others put in that will go into our final tender. However we did include tiles, carpet and driveway in this initial tender. We have also removed this and will get it done ourselves We had it as a provisional allowance and our broker told us to give the bank our quotes from the carpet place etc with our builders pak How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11915 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 19096 You talk about deletions, are they variations or PS and PC adjustments? pleas list them 1 16555 |