Browse Forums Home Finance 1 Nov 05, 2009 12:52 pm This is all too hard. I hate banks. They took so long to give me my unconditional approval. Finally I got it and my settlement day is 8 DAYS AWAY!! I have a package of crap here from the bank about the mortgage and stuff. I have to sign all the papers (which I can't understand) and send it all back. Once they get it it will take them 15 days to be ready for settlement. It also states "you are responsible for any delay to settlement" but its THEIR FAULT the first thing i need to provide them with is my "HOME INSURANCE POLICY".... who told me to get home insurance already???? nobody!! that is supposed to be what my mortgage choice guy is for, to help me understand the steps. I've only heard from him when I'VE CALLED HIM and he pretty much has done jack ****. on my details form (application) for the loan it claims i have $30,000 in a 'deposit account'. I barely have $3,000, and even with the first home owners grant it wouldn't equal that much.... Thats if he even applied for the FHOG, probably not. I tried calling mortgage choice, he is out and will call me back. well the phone rang, and I answered and there was nobody there. GREAT NOW MY DAMN PHONE ISN"T WORKING!!! why don't they use their noggin and ring my bloody mobile? I gave them both for a reason. and I don't understand this mortgage crap.. "you are prohibited from selling, leasing or disposing of the property" -what so you expect me to live in my house in this **** hole town for a whole 30 years?? "you can not renovate, remove, demolish etc etc without asking the bank". why the hell not? its my damn house i'll do what I want with it. Sorry if that all makes no sense I'm so mad I could cry... Not to mention: the house I'm currently renting I've tried to give 28 days notice to break the lease, but one incompetent real estate sold his business to another, and passed the letter on but didn't explain my situation and now they haven't done anything with it, so now its all going to take even longer and i'll be paying rent and a mortgage at the same time. Re: so angry and confused 2Nov 05, 2009 1:04 pm Okay firstly take a deep breath. You should not sign one single document until you have read and understood it. It is your Broker's responsibility to make sure that you understand every bit. If your Broker is unavailable maybe check with your financial institution to see if they have a liasion officer for Brokers - make an appt to sit down with them and go through the docs until you are happy to sign them. Insurance is needed from the day of settlement to ensure that should something happen to the home after you take possession the Bank is covered security wise. You are not meant to make any major renovations or demolish any part of the home without the consent of the lending institution because basically they have lent you funds against the home as it stands now. Now people do it all the time but basically that is what that clause means. You cannot sell the property without the lending institution being informed - if they have a mortgage then they "own" the property as well - for the want of a better word. You should not lease / rent out the home if you purchased it as an owner occupied home - moreso if you are a first home buyer. It is in the guidelines for a FHO that the home is to be your owner occupied property - at least for the first 12mths (from memory). You need to chase up your Broker - he is being paid to do a job and unfortunately doesn't seem to be doing a very good one at present. If you get no satisfaction from the local agency call his superior. Or again most lending institutions have a broker liasion officer that may be able to assist. Some things are worth waiting for. Re: so angry and confused 3Nov 05, 2009 1:19 pm CRY!!!! Get it all out and then get back into it. Obviously you need to get in contact with your broker to answer those questions you have for him. Do you have a conveyancer or solicitor, might be able to give you some answers re: delaying settlement and explain the bank docs. Hopefully you'll get some help from here. All I can say is have a good cry (make it quick), and get going again. It would be wonderful if all the lenders, their agents, builders, real estate agents etc... etc... understood (or remembered) how confusing and stressful the whole process of buying or building a house can be- especially for those of us who have never done it before, mostly they don't. Good luck brydz05... it will be worth it in the end. buzz Kyton gave a brilliant reply whilst I was typing this.... yay!!! Re: so angry and confused 4Nov 05, 2009 2:27 pm Thank you both for your replies I've taken lots of deep breaths. I've cried also. I think not knowing what is happening with this house I'm in is the most frustrating part. I'm still waiting for THAT estate agent to call me back. I don't even know where to start looking for insurance. I looked at REAL insurance and RACV and tried to get an online quote but they both stated they couldn't because of the age of the house or something. Also, how do I know what it would cost to rebuild? how much insurance should I claim for? I have a 1920's era fibro home, 3 bedrooms, paying 132k for it.. I have called the broker, waiting to hear back from him. Its hard because he is in a town 45 minutes away so can't just come immediately and help. and tomorrow i have work, and then it is the weekend again..... I can't deal with the bank, their nearest branch is hours away (its actually BANKWEST of western australia that I am going with, and I am in country Victoria, the nearest branch is melbourne which is a few hours away) Yes I figured eventually that if I wanna rent it out, renovate, sell it I probably only need the banks agreement... so that is no longer worrying me. Maybe I'll try to get help from the conveyancer, they are just around the corner.. EDIT TO ADD: the phone is not broken. It was just a stupid telemarketer trying to call and taking a few seconds to talk.. I hung up 2 times thinking they had hung up on me but the third time he tried to tell me id won a free camera..... and I hung up anyway. frustrating when I'm waiting to her from the broker, a real estate and a place about a job... Re: so angry and confused 5Nov 05, 2009 3:46 pm My advise is to firstly call up your settlement agent or the real estate agent which you purchased this house from, and explain the delay in receiving your mortgage documents. Hopefully they will be able to assist you in getting an extention to your settlement deadline. Then try calling up the insurance companies instead, and ask for a quote over the phone. You only need to have the home (and contents) policy to commence on the settlement date. Just use the settlement date listed on the Offer and Acceptance form, doesn't matter if the actual settlement is after that. You should be able to purchase it straight away over the phone if you have a credit card in hand, and they can fax you a copy of the Certificate. Your mortgage document package would have included a booklet of the terms and conditions, the meaning of certain words used within, instructions on what needs to be signed and witnessed, and a check list. Read carefully and then again. If you really cannot get in touch with your mortgage broker or get into the bank for assistance, then try asking your conveyancer for some assistance. Althought the best people to give you advise on this would be a solicitor, most conveyancer's will be able to help you out with the general terminology and understanding of the loan docs, as the mortgage docs from the big banks are usually pretty standard. Hope this helps and hope you get everything sorted without much stress 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 Re: so angry and confused 6Nov 06, 2009 10:07 am now I have been running around trying to organize the home insurance that nobody told me to get ahead of time when I actually had time to try and get it.. and because my house is like 80 years old they won't insure it unless its been rewired and has a safety switch. i'll have to go around to the property and look for sure but I am almost certain it has NOT been rewired. how the hell do people insure these kinds of homes? how do other people buy old houses? if i can't get insurance the bank won't give me my mortgage and then i can't get my house at all. but because i've signed the contract of sale before i was aware of ANY of this (thanks mortgage broker for being absolutely redundant) i will still likely have to pay my 10% deposit even if i don't go ahead with it. the 10% deposit i'm paying with the first home buyers grant, which i won't get because i won't be buying a house. this is stuffed I HATE RED TAPE not to mention i have to clean the entire house myself cos my housemates won't help, by 930 tomorrow for the real estate to come and take photos to re lease it.. and i'm meant to be starting work at 230 this arvo... so it is not going to happen. Re: so angry and confused 7Nov 06, 2009 5:02 pm The solicitor should have mentioned the need for insurance ASAP. I know mine does. There are so many books on real estate. There needs to be one (maybe there is?) outlining how to buy and sell a house. Many advise of the pitfalls etc. Maybe when you apply for a loan banks could give you a step by step process of what needs to be done and when. Too many things are just assumed. Not many people buy more than one house so it's not like you learn it as you go. The hidden costs are also a surprise to first time buyers. Really "they" need to make it easier. I never would have thought of your insurance problem and I've bought and sold a few properties. It's like when I bought a hail damaged car. Only after I bought it I found out the issues with insurance etc. (not as bad as your situation but you get my drift). I hope everything works out for you. It certainly puts a dampener on what should be a joyous occasion. Re: so angry and confused 8Nov 06, 2009 6:12 pm Well the house HAS been rewired because I looked and there is a fairly new trip switch. so that is a good thing to start with. I went with a different insurance company again, and they thought it was laughable that these other ones even cared about that whole fact. She also said my house is not likely that old anyway if its made of fibro (unless the fibro was added later). So now I actually have no idea how old the place is.. Not sure how to find out. I can't find any one website that will help me. perhaps if i post a pic, 1 of you know it alls will be able to guess for me http://www.realestate.com.au/cgi-bin/rs ... 1257495090 If this is a custom build then I would expect the builder to set out the door frame closer to the wall to avoid the gap between architrave and the wall and or specify… 9 8324 I recently went through a similar renovation and move scenario when updating our family home. We also swapped some rooms around and tackled a major… 2 10049 The HIA contract, in the term & conditions section states that "Commencment" is deemed when the drainage is started or the piers are dug or the slab is formed up (incase… 2 6183 |