Browse Forums Building A New House 1 May 02, 2012 12:50 pm 29/05/12 - Contacts Signed 18/06/12 - Land Settlement 03/07/12 - Building Approval 20/07/12 - Slab Down Re: Should I be worried 3May 02, 2012 2:07 pm I wouldn't be too worried - but I would be prepared... Looks like that you have a healthy Loan to Value Ratio (LVR) with your deposit and as long as your employment history is pretty stable the bank won't see you as a major risk. However valuers can be pretty ruthless and our place was undervalued by $20,000. This was a combination of us building a brand new house in an established area (nothing to compare it against) and that banks don't see things like stone benchtops, ducted aircon adding value to the house (which in reality it does). We were fortunate to have a significant deposit which left us plenty of buffer room, but we did go above the 80% LVR criteria which meant we had to pay some Lenders Mortgage Insurance (LMI), which in the grand scheme of things meant we did not have to compromise on what we wanted. Re: Should I be worried 5May 02, 2012 3:55 pm thank you, i won't panic too much yet then! lol Current medium house price is around $326,000 so I am not sure how much that factors into a bank valuation 29/05/12 - Contacts Signed 18/06/12 - Land Settlement 03/07/12 - Building Approval 20/07/12 - Slab Down Re: Should I be worried 6May 02, 2012 8:47 pm one of my mates is building there and he did get under valued, they told him because distance NEWtobuilding3 Hi, I have been luking around this site for a while and have found it very useful. We are looking at Building in Bacchus Marsh and are just about to look at finalising our loan. I am getting worried our bank will under value the deal and we won't be able to borrow as much as we need. First time home owner and builder so we are jumping in the deep end We have a $90,000 deposit plus eliblity for First home buyers grant of $26,000 (we count as regional, so there is an extra bonus). House and land pack we are looking at is $417,000 and we want to borrow $320,000 - $320,000. anyone had any recent valuations around the area? should I be worried? Re: Should I be worried 7May 02, 2012 9:55 pm Just be confident of your ability to pay your loan and stay in fruitfiul employment. Good Luck (my mother is one of the famous Hardys from Bacchus Marsh) @builderforlife Building inspector and passionate about construction When you need an expert to take a look. i imagine you also have another contract with an architect? and yeah, whatever other's said about special conditions and appendices 16 16119 hey there! π so, itβs kinda common for standard drawer depths to be around 500mm since most cabinets use this size to fit the usual runners… 3 21012 I've decided, after a period of confusion (my building broker told me it's probably not worth it to use a lawyer, but others have said it is a must) that I definitely will… 7 27978 |