Browse Forums Home Finance Re: Our chance? 3Jan 02, 2013 11:35 pm Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Our chance? 10Jan 03, 2013 11:12 am Thanks for that information. We looked at doing carpets and timber flooring after the handover and estimating to spend just under $10K- at least we can choose top quality products and don't have to pay crazy upgrade fees. I am also paranoid that builders only include basic products that look like SH*&T. Plus no builder will disclose what is included until you pay deposit, etc- which is a shame because you have no idea what you are getting yourself into. So many decisions to be made. We are looking at four builders however after a couple of weeks of researching and comparing you just want to throw your toys and sign on the dotted line to get it over and done. Re: Our chance? 11Jan 03, 2013 11:23 am I know that feeling! I think flooring and window treatments are one of the best ways to save money! And you get much more choice! Our flooring is costing us nearly $10,000 (that includes the tiling in the bathrooms and laundry). And our carpet is the cheapest! To upgrade to one we looked at (only a step above builders standard range) was going to be another $1000! When it was already costing about $1000 couldn't justify it. Decided to spend on the living area flooring! Aussie seemed quite upfront about what their inclusions were. But some upgrades blew us away others were surprising! Like our bathroom sinks. We didn't want standard or the upgrade they offered, we picked something different and was less then $200 for the two. On the other hand having a wood look garage door was nearly $1000!! I would push to include as much as possible at the beginning, like stone bench tops if you want them, pot draws in the kitchen, extending benches/vanities! The less you have to upgrade at prestart the better! Also when you do get final drawings to sign off check everything including window locations. If you have the time take them home and spend a few days going over it just to make sure! Also find the post on here about things you forget, some of it doesn't apply but there are some great ideas, like put the manhole in the garage! Also I do think little things can make a big difference on appearance, we paid to have tiles mitered and a small additional laying fee to have no standard sized tiles just so we didn't have the standard 200x200 tiles. Good luck! It is exciting and stressful! Re: Our chance? 12Jan 03, 2013 11:28 am I have a spreadsheet with so many questions but I feel really bad asking ALL the questions, some builders might think that I am crazy Totally off the subject....looks like you are a couple of steps ahead of us and you might know....did you get a lawyer to look at your building and land contracts? Our lawyer is looking at charging us $1600- $1700.00+GST just for the land contract- I think its out of control. Re: Our chance? 13Jan 03, 2013 11:51 am Are you in WA? We bought the land through a private sale, standard sale contract used here in WA so wasn't a worry. I do sometimes think that having someone look at the building contract would have been smart but didn't do it. I took the opinion that they have built a lot of houses and it is a standard contract so not sure what we would have changed. After being on here I probably would have changed the amount of time they had to build and also the compensation if they don't finish on time. Though we are going to be living with my mom during the build so won't be too out of pocket.... I would advise at least taking it and reading it yourself and if things don't make sense seem odd note them and ask what they mean. Re: Our chance? 14Jan 03, 2013 12:03 pm We are building in NSW so different regulations etc I think i might get a lawyer to have a look at the documents before signing however will try to look for a more affordable lawyer. Re: Our chance? 15Jan 03, 2013 12:28 pm Scared1stTimeBuilder Hi Michael I would like to get your opinion on our situation: My parents are gifting around $110K to us We currently only have $2K in savings as we were not aware that we need to have savings because my parents are paying deposit on our first home. . CBA has rejected our home loan because my Fiance's account was in overdraft a couple of times in the past six months, I thought it was nothing major however CBA didn't think the same and we have been banking with CBA for the past 4 years. I have heard before that its very difficult to get an approval from CBA. Hi, You will need to apply with a tier 2 bank, without seeing your credit file i can safety say if any of the major 4 banks carry out their system generated "credit scoring" you will get an auto decline within a few days... especially CBA since you overdrawn their account. Also not all banks will accept an non-genuine savings loan ( gift) so it looks like your Broker made a embarrassing rookie mistake The good news is; as long as your LVR is under 90% ( even better if it's 80%) from the above details you can easily apply for a loan with a tier 2 lender who doesn't credit score + allow for non-genuine savings OR will take in consideration 12 moth worth of consistent"rental history" - Such as - Suncorp - Adelaide bank - First mac - Me bank - Macquarie etc.... Which bank to choose? it will depend on how your credit file looks like and other financial details + work history/type and LVR. Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Our chance? 17Feb 14, 2013 1:26 pm G'day all. Some interesting talk here that is relevant to our situation. Shape, I was wondering if you or others could comment on our application. We are going through a broker who said he was confident our we would be successful with our application for $450k construction loan. Suncorp - gift as part of deposit taking into account 24 months of rental Hx at $290 per week. (See attach for details) Combined salary $140k Deposit. $17.5k savings history 5 months $8k as gift (not in our account, a signed Suncorp gift declaration form is being used) Min deposit required 22.5k ( 5%) 11k credit cards limit. Broker discussed with his suncorp contact and said we should make offer secure land. Bank did not give official pre approval. We secured land at 155k 28 days subject to finance, soil, wind blah blah. Waiting on house quote around 250k. Have a look at these Suncorp docs and our situation and see if think we get approved. Thanks a lot! Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Hoping someone can help. It's a 30 year old brick veneer house with a negative slope from the street. There's no effective drainage here except for a rubble pit at the… 0 732 of course there are legal avenues. You've already mentioned it. Sue them. I find it odd that lawyers wouldnt be willing to take on the case, given CCT evidence and… 1 24584 "Losers" "humanity" "off time" "your" "top notch" "love symbol" Sounds like ponzo is done using other people's toilets 36 25173 |