Browse Forums Home Finance Re: Cost to cancel contract. Not enough money 3Dec 18, 2010 10:03 am The Harder You Try - the Luckier You Get ! Web site http://www.anewhouse.com.au Informative, Amusing, and Opinionated Blog - Over 600 posts on all aspects of building a new house. Re: Cost to cancel contract. Not enough money 4Dec 18, 2010 10:33 am Building an Eden Brae Saville 27 http://karry327.blogspot.com/ Building thread https://forum.homeone.com.au/viewtopic.php?f=31&t=44247 Re: Bank wont approve loan for construction 16Dec 27, 2010 10:19 am If I was to win Lotto, I would build with a different builder, now to win lotto Re: Bank wont approve loan for construction 18Dec 27, 2010 8:04 pm We finally have the loan approval but need to add almost $9K which is just annoying. We're going to draw on everything we have and can get our hands on and then we'll still have about 6 months to save for the things we had set aside the money for initially. We do have the Buildsure guarantee so at least if it is delayed by the builder we will be reimbursed for the rent after the contract period expires. Thanks for all of your support. Nettie.b Building Memphis 26 with Eden Brae 31 Jan 11 Scraped Re: Bank wont approve loan for construction 19Jan 11, 2011 1:21 pm Just an update and to ask if anyone else has been asked for this.. The bank is still stuffing us around. They sent us the loan documents for signing last Friday week which we promptly returned via express post. I have confirmed they were received by the bank on the Wednesday of last week. Apparently the loan is normally processed from that stage within 48 hours. Well, we're still waiting. Sent our broker a message this morning to find out if he had heard anything yet as I'm naturally keen to get the commencement of construction letter to the builder. He phoned me to advised the bank now wants to be provided with proof of currently insurance for building our particular home from the builder. Appropriate certificate showing the builders insurance has been provided already. Apparently that is insufficient. Has anyone had to provide this before? Does the bank think the builder is going to ask for the progress payments but not actually build the house or build it poorly? I swear the broker must have got the bank offside and they are just going out of their way to annoy him. Given the loan has been applied for through a broker I can't even phone the bank to discuss with them. Do I still have the right to go to the ombudsman or whoever? I have been sooo patient but I'm loosing my cool now. The broker seems to be unable to explain why this is happening. Any suggestions would be great. ps. We did have pre approved finance but due to taking out a novated lease on our 2 cars I have effectively halved my taxable income but in real $$$ of course it's worth our while. Because DH has changed jobs with lots of overtime (consistent with income of past few years and same job industry) so that has also caused a problem. I have been in the same employment for 13 years and have had a mortgage with the bank for 17 years with 2 gaps between selling and buying houses of just a matter of months. Nettie.b Building Memphis 26 with Eden Brae 31 Jan 11 Scraped Re: Bank is still suffing us around grrr 20Jan 11, 2011 8:30 pm Hi Nettie, Could I ask which bank you're going through? Ours sounds almost exactly the same as what you've gone through, we're with Homeside lending... Asking for this and that and everything else, having to put in heaps of our own money, taking FOREVER to grant unconditional approval so we could commence building (we never ended up actually getting a letter with "Authority to Commence Construction"!!)... Hope you get it all sorted out soon as I know how frustrating and emotionally draining it can be fighting an uphill battle with the banks! How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 There is evidence of water on the head reveals. That could have happened during the build, or may be happening currently. There are water stains above a couple of windows… 2 3826 You’re on the right track, wire brush in a grinder then a zinc rich epoxy primer then a top coat of some sort, like a waterproofing membrane. Raising the concrete would… 1 7020 |