Feb 09, 2017 3:00 pm
Basically we have had our loan approved at a contract value which included two split system air con units.
After much discussion, we have decided ducted may be the way to go.
We would require an additional $5k to get ducted. What is the process of having the bank fund this, or are we just better off paying this out of our pocket?
Re: Adding in items after loan approval2
Feb 09, 2017 3:44 pm
Hmm that can be tough - depending on how much you need to borrow as a percentage of the valuation. It can be added as a variation to the contract, hopefully you don't need to convince a valuer of the extra value.
If you can afford it yourself that's the cheapest and easiest way of course. It will either have to be paid up front if the builder puts it into the total - or when the job is done if they add the variation in then.
Property crazy expert mortgage broker, love building new homes!
Two Red Shoes mortgage broker
Re: Adding in items after loan approval3
Feb 13, 2017 11:32 pm
Generally any additions after a loan has been approved need to be paid out of your pocket.
If you do want to add it into the contract as a post contract variation to borrow the funds, the loan will need to be reassessed again.
Phoenix Loan Consulting
www.phoenixloans.com.au | Ph: 0409 799 372
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