Thursday, June 2, 2011

It is certified

Council has issued the Certificate of Compliance to stage 21. That means our block will be registered soon.

Btw.. Bank valued our new house to a lower value quite unexpectedly. However, since the valuation of the land has gone up I still hope I can borrow the amount required for the construction. Have to wait till next Wednesday for the decision.

5 comments:

  1. Same thing happened to us Yam. House was valued 30k less than cost. Our problem was that being in an almost brand new suburb, there are no comparable sales to base valuation on. We fought and fought but in the end CBA won and we had to pay mortgage insurance. Our choices were to delete some of the extras or to pause the build until our current house sold. We did neither and just paid up, but I wasnt impressed!
    If the valuation they do at final invoice stage comes in over the earlier valuation, we'll be off to the banking ombudsman to claim our mortgage insurance back!!!

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  2. Thanks for the comment Reinsey. I am actually short by 9k. If I were to borrow that with the current valuation I will have to pay at least 2k for the mortgage insurance. That is ridiculous :). However, I am going to ask builder to accept a credit card payment if I don't get that money.

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  3. Trust Tender runs smoothly and Bank come to party.

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  4. Ooops...sorry Yam, mixed you up with another on H1. Bank are the hurdle??

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  5. Hey Debra, Thanks for your comment. Bank agreed eventually :)

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