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Discussion in 'Introductions' started by Jodie, 23rd Jun, 2016.

  1. Jodie

    Jodie Member

    Joined:
    23rd Jun, 2016
    Posts:
    16
    Location:
    Mandurah, Western Australia
    Hi I am Jodie

    Brand new to the property market, recently moved to WA for work from the Gold Coast (big change) recently bought a block of land which I am pretty happy with and have entered a building contract where I have just hit a few bumps hence why I stumbled upon this great site and joined so I could rack some peoples brains for help, but much to my delight have stumbled across a group that may be able to help me with my issues but also a group that has so much knowledge and information that I have been reading and reading and reading...

    Fantastic site!!! It will be very helpful in the journey I have started in the property market...
     
    Perthguy likes this.
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,162
    Location:
    Canberra and Sydney
    Welcome aboard.

    What issues have you run into with the build?

    Cheers

    Jamie
     
  3. D.T.

    D.T. Adelaide Property Manager Business Member

    Joined:
    13th Jun, 2015
    Posts:
    5,603
    Location:
    Adelaide, SA
    Hi and welcome Jodie

    What bumps have you ran into? What stage is the building process up to?
     
  4. Jodie

    Jodie Member

    Joined:
    23rd Jun, 2016
    Posts:
    16
    Location:
    Mandurah, Western Australia
    Good Morning

    The problem I have run into is the banks valuation for our construction has come back 60k less than the price of our construction so they won't finance me unless I have a 70k deposit (I bought the land seperate and it's not the problem) I recently completed the pre start and I have just been waiting on finance. I have started to ask around and from what I have been told they are charging me too much and I have no idea if I can get out of the contract and go with a different builder.
     
  5. Jodie

    Jodie Member

    Joined:
    23rd Jun, 2016
    Posts:
    16
    Location:
    Mandurah, Western Australia
    Good Morning

    The problem I have run into is the banks valuation for our construction has come back 60k less than the price of our construction so they won't finance me unless I have a 70k deposit (I bought the land seperate and it's not the problem) I recently completed the pre start and I have just been waiting on finance. I have started to ask around and from what I have been told they are charging me too much and I have no idea if I can get out of the contract and go with a different builder.
     
  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,162
    Location:
    Canberra and Sydney
    Was it just one bank that had a low valuation? If so -
    time to valuer shop :)

    Cheers

    Jamie
     
  7. Jodie

    Jodie Member

    Joined:
    23rd Jun, 2016
    Posts:
    16
    Location:
    Mandurah, Western Australia
    Was it just one bank that had a low valuation? If so time to valuer shop :)

    Yeah just one bank, however they got a second valuation done, (which came back the same) when the first one came back low, is that common?
     
  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,162
    Location:
    Canberra and Sydney
    Hi @Jodie

    I'd get two more upfront valuations ordered.

    An upfront valuations means the bank will allow a valuation to occur (for free) before the applicant submits an application.

    Hopefully one of these valuation orders lands with a different valuer than before - and hopefully it comes back at a higher amount.

    Cheers

    Jamie
     
    Jodie likes this.
  9. Jodie

    Jodie Member

    Joined:
    23rd Jun, 2016
    Posts:
    16
    Location:
    Mandurah, Western Australia
    I'd get two more upfront valuations ordered.

    An upfront valuations means the bank will allow a valuation to occur (for free) before the applicant submits an application.

    Hopefully one of these valuation orders lands with a different valuer than before - and hopefully it comes back at a higher amount.

    Cheers

    Thanks for the info Jamie much appreciated and I think that is what I definately will be doing. Cheers