Firstly, the bank valuation came back and has exceeded my land and build price, which is great news and a relief! The home loan and off-set accounts are already showing up in my online banking and hopefully once the signed mortgage forms get back to the bank this week I will have an available balance showing!
Secondly, I received this letter from LendLease, so hopefully registration is only a week or two away! How they managed to get council to sign off on the estate before foot paths, etc are completed beats me though....
Hey Ryan, Great blog so far. Did you think depositing with McDonald jones before having a loan approved was a risk. We are deciding weather we deposit and lock in price now or wait until loan is approved. Huge risk if it all falls through .
ReplyDeleteIt was definitely a risk, but I sought advice from my mortgage broker and stayed well under what the maximum amount he said I could borrow was.
DeleteHowever, I found a few months after signing the land and building contracts that there was a lot of uncertainty at work and this placed a fair amount of stress on me. After all, if I didn't have a job ,or was under probation in a new job, I would not be able to even settle on the land and risked losing my deposit.
The benefits for me were that I got the $15k FHOG before it reduced to $10k (in NSW this is) and it gave me plenty of time to have everything ready to go with MDJ (ie. deposit variations, plans, colours selections, contract and electrical selections).
So my advice would be, make sure you consult a decent mortgage broker and consider what your future job prospects may be before making your decision on signing up with a builder earlier on in the piece.
Thanks for your advice. We are in stage 2B so a little while to go yet but want to try and avoid any further price increases from our builder and are tossing up weather to sign or not. Big risk but it could potentially save us thousands :)
ReplyDeleteNo worries.
DeleteJust make sure that you have MDJ spell out in your contract what happens when you go over the expiry date of your tender as their standard contract did not have this in it and I had to get them to add it.
Keep sharing wonderful post like this..
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