FINALLY!!! some good news for us.
Our house was valued at contract price and our new lender has given us Formal Approval today!!
We had a few different brokers looking for lenders for us and we ended up using Tony from AKL Finance to help us find a lender who'll refinance our land and value our house appropriately. I couldn't recommend Tony more, he's been knowledgeable, helpful, professional and his communication was fantastic.
In sheer contrast, the broker from Resolve was sexist, a little condescending and getting him to reply to an email or return a phone call was next to impossible. We'd emailed him and called him a few times during the week asking for him to provide us with some information regarding the loan he was suggesting, but still did not get back to us. I'm not exaggerating when I say; after we emailed him to say we're going with a different lender, we got a response almost immediately (within 5 minutes), and all the email said was "Which Lender?"..........Seriously?
Tony was fantastic though. And I'm happy to say we'll be taking our business to AFG Homes Loans.
On the subject of the actual house though, I'd like to acknowledge just how wonderful Boutique Homes have been this time around. I'm thankful just about everyday that things went to sht with Porter Davis. Our pre-start consultant Courtney has been absolutely fantastic to deal with. Just today I sent her a list 8 things that needed fixing on the plans and without hesitation, Courtney had them fixed and new plans sent through same day. She even keeps us updated with progress of our file without any prompting. We never have to ask what stage we're at. She's a bloody legend!
Fingers crossed for an early August site start :D
Friday 26 June 2015
Monday 8 June 2015
A cruel situation....
I think it would be fair to say that things really haven't gone our way with just about any stage of this build.
After speaking with the broker from Resolve Finance (Boutiques 'in house' mortgage brokers), we were hit with yet another blow. Apparently lenders do not like to refinance mortgages within 6 months. That means, because we took out a mortgage on our land in March, we have to wait until at least September before another lender will consider us for finance....WTF?!? I have a feeling that Westpac knew we would likely be in this situation so undervalued our house.
Bankwest think our house is worth what we're paying for it, but we cannot get a loan with them for at least another 4 months. It's such a cruel situation to be in.
Our Aussie broker has tried reasoning and negotiating with Westpac, but they will have absolutely no bar of it; they're being complete and utter pr!cks!!! And the broker from Resolve has tracked down a lender that does not require 6 months repayment history, so we're currently sitting and waiting to hear back about their valuation, but once again, not holding my breath.
So, assuming that this new valuation doesn't come in any better, our situation is this:
1. Accept Westpacs offer, meaning we have to put more money in and borrow more, but we will get in to our house sooner...
or
2. Wait yet another 4 months (we're already 6 months behind schedule) and then try and find a lender that will value our house more reasonably.
decisions, decisions......
After speaking with the broker from Resolve Finance (Boutiques 'in house' mortgage brokers), we were hit with yet another blow. Apparently lenders do not like to refinance mortgages within 6 months. That means, because we took out a mortgage on our land in March, we have to wait until at least September before another lender will consider us for finance....WTF?!? I have a feeling that Westpac knew we would likely be in this situation so undervalued our house.
Bankwest think our house is worth what we're paying for it, but we cannot get a loan with them for at least another 4 months. It's such a cruel situation to be in.
Our Aussie broker has tried reasoning and negotiating with Westpac, but they will have absolutely no bar of it; they're being complete and utter pr!cks!!! And the broker from Resolve has tracked down a lender that does not require 6 months repayment history, so we're currently sitting and waiting to hear back about their valuation, but once again, not holding my breath.
So, assuming that this new valuation doesn't come in any better, our situation is this:
1. Accept Westpacs offer, meaning we have to put more money in and borrow more, but we will get in to our house sooner...
or
2. Wait yet another 4 months (we're already 6 months behind schedule) and then try and find a lender that will value our house more reasonably.
decisions, decisions......
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