Finance Approval – the house is on the move!!!

I have been a little slack in reporting the progress of the house...things were happening I just didn't think to report it *blush* - sorry about that!

Better late then never...

Finance was a little slow in final approval not because of us meeting the loan or servicing requirements because we did that fine. I just took issue with the valuation of the land. It seems the valuer would only value the land for what we paid for it when clearly it was worth approx $25,000 more then what we paid for it 6 months ago. Hence I wanted them to go back and do it again. Fat good that did! I even provided history of sale for the block opposite which was much smaller and sold for $24,000.00 more then what we purchased ours for 6 months prior, but that apparently wasn’t enough and they wouldn't budge on the valuation *cough cough*- damn pride issue me thinks.

I was really cranky over the whole valuation issue because it means we have to contribute some extra money ourselves - long story but apparently someone stuffed up and lent us a little too much for the land so there was a slight shortfall with the Loan to Valuation Ratio which they had to grab back from the construction loan. If they had of valued the land a little bit higher (which they should have) there would not have been any problems. Seriously, when the house is finished it will be worth a lot more; it's just those damn valuers only ‘like’ to value at cost price - of course they don't refund mortgage insurance! Anyway, what is done is done...it’s all approved which is a load of my mind.

Whilst the valuation debacle was taking place the house plans were approved and certified by council which happened much quicker then what I thought it would. It's nice to know there are some things that don’t move at a snails pace when building a house.

So, what next?

Well (fingers crossed) they have 20 days from today in which to start building (assuming of course the approval letter we forward to them today was to their satisfaction).

We are wrapped. To think that our lovely little block of land will be a buzz with activity in the coming weeks is marvellous.

I truly cannot wait to see it transformed.