As if completed val - renovation staged payments

[Eddie07]

Hi guys, was hoping someone would be able to help me with another question I have. Here's an overview of my situation:

We engaged a broker earlier this year to help us apply for an as-if complete valuation as we wanted to do a full cosmetic renovation to our house. We are using a renovation company/builder. The cost of the renovation (quote/tender provided to lender upon application) was approved and all loan docs have been signed.

The initial plan was for us to finance the reno with cash then once completed, get the bank valuer in and release the approved funds in one full payment.

The renovation is now at about 80% complete and I have paid the renovation company/builder all the staged payments up to date.

However, our financial circumstances have somewhat changed and we are now short on cash.

Are we able to go to the bank, and get them to release some funds based on the already completed works, i.e. 80% of the approved funds based on the as-if val? As opposed to simply waiting until it's fully completed.

If this is possible, what do we need to do and what documents are required?

Our broker has not been much help and has pretty much been uncontactable since the loan documents have been approved and signed.

The lender is CBA.

Thanks,
Eddie

 

[Rolf Latham]

Hi Eddie

will be tough until the current works are complete

what sort of work isbeing done pls ?

ta
rolf

 

[Eddie07]

Hi Rolf,

Thanks for your reply.

We are basically renovating the whole house; bathroom, kitchen, floors, paint and some landscaping etc

Eddie.

 

[Brady]

Eddy I have recently done this for a client in the last month.

No issues at all, as long as you have a building contract in place (or able to get a builder to put one in place to take over the project)

You will be able to provide the building contract along with receipts of the work thats been completed. Finance will be approved on the as if complete amount, you should be able to cash out up to 80% as well.

Obviously you have to be able to show that you can service the loan.