Finance to build when I have a signed contract of sale?

I have a signed contract of sale for $255k, and a contract to build for $175k.

The house is to be built on the back of my PPOR, which is not yet subdivided (all the paperwork is in place, the surveyors want me to get the slab down first which will save a couple of grand in a planning report).

Given I am fairly well tied up income wise with my other properties, ANZ have said no, both the business and res divisions.

Any ideas on who I should approach?
 
GRRRRRRRRR

NAB are only valuing the rear house at $175k, the build price!!

Can't get the builder to do an increased contract price as it then creates servicability issues.
 
GRRRRRRRRR

NAB are only valuing the rear house at $175k, the build price!!

Can't get the builder to do an increased contract price as it then creates servicability issues.

What else would you value something that does not exist yet ?
I am buying "something" for 200, please loan me 400 using it as security?
Its not like a valuer can walk through the house and see how well built it is
 
even if the valuer valued it higher than the build price, in all likelihood the bank would only use the cost price.

Its the same with 'undermarket' purchases, the bank will use either the valuation of contract price whichever is lower.

Did you realise once the subdivision is through the valuation will be higher? You might then have a chance of getting the bank to sign off on the higher amount.
 
Well if your saving 2000 then that makes up for the 50K difference in values dunnit,
Contract of sale is not a valuation
the property does not exist
bank gives money, less scrupulous borrower pockets money nicks off, bank recovers $10 from a $5 block of land, really going to happen for sure. Not casting aspersions,, the bank is doing that,
 
Seems like by saving $2k in not applying for subdivision until slab, this is going to get in the way of financing the deal.
Pretty cheap land at $80k!
 
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