New Villa near completion and bank loan

[write2abdul]

Hi Finance Gurus,

I'm looking to buy a new villa for PPOR in Sydney which is due for completion in Jan 2015 last week. I have 5% deposit and have preapproved loan limit of 700k with bankwest. The Villa is about 650K.

What is the best approach to secure the loan as I have heard bad stories with bank rejecting the valuation for Off the plan properties. Shall I do a bank valuation with bankwest before I get into contract with the builder?

Thanks in advance

 

[Redom]

Is it just about complete? Given your so close to completion, you could probably go unconditional before putting your money down.

Cheers,
Redom

 

[Jamie M]

Hi Finance Gurus,

I'm looking to buy a new villa for PPOR in Sydney which is due for completion in Jan 2015 last week. I have 5% deposit and have preapproved loan limit of 700k with bankwest. The Villa is about 650K.

What is the best approach to secure the loan as I have heard bad stories with bank rejecting the valuation for Off the plan properties. Shall I do a bank valuation with bankwest before I get into contract with the builder?

Thanks in advance

Hiya

Is the property close enough to completion that a valuer can gain access? If so - you should be able to arrange formal approval now. If you can't arrange formal approval now - I wouldn't exchange contracts given you need a 95% lend.

Cheers

Jamie

 

[write2abdul]

Hey Jamie

Only 10% work is left like - bathroom fiitings, kitchen tiles etc

Hiya

Is the property close enough to completion that a valuer can gain access? If so - you should be able to arrange formal approval now. If you can't arrange formal approval now - I wouldn't exchange contracts given you need a 95% lend.

Cheers

Jamie

 

[Redom]

Hey Jamie

Only 10% work is left like - bathroom fiitings, kitchen tiles etc

Hmm valuers unlikely to accept this. You could potentially order a valuation to see what it comes out at now (this is likely to cost you, brokers can organise) - if its on the money now, it'll most likely be on the money in a months time.

Cheers,
Redom

 

[Jamie M]

Hey Jamie

Only 10% work is left like - bathroom fiitings, kitchen tiles etc

ok - it would probably need to be closer to completion before a valuation can be carried out.

Cheers

Jamie

 

[Corey Batt]

Once the property has everything except appliances etc a valuer can complete a val on the property.

It's a bit of a juggle with the timelines for these deals, but all just a part of a days work. I've got one of these settling at the end of the week.

 

[write2abdul]

Thanks Guys. Will try when the property is ready to occupy.

Once the property has everything except appliances etc a valuer can complete a val on the property.

It's a bit of a juggle with the timelines for these deals, but all just a part of a days work. I've got one of these settling at the end of the week.