Unregistered Land - CBA Valuations

[schebib]

I recently heard that CBA is no longer valuing blocks of land purchased of the plan unless they have written confirmation from the Developer/Conveyancer that the Plan Of Subdivision will be registered within 90 days of the date of purchase.

This means that buyers purchasing (mainly in new estates) will not be able to satisfy a finance clause for any purchase where the settlement is 90+ days from purchase.

Not the best position for the developer, and also inconvenient from a buyers perspective if val?s don?t come through as expected.

Thought?s?

 

[Shahin_Afarin]

I don't think its an issue considering you cannot settle until the land is registered AND some lenders have a limit of when the approval lasts which is less than 3 months so its in line with that.

Some lenders like Bankwest have much longer approval time frames but overall I don't think its a big issue.