Valuation of House & Land Package

My partner and i have recently signed a contract for a house & land package, we have had finance approval subject to a valuation.
The property is due to finish in June (no date given) and our pre approval runs out on the 24th of June and due to our cercumstances we will be unable to get a loan if we have to re apply.
I am trying to find out if the valuer goes to do the valuation at the start of June and the house isnt completely finished, do they take into consideration the things that need to be done or do they value it as it is (unfinished)
We have to sign the form 1 on saturday and we are not sure if we want to go ahead and risk it or cancel the contract and buy an already built home.
 
Approx once property is 90% complete. They will take into account what is yet to be complete and give an end value
 
Bit confused, do you have approval or pre-approval?

Either way it will only be valid so long as all of the information provided at the time of approval is still correct. If you wouldn't get a loan because your circumstances have changed and you are no longer servicable, then you may still not get the loan. Do not be surprised if they ask for further confirmation of income details (ie, more payslips, etc).

If it is approved and it is simply that rates have gone up, but all other income remains the same, you should be fine, but only if it is complete approval, not pre-approval.

I am sure one of the mortgage brokers would be able to confirm this for you.
 
how could you cancel the contract? sounds like you are unconditional (and separate to that you have a finance offer in place subject to some conditions)
 
Approx once property is 90% complete. They will take into account what is yet to be complete and give an end value


Yep this is basically it.

Once fixing stage is complete the dwelling is considered to be 85% complete. By the time it is 90% complete it is generally painted.. all that remains is flooring and fitout.

As mentioned at about 90% we value it subject to completion of those items (appliances and hot water system are now almost always installed at handover due to theft).

Otherwise it is a To Be Erected -TBE- (off the plan) valuation.

In both cases the property is valued at the valuation/inspection date, subject to completion.

In either case, normally just one valuation is conducted. If it is a TBE valuation we usually do a completion certificate/inspection just prior to handover to let the lender know that the property is actually complete.

In your case you may want to make sure the valuation is done by the start of June, valuations are good for 3 months .. but like I said with TBE valuations they generally just accept the TBE valuation, no matter if it was done a year ago.

cheers

RightValue
 
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