Thanks for the detailed reply. Appreciate it.
Just one other question. At what stage of the development would the bank require as a minimum to do valuation (e.g. wall and roof are completed) to give us a formal approval? This is just in case the developer applies for occupancy cert and registration of subdivision while the little things like kitchen top and floor boards aren't done, with the anticipation that they'll be completed while waiting for O.C. and subdivision.
Search found 2 matches
- Mon May 03, 2010 12:26 pm
- Forum: Home Loan Forum
- Topic: Home loan for off the plan
- Replies: 3
- Views: 9269
- Mon May 03, 2010 11:17 am
- Forum: Home Loan Forum
- Topic: Home loan for off the plan
- Replies: 3
- Views: 9269
Home loan for off the plan
Hi,
We'd like to buy a property off-the-plan (10% deposit and 90% upon completion). It is a house that has not yet been built that you will purchase when the developer has completed construction. The plan of subdivision has not been registered. Settlement date is 14 days after the vendor the subdivision has been registered and occupancy certificate has been obtained, but not before April 2011 (it's in the contract).
Assuming I have pre-approval that is still valid, is 14 days enough time for the banks to get the funds ready for settlement?
We'd like to buy a property off-the-plan (10% deposit and 90% upon completion). It is a house that has not yet been built that you will purchase when the developer has completed construction. The plan of subdivision has not been registered. Settlement date is 14 days after the vendor the subdivision has been registered and occupancy certificate has been obtained, but not before April 2011 (it's in the contract).
Assuming I have pre-approval that is still valid, is 14 days enough time for the banks to get the funds ready for settlement?