The anxious wait, waiting for formal financial approval! Forms and paperwork all sent and received so now we might have a few weeks to see if our loan gets formally approved.
When looking at loans make sure you shop around, I had a bank loan ‘expert’ try and convince me to take out a loan and get another loan from my parents. So that we could meet the 20% deposit requirement and said that our borrowing power would be for a much smaller property. He suggested that we would be paying off two loans possibly three if we did land and build separately and be hit with two (high) interest rates…one as a home loan and one as a personal loan in someone else’s name which we would privately be paying off?!?! This was disgusting, he had all the info, I believe that he looked at my appearance and assumed I was a very young and clueless and thought that he could rip me off. This bank was empty which is why I unexpectedly stopped by to get some information. Whether I was judged on appearance (as I was very casual thinking I would be just going for a walk) or they were overly obvious in ripping people off, the bank was empty so maybe that was an early sign.
As my partner was working, I then approached a well known mortgage brokering company and the rudeness and shovenistic arrogance from the broker was enough to lead me elsewhere. I felt like telling him to shove the paper up his ass just because of his attitude. He didn’t want to hear anything at all and pretty much said, fill in this form we will get to you… at this time we just wanted to see what we could afford approximately. It was a challenge speaking to a few banks and trying to budge an estimate out of them, even with appointments it drove me insane. Online estimators varied and I would be positive that we could build immediately one day and then concerned that we would have to wait longer. After approaching lending bodies on our own, we eventually had a lender in mind and a little more confidence.
We did engage with Resolve Finance after we had a walk through of our potential new home plan. Resolve gave us figures similar to what we had come across and with the same bank we had been considering. For the short amount of time we were involved with Resolve’s services, I gave figures over the phone and received an answer a few hours later. They were very prompt and eager to help out. Of course we would have had to submit paperwork and evidence to support our situation, but they were definitely extremely helpful. If you do go through Resolve Finance with your Boutique build, you don’t need to put down the full 5% deposit at the signing of contract, which may be a good incentive for some.
We are waiting formal approval so hopefully all will go well but my advise is shop around, don’t stick to one broker, go to the institute/bank yourself and see what they can offer you. Keep in mind, you are paying off the loan so make sure you can afford it oooo and don’t deal with pigs!