Hi everyone,
As I sit down to write this post today, I have a mixture of emotions. We are happy to say that we have a frame completed. This is a huge step and we are able to see how our house is coming together. Looking thought the windows and enjoying the lovely site was a great experience. We went to check it up as soon as the builder notify us on Friday afternoon. Very happy to see the result, we paid the rest of our deposit the following Monday…
This is when it turns a bit sour! As we knew that the invoice is due by Friday, we started to call the bank the very next day to make sure that all the paperwork is correct. They have 5 business days to process the payment and guess what…? No reply till Thursday when we found out that 90 days has pasted from our settlement which basically meant that we have to be re approved… so with the bill over our heads and interest rates growing from the builder we are waiting to hear back from the bank! It is almost two weeks since we were due to pay the builder. Our situation has not changed and we send all up to date payslips and it seems that they do not care about customers at all! It is not like bank is giving money away for free we, are paying enough interest on it. I would imagine that it should at least get us a decent level of service.
Sorry if I rumbled a bit but it just shows how stressed I am at the moment. My brain is telling me there is no reason for us not get approved but my heart is wondering what we would do if we are declined finance while already building… we have signed the contract with the builder and they started the next stage already. It makes me wonder how this kind of situation is even possible.
I will keep you updated with the process and hopefully will hear something soon. If you planning to build the house make sure to check if you have similar clause in your mortgage contract. Maybe our experience can save someone from going through similar trouble.
