Construction Loan - Paperwork all done!

The construction loan was all finalised this week. The huge amount of paperwork was all signed off, and our bank confirmed that it's all been received. For whatever reason our bank had settlement booked in for today 11th April, however at my request it will now be 16th April so the repayments coincide with my monthly pay date. So of course we didn't get out of paying LMI, but we're happy things are moving along in the right direction.

During the week we had an email from Porter Davis advising that we now have another buiding co-ordinator, Hayley. Sad to say goodbye to Jaymee-Lee, as she did all the hard work with our contract.
I'm yet to hear from her - looking forward to making contact as we should be receiving the site start date in the next week or two. They have ordered a new soil test some time ago now and submitted our house plan with the facade tiling to the developer to meet the 'your facade must have 2 materials' requirement.

So now waiting..waiting ... as Porter Davis have us in for an April start date.. no doubt that means end April with Easter and Anzac Day coming up.

LMI heart break

So no surprises there.. the 'apparent' 2nd and 3rd valuation came back at the same price as the 1st valuation which is of course cheaper than our actual house & land cost.
LMI will be built in to our loan.  It would have been nice to have avoided this one but for now we have to deal with it. On a positive note we hadn't allowed for the State Revenue Office's "Principal Place of Residence" rebate so that helps ease the pain!

Land is Settled - The Ball is Rolling!

Everything went through smoothly for land settlement, and we received notification by 3pm that day.

Now for our finance company to order another property valuation as the first came back $40k less than what it's costing us. If it comes in too low again.. we'll have no choice other than to pay Lender's Mortgage Insurance which we were really hoping to avoid. Somehow I don't think the odds are in our favour with Cranbourne East typically being a budget suburb. If only the suburb had been renamed to Casey Fields already, we would have had a better chance!