Home Loan Contract Schedule Received and Builder Home Contract Signed

Yesterday, we received by mail the Home Loan Contract Schedule from our Lender, which we duly signed and witnessed by a JP, and posted them back to the Lender for the way forward.

Today, we met with our lovely Sales Consultant, Rebecca Hoyer at the Metricon Brooks Reach office (instead of having to travel to Sydney headquarters) and signed three copies of the Contract and a variation.

I then flicked an email to Metricon Customer Support Consultant advising her of our loan approval and providing evidence of it, so that Metricon can move forward to the next stage of the pre-construction process.

We learnt today whilst signing our Home Contract that our site supervisor is likely to be the guy who built the display house at Brooks Reach. If this is the case, I would simply be delighted!

Next stop: External, Internal and Electrical on one long day on April 4…however, we have been through this process before; therefore, we should be super-efficient and hopefully enjoy the selections!

We are Back, but only after ‘Back to Square One’

Property Valuation. The very thought of it evokes nightmares. Indeed, it did…and almost crushed our dream of building a house. The valuation came 100K lower; yes, right, $100,000 lower.

Apparently, the value of the property that sold for the highest price in our suburb is 100K lower than the price of the house we wanted to build. According to our Lender, the valuer would have had no problem valuing it at the price we wanted had the property to be constructed was in northern suburbs…yeah, right.

We did approach another major lender, but had a similar outcome. Eventually, we had to scrap the Phoenix 44 project with bells and whistles…

But then, with some words of wisdom, courage and advice from a number of stakeholders including Metricon’s Sales Consultant, Rebecca Hoyer, we realised all is not doomed.

Since we had to cut down a significant number of items, Metricon agreed to scrap the current contract and issue a new contract for Phoenix 35 (with extensions, it is Phoenix 41 now). This meant starting the process all over again, but at least, our family is finally relieved to know that our home loan has been unconditionally approved (of course only after yet another valuation, which came right this time).

We are signing the Contract with Metricon later this week.