Beware...this is going to be a rant!!!
Although our beautiful rectangle (or oblong as Loz would say - must be an old person thing!) took 11 months from initial purchase to title stage, our bank (which bank I hear you ask - and yes, you'd be right) has decided that it has only increased in value by $2,500 in this time. Heavy sigh! What would be the point of buying from an unregistered sub-division, paying 10% deposit 11 months ago, and not being able to build on it for almost a year, if it didn't increase in value? How do they get this bs figure when the new stages of our estate with smaller blocks - substantially smaller blocks - have sold for a shitload more?
I know that in bank land things are done differently, but in the real world, the value of something is what it would frigging well cost you to buy it. now. not a whole year ago.
Not only are they bending us over about the land, they have decided that in their expert opinion, our construction is over-priced and they have deducted $30,000 from the value for our build. Seriously??? It's 39 freaking squares people. It has every possible thing you can have in a house.Have you even read the plans and specs? The ones we've spent the last 11 months of our lives perfecting - morons!
Why does all of this matter?
We're now looking at mortgage insurance - $19,000 of it - as we're over the magic 80% mark based on their biased valuation that only benefits themselves. I could buy a car with that amount of money! Do they take into account the fact that neither of us have EVER missed a mortgage payment in our lives? Do they even check what blocks are being re-sold for in our estate? Have they looked at freaking realestate.com.au and seen that the Metricon display houses in The Avenue display village are being sold for like $700,000?
Well your not getting our $19,000 stupid bank. We'll sell our house first and then build after it settles, so that'll put a massive dent in your 578 billion dollar profit for the year, won't it? Bet your shares have just plunged in value now.