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.
-rant concluded-
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4 comments :: thanks for sharing!:
Lol. They are a bunch of clowns aren't they.
I no matter what was not going to pay them morgage insurance for our house and came up with the 20%. I mean what is the point of paying 19K for them to make sure they got their money back if i defaulted on payments. They get the house anyway and last time i checked house prices haven't gone down.
Another thing that annoyed me about the CBA was that i asked for a offset account to put my savings into. They didnt want to do that and said why dont i just put it in to pay off the morgage. ERRR. Because douche bags i dont want to pay a redraw fee everytime i want my money.
So Ralph Norris from Reinsey and I belt your morgage insurance and bonus up your clacker. :)
Oh and if those mouse lemurs think they can get 700K for those crappy, poorly built houses in the estate, then i'll be asking for a mill.
Love your work Reinsey.
Oh dear, after so much waiting, you will be delayed yet again :( Never mind, is your house going on the market asap? Hopefully it will sell really quickly, surely then, the bank will let you start once its sold, before you settle? Sorry I didn't call you had a busy weekend work wise as well, will definitely call this weekend, I won't be going far! If we lived within walking distance this would definitely be a coffee moment!!
Dear Reinsey and Loz, sorry to hear of your woes with the Bank. Someone wants your house and it will sell quickly - these things happen for a reason. We sold both previous homes before building, it was good to have that emotional attachment gone and concentrate on the new challenge of building.
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