Waiting ...

Well all is quiet on the western front.  Sent an email to my CSO at PD regarding the site start date which my broker requires for lodging the FHOG application.  Have yet to hear back:

Outstanding issues which I need to keep in mind:

1. Approximate Site Start Date to be confirmed by PD CSO
2. Site re-establishment survey might be required as indicated on the engineers report.  I need to determine whether the builder can identify the lot boundaries
3. Electrical:  Confirmation of the total cost of the electrical fit out as theyd left out my aerial and home theatre pre-wiring in the contract signing phase
   
4. Variation:  Require cost of extra window to 4th bedroom
5. Variation:  Once I have the cost of the 4th bedroom I will then determine whether I will go ahead with the water tank connections
   
6. Variation to add:  I need to add a power point for an alarm system.  Need to determine a suitable location for this.
   
7. Variation to confirm:  Alarm system is not included
8. Variation to confirm:  Insulation R4.0 Ceiling, R2.0 Walls
9. Evaporative cooling is left in the contract as is

Unconditional Approval!!!

Just got off the phone from my broker and he has informed me the bank has approved my construction loan, unconditional!!! YES YES YES!!!!!!!!!!!!!!!!!!!!!!

Valuation Pending

Well met with my broker on Wednesday to hand over the certified copy of my contract to build (yay to the government and the FHOG!)

He has still yet to hear back from the bank as its in the hands of the 3rd party valuers, so hopefully I get a good word by tomorrow 

The longer the wait the greater potential for delay in a site start which is not ideal - yeh the sooner the better I reckon.  Never the less the builder isnt going to start anything until Ive got unconditional approval for the construction loan.

It is still nail biting suspense on this front, though my sleeping patterns have change pre-land settlement from waking up at 3am with worry to not going to bed til after 1am with anxiety.  Well as they say what doesnt kill you makes you grow stronger so maybe Ill be rock hard at the end of this long experience!

Also emailed my CSO at PD and asked about the cost of the variation for the extra window in my 4th bedroom  and have yet to hear back.  As soon as I get that quote back Im going to decide whether I should add in the extra connections for the water tank ... based on the price differential they were going to charge an extra $1700 to include a standard 2100 litre water tank as opposed to not having one.  Well a quick google says I can buy one for around the $700 mark so why not save a buck or a thousand.  Think in the long run it will be good to get them to do the install of the pipes from the down pipes and back up to mains and connection to the 2 toilets and the concretet pad and pump as it will save me a lot of time and hassle in the long run and wont cost that much extra as opposed to me project managing the entire process myself.

Warming up

Well a few things have finally eventuated in the past week, my CSO at PD finally got back to me regarding the insulation to walls and ceiling, Im going to have to fork out another one and a half k for R2.0 to the walls and R4.0 to the ceiling ... managed to get hold of the building code of Australia which states for building class 1a in climate zone 6 that a minimum of R1.7 for the walls and R3.2 for the ceiling ... think if I overspec the minimum insulation then its going to lead to a more comfortable living experience and less money spent on cooling in the summer and heating in the winter ...40% energy is lost through the ceiling so guess its better to be safe than sorry especially in Melbourne based winters ....

Also just today my CSO got back to me about the pre-fit out of pipes for a water tank which is going to cost in excess of 2k so Im thinking I might leave that til later when Melbourne really runs out of water!  things are going to add up, plus I reckon I could get a subbie to do it cheaper further down the track ...

Got a letter from the CBA yesterday on 11th May (which was dated 5th of May!!) telling me my mortgage payments would begin on the 11th May, I was wondering why my bank balance was short some $500!!!  Well very lucky I was paid last Friday and the direct debit came out of my existing ANZ account - imagine that being in arrears on my loan before the construction loan was approved!   

Then the next piece of the saga is getting the unconditional approval from the bank for my construction loan, based on my building plans - this is something which is super critical as any delay in the happening will undoubtedbly delay a site start for June ... my broker reckons it should be later this week that I should hear something and that Im not the only person with an application ... though cant help benchmark the process against my friend Claire who had her valuation done and construction loan approved today .... timing is everything in this game

Well at least Ive got my certified copies of contract to build and passport for my FHOG application - and yay for other potential home builders/buyers that its been extended for another 3 months at the same level 

Potential risk factors requiring mitigation:

• Valuation of building contract being less than what is specified
• Site re-establishment survey as indicated on my soil report that this would be required
• Cost overruns with variations - need to exercise self control

Welcome to the mortgage life and living in destitution once again!  The things we do for long term wealth creation, as the shampoo add says "it wont happen overnight but it will happen"