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"