Wednesday, October 31, 2007

Construction loan fully approved!

We finally received full approval of our construction loan!

1 comment:

Carola said...

Just a question about the loan approval, I noticed that you signed your contract with Metricon before your construction loan was approved. Did you have a finance clause in your contract? The reason I'm asking is because the standard contract we have received from Metricon clearly states that it is NOT subject to finance, which sounds very strange to us.

But Metricon does want us to sign the contract and pay the 5% deposit before they submit the building plans for Council approval. And in order to get the loan approved, the bank needs Council approved plans and a fixed price contract.

I look forward to hearing what your experience was.

Kind regards,
Carola Hofmann
Queensland