Another kick in the guts.......
Westpac have come back with an evaluation on our Kurmond Homes house being $30,000 less. This is another kick in the guts and strange seeing that to build similar homes from the likes of Eden Brea, Zac Homes or Metricon we would be paying 100k for the same style and size home.
With all the maths worked out this means we need to find another $16k to $20k now to build our home, before our grant runs out in 4-5 months. If you've read all my blog you would know the debacle with the land we had to use some of our own money for the construction deposit to get the land, roughly $25k. So if the bank/mortgage insurer evaluators didn't screw us in the first place we would be fine. But thanks again to the evaluators where now going to jump through some magic hoops again to get our home built. Taking the house down by 30k wont help either as the value from the bank will come down. We would have to drop $100k to have no issues which means going for a much smaller home, not something where willing to do for a difference of $16k. Keeping in mind we can afford the repayments easily and the bank was happy to lend the full amount until the evaluation came back.
After all this keep in mind we've already paid so much out of our savings. For the house and land so far we have paid out $60,000 of our savings, and we have about $30,000 left for our construction. So by the end of it if we find this $16,000 we would have paid out $106,000 of our own money up front.It's so crazy I should have not paid LMI at all once it's all done.
The bank manager (Aloka) is arguing our case because of everything we've been through and is escalating and trying to get us a better deal. We're expecting to hear something over the next few days. Oh well, off to figure out how we find 16k to 20k now in case this doesn't work. Next stop first though will be to another bank.