Tuesday 27th October '09
Still more delays from Keystart.
With the help of my terrific go-getter finance broker, I've gotten another finance extension from the developer, signed the addenda for my building contracts that the builder forgot to get me to sign, and he's lit a fire under Keystart's ...keyhole.
*Phew*
Wednesday 21st October '09
I spoke to my finance broker today and he gave me absolutely fantastic news!
Since my application for Keystart has already been submitted, I don't count as a 'new borrower' so instead of being slapped with a one percent interest rate rise, my loan (when I finally get it!) will only increased by 0.25% like all current borrowers.
That's very very good news!
The developer has also given a verbal agreement to give me an additional month's extension to secure finance approval.
This is cause for a mini celebration! And what better way to celebrate the end of the night shifts, dodging a 1% interest rate rise, and getting more time to finalise this deal than a lobster dinner!
I spoke to my finance broker today and he gave me absolutely fantastic news!
Since my application for Keystart has already been submitted, I don't count as a 'new borrower' so instead of being slapped with a one percent interest rate rise, my loan (when I finally get it!) will only increased by 0.25% like all current borrowers.
That's very very good news!
The developer has also given a verbal agreement to give me an additional month's extension to secure finance approval.
This is cause for a mini celebration! And what better way to celebrate the end of the night shifts, dodging a 1% interest rate rise, and getting more time to finalise this deal than a lobster dinner!
Interest Rates on the UP
Saturday 17th October '09
I suppose you've all heard the news. Keystart has announced that they're increasing the interest rate by a percent for new borrowers. That's me!!
Always one to draw up some behind the scenes conspiracy, I reckon part of the reason it's taking so long for them to finalise my own loan is because knowingly, it's in their best interest to finalise my loan after they introduce this higher rate. *taps the side of her nose*
When my broker gets back on Monday I'm sure he'll get onto the blower to Keystart and get things moving.
I suppose you've all heard the news. Keystart has announced that they're increasing the interest rate by a percent for new borrowers. That's me!!
Always one to draw up some behind the scenes conspiracy, I reckon part of the reason it's taking so long for them to finalise my own loan is because knowingly, it's in their best interest to finalise my loan after they introduce this higher rate. *taps the side of her nose*
When my broker gets back on Monday I'm sure he'll get onto the blower to Keystart and get things moving.
...still Waiting...
Friday 9th October '09
I heard from my finance broker today. It was going to take ten days for me to hear back from Keystart but now it's going to take fifteen days. Early next week it will be sixty days from the date I signed the offer for the block of land, so now I need to apply for an extension for finance approval. I don't think there will be a problem with this. The owner should be ok and sign off on the extension.
I'm not worried. I've signed the builders contract so I've secured my 21K grant. Plus, the longer the wait until I get finance approval, the longer before I need to start paying back the loan.
I heard from my finance broker today. It was going to take ten days for me to hear back from Keystart but now it's going to take fifteen days. Early next week it will be sixty days from the date I signed the offer for the block of land, so now I need to apply for an extension for finance approval. I don't think there will be a problem with this. The owner should be ok and sign off on the extension.
I'm not worried. I've signed the builders contract so I've secured my 21K grant. Plus, the longer the wait until I get finance approval, the longer before I need to start paying back the loan.
Friday 2nd October '09
I thought I'd check to see if many of the other lots in the strata were still available. I was delighted to see the online listing of my block.
My block's UNDER OFFER - by ME!
With the all important contract signed and submitted with the rest of the paperwork to Keystart, I've been trying to get my head around the fact that this is all pretty much a done deal. I've already provided Keystart with enough information for them to assess that I am eligible for the finance and have conditional approval. My finance broker has sent them a copy of my builders contract and it should take about ten days for them to get back to me.
Each night I've been drifting off to sleep running figures through my mind. On paper my budget will see me through ok with the repayments and even if we're calculating the minimum repayments based on an interest rate of 8.0%, I should still be able to meet them. *nods*
Soo...I'm feeling quite at peace with everything. I'm not stressed. I'm not worried. Although friends are warning me of how stressful and agonising building a home can be, I actually believe I'm going to enjoy this! The house includes everything except the lighting fixtures and additional things that I want to include, so it's all just a matter of picking out colours and adhering to a schedule that the builder has laid out for me. I don't need any further structural changes, and I'm an extremely organised person and like to keep well-informed so I feel excited about this 'project'.
Once finance approval is obtained, settlement will need to take place. Then I need to get the title for the block of land before building can commence. See - I'm organised!
I thought I'd check to see if many of the other lots in the strata were still available. I was delighted to see the online listing of my block.
With the all important contract signed and submitted with the rest of the paperwork to Keystart, I've been trying to get my head around the fact that this is all pretty much a done deal. I've already provided Keystart with enough information for them to assess that I am eligible for the finance and have conditional approval. My finance broker has sent them a copy of my builders contract and it should take about ten days for them to get back to me.
Each night I've been drifting off to sleep running figures through my mind. On paper my budget will see me through ok with the repayments and even if we're calculating the minimum repayments based on an interest rate of 8.0%, I should still be able to meet them. *nods*
Soo...I'm feeling quite at peace with everything. I'm not stressed. I'm not worried. Although friends are warning me of how stressful and agonising building a home can be, I actually believe I'm going to enjoy this! The house includes everything except the lighting fixtures and additional things that I want to include, so it's all just a matter of picking out colours and adhering to a schedule that the builder has laid out for me. I don't need any further structural changes, and I'm an extremely organised person and like to keep well-informed so I feel excited about this 'project'.
Once finance approval is obtained, settlement will need to take place. Then I need to get the title for the block of land before building can commence. See - I'm organised!
Ducks in a Row
Thursday 24th September '09
Hurray!
This afternoon I signed the builder's contract that will guarantee me the 21K grant for First Home Buyers. It's a huge weight off my mind and things look to be smooth sailing from here on.
So...next step is to await finance approval from Keystart!
Hurray!
This afternoon I signed the builder's contract that will guarantee me the 21K grant for First Home Buyers. It's a huge weight off my mind and things look to be smooth sailing from here on.
So...next step is to await finance approval from Keystart!
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