Bank pulled the construction loan and the fixed price expires Friday

short-val-91

North of Melbourne. Signed a fixed price in July off the display home. Bank had a conditional construction loan. Then the rate move in September landed and they sent the file back. Valuation came in about 60k under what the contract needs and they want more cash we dont have sitting in the offset.

Builder emailed that the fixed price holds until this Friday, then it gets repriced. No new number yet. Bloke at the display reckoned a few contracts got pulled this month for the same reason. Could be gossip.

If your finance got cut after youd already signed, did you find the extra, walk, or get them to hold the price. What happened to the deposit if you walked. Trying not to sign something Friday night just because Im spooked.

davefrom-2009

QLD. They didnt kill ours outright. They reworked the number and wanted another 25k in. We pulled it out of the offset and felt sick about it.

Get Fridays deadline in an email that says what the price becomes if you miss it. A verbal Friday turns into a surprise variation on Monday. Ask them to write the new figure before you agree to anything.

JenW88

Adelaide. Read the finance clause before you panic-sign a dearer contract. Some let you walk if approval falls over and the deposit comes back. Some keep a chunk for costs they already spent on plans or the site.

Ours was written down, which saved an argument. Ask that question in writing today. Friday arvo is a bad time to discover the clause.

fuzzy-muppet

FRIDAY IS NOT A PERSONALITY

get the date and the new number in writing. if the bank wants cash you dont have, signing a dearer contract does not invent the cash. display village gossip is usually half right and still useless

short-val-91

Got it in writing. Price holds to Friday 5pm then they reprice off a new schedule. Still no dollar figure. Deposit clause says we can walk if finance fails, but they can keep costs already incurred.

Waiting on the bank in the morning. Not signing blind tonight.