finance approval adelaide

finance check council check certifier …..

Posted on October 30, 2012 · Posted in Financial Planning, General, Sub-Division

Since the last update the Forestville project has gained some momentum.

Firstly, the Unley council in Adelaide has approved the variation to the planning application.  The floor plans are far superior to those originally submitted but it is quite a task staying on top of all of the revisions and updates and ensuring that everyone is working off the correct plans.  I discovered on October 29th that the timber designer was working off plans dated October 3rd and there was 5 revisions since then.  Trick for new players!

Secondly, the finance application through ANZ was approved.   Rather good mortgage broking work I might add.  Obtaining this type of approval in Adelaide is not easy as you will see.  Last time I was concerned that the finance company was approving a low loan to value ratio based on a ridiculously low valuation.  It was not the valuers fault, in Adelaide that’s how they are instructed by the banks.  I successfully argued that as the bank required a technical on completion valuation the bank should assume all properties will have separate titles.  I was able to demonstrate to the bank that I had commenced the sub-division and I had also asked the valuer to provide commentary on the true end result.

The Lender agreed (thank you Rebecca Goodwin xxx) and thus we have borrowed 70% of the true end value which is all we need.

As the site required 2000 tonne of fill Council allowed us to level the site and now we wait patiently for the timber designers to provide information to the engineers, who will provide information to the draftsman who will finalise the working drawings so the Private Certifier can give us the green light and commence building.

It is somewhat frustrating as most trades require the working drawings but I have an estimate of the plumbing, roofing, termite control, floor coverings, painting, tap ware and electrical items including the air conditioner.

But what I really need is the concrete, brickie and carpenter pricing – so that’s the task this after noon.