I know it’s been a while since this blog was updated – It was an agonizing wait for over 3 weeks but it is now all over and the real fun begins. The contracts are signed and loan is now approved – we’re refinancing the land portion of the loan to a better interest rate too so we’re really happy. Anyways The contracts were sent over on 15 nov and they arrived on the same day. We eagerly ripped the envelope open and went straight to the drawings as that was where the first big mistake was made. There was an error in their system that indicated a wrong facade on the first set of drawings – almost gave me a heart attack. This is now fixed to our satisfaction. Anyways, there are three parts to the contract and they are as below:
- Building Contract – this document contains all the specifications of our house. Contains information on selections made at the Color Selection appointment, final drawings, tender and soil test report
- Contract Specifications – contains general building specifications like permits, framing, loads, electrical fittings, plumbing, etc… that has to comply with Australian building regulations and act of 1993
- Victorian New Homes Contract – this is Henley’s actual contract that comply with HIA‘s requirements. This document specifies payment schedules, obligations, requirements during the work, etc…
Anyways, on the contract signing day and having been to Henley’s HQ countless times, it was funny for us to run 30 minutes late to the appointment. Narrowed it down to excitement – we set Ferntree Gully as the suburb instead of Mount Waverly in the GPS (Yes I know, we’re suckers for technology even though I’m absolutely sure we were able to get without its help). Anyways, we arrived at about 11:30 AM but ended the session with time to spare although I did dissect the Contract Specifications and Victorian New Homes Contract and pasted post-it notes all over the pages. The contract presenter was like – is he for real? Apparently no one really go through the Contract Specifications in detail.
As for the loan, we got the approval a little over two weeks (with 0.95% interest rate discount, woo hoo!!!!) of wait but the signing was effortless – two of the managers stayed back late just so they could meet up, talk about injecting a bit of human touch into banking. We’re refinancing to WestPac and I really like their commitment to customers so we’re really happy. J also moved all his banking to WestPac recently as well – this will definitely make things easier in the future. Also, I recently read that WestPac’s CEO is pushing the Reserve Bank to lower interest rates further due to the observed increase of unemployment, which is currently at its all time high in this country. I’m hoping that she’ll get what she wants.
All is going smoothly at this moment and no complains. Gotta start looking for quotes on driveways, landscaping, painting and blinds soon. Can’t wait…