I think it would be fair to say that things really haven't gone our way with just about any stage of this build.
After speaking with the broker from Resolve Finance (Boutiques 'in house' mortgage brokers), we were hit with yet another blow. Apparently lenders do not like to refinance mortgages within 6 months. That means, because we took out a mortgage on our land in March, we have to wait until at least September before another lender will consider us for finance....WTF?!? I have a feeling that Westpac knew we would likely be in this situation so undervalued our house.
Bankwest think our house is worth what we're paying for it, but we cannot get a loan with them for at least another 4 months. It's such a cruel situation to be in.
Our Aussie broker has tried reasoning and negotiating with Westpac, but they will have absolutely no bar of it; they're being complete and utter pr!cks!!! And the broker from Resolve has tracked down a lender that does not require 6 months repayment history, so we're currently sitting and waiting to hear back about their valuation, but once again, not holding my breath.
So, assuming that this new valuation doesn't come in any better, our situation is this:
1. Accept Westpacs offer, meaning we have to put more money in and borrow more, but we will get in to our house sooner...
2. Wait yet another 4 months (we're already 6 months behind schedule) and then try and find a lender that will value our house more reasonably.