Just a really quick update. We were told by Keystart today that they would probably have everything done today. Of course, they didn't, but it's the shortest time frame we've been given yet and also probably means they haven't got anything else to hold it up with. So hopefully tomorrow or the next day we will have finance!
Also, I've updated the picture of our block, nothing has really changed on our block except for some tire marks, but the block behind us is being built on now so I thought it was worth updating.
Monday, July 27, 2009
Monday, July 20, 2009
I can not avoid it any longer...
Well, I haven't posted a new blog entry for some time, basically because it's the only way I could stay sane. After what has happened the last few weeks I've been trying to avoid anything to do with the house so as to reduce my stress levels, I've even stopped going down to the block, which I was doing every second day at least(It's on my way home from work). What could cause such stress you ask? Well, I'll tell you, just let me try and remember the beginning...
Wow, I just checked the last blog post, that was a long time ago. I'll start where we left off.
We'd just finished pre-start and were waiting for our final costings, after a couple of days, we got them. Mostly they were to our liking, there were a few things that were a bit more expensive than we would have liked and a few things that were less expensive than we expected. Apart from a couple of alterations and some confusion with the cost of our different to standard pavers and bricks, everything was as it should be and after a week or so it was all done and signed and returned to RedInk. At the time there were a few things that seemed dramatic, but in light of recent events, I say "meh" to them. That's about it as far as constructive progress, now on to the Keystart saga.
Firstly, a bit of background; when we got our pre-approval from Keystart, they said that once we gave them the required documentation it would take 5-10 working days for them to process everything and give us the money. About 4 or 5 weeks after we gave Keystart the documents they requested (and also the day before the extension on our block finance ran out), we tried contacting Keystart and asking them what's going on, in a day or so they got back to us and said,
"Oh actually, you know how we originally told you that the maximum property value and loan amount couldn't exceed $500,000, and then after 2 months of waiting we told you that the maximum loan amount had been reduced to $412,000? Well we've now decided that the maximum property value can't exceed $412,000 either. We know that you've already planned your whole house out, signed the contracts and based your whole budget on the original $500,000, but oh well."
That's paraphrased, they probably cared a lot less than what I made them out to seem there, but you get the point. Our finance broker was frustrated to no end, and I tell you, that man has earned 10 times his commission on this job. He'd had his state manager onto Keystart and done everything he could do, but to no avail. He advised us that our options were basically;
a)Apply with a bank. (Which would obviously take months and we would undoubtedly lose the block)
b)Take it to some commissioner person and complain.(Which again would take months and we'd lose the block) or
c) Try and reduce the house value to get below the $412,000 mark and supply Keystart with the new contract.
Seeing as we really didn't have a choice, we went with c) and with collaboration with RedInk were able to achieve this. I won't go into the details, but it worked out OK in the end. Keystart also assured us that should we supply them with a revised contract then everything was ready to go and it would be a matter of days until we got the money. So with this relatively good news in mind and a light at the seemingly never ending tunnel, we got to work.
We managed to get an extension on the block finance for another 2 weeks(Time Conti have been extremely understanding with us). The only thing RedInk required from us for the revised contract was a FHOG(First Home Owners Grant) approval form, which of course Keystart has to give us. After a week of waiting, Keystart informed us that they couldn't give us the approval form until they got the new contract. Of course, we couldn't get the new contract until we had the approval form, but Keystart cares not. After our finance broker ensured RedInk we will be approved for the FHOG they took his word and re-did the contract that day and then we gave it straight to Keystart.
Because of Keystart's delay in not giving us the FHOG approval form, there were only a few days remaining until the block finance was due again, but Keystart had assured us everything was ready to go so we weren't too concerned.
Jump forward to the day after finance was due for the block, our finance broker asked Keystart if there was any news and if they could put the job forward as urgent. Keystart informed us that because they'd only just received the forms it couldn't be set as urgent and it'd probably be another 5 days or so(Apparently, for something to be set to urgent status, it has to sit there for a week or so first. Never mind that the only reason new forms were required was because of Keystart in the first place). So anyway, once again I informed TimeConti that Keystart hate us and I'm sorry and could we please have a further extension, and once again they very kindly agreed and gave us another 2 week extension.
That was the end of last week, now we're catching up to the current time, I got home tonight to find an email from our finance broker saying that Keystart is now asking for proof that Ash's credit card is cancelled. Now, I agree that this is an entirely logical and fair thing for a lender to ask for, however, when we were given our pre-approval it came with a list of questions and documentation requirements querying such things as certain transactions that were made, pay slips etc. This is something that should have been asked then, asking it now just seems like they are trying to screw us over, trying to hold things up as long as possible.
I wish, if they really aren't going to give us the money, they would just tell us instead of getting us to jump through hoops making me go half way insane and then have it all be for nothing. It really feels like they're just doing this for fun now, and the worst of it is, we can't do anything about it.
However, if there is one thing that this whole extended process has taught me, it's that you have to just accept it, look at all the options open to you and do what you can. In this particular instance, it's get everything they require as quickly as possible, unfortunately there is no arguing with Keystart, they don't care, they're not trying to make money, if you take your business elsewhere it just means less work for them. Ironically, because they're set up to help people, that's what they do least.
Looking to the future, should all the stars align and buddah smile upon us, Ash will be able to get some kind of proof that she doesn't have a credit card any more first thing tomorrow morning and we can forward that to Keystart. Keystart will then be satisfied, finish processing our application and then we can finally arrange settlement for our block by this Friday, which is when our extension runs out.
I'll leave it on that slightly positive note and with the promise that I will update more regularly in the future. If you made it this far, thank you for reading and feel free to leave comments about anything, all you have to do is click the "0 comments" text just under this.
Wow, I just checked the last blog post, that was a long time ago. I'll start where we left off.
We'd just finished pre-start and were waiting for our final costings, after a couple of days, we got them. Mostly they were to our liking, there were a few things that were a bit more expensive than we would have liked and a few things that were less expensive than we expected. Apart from a couple of alterations and some confusion with the cost of our different to standard pavers and bricks, everything was as it should be and after a week or so it was all done and signed and returned to RedInk. At the time there were a few things that seemed dramatic, but in light of recent events, I say "meh" to them. That's about it as far as constructive progress, now on to the Keystart saga.
Firstly, a bit of background; when we got our pre-approval from Keystart, they said that once we gave them the required documentation it would take 5-10 working days for them to process everything and give us the money. About 4 or 5 weeks after we gave Keystart the documents they requested (and also the day before the extension on our block finance ran out), we tried contacting Keystart and asking them what's going on, in a day or so they got back to us and said,
"Oh actually, you know how we originally told you that the maximum property value and loan amount couldn't exceed $500,000, and then after 2 months of waiting we told you that the maximum loan amount had been reduced to $412,000? Well we've now decided that the maximum property value can't exceed $412,000 either. We know that you've already planned your whole house out, signed the contracts and based your whole budget on the original $500,000, but oh well."
That's paraphrased, they probably cared a lot less than what I made them out to seem there, but you get the point. Our finance broker was frustrated to no end, and I tell you, that man has earned 10 times his commission on this job. He'd had his state manager onto Keystart and done everything he could do, but to no avail. He advised us that our options were basically;
a)Apply with a bank. (Which would obviously take months and we would undoubtedly lose the block)
b)Take it to some commissioner person and complain.(Which again would take months and we'd lose the block) or
c) Try and reduce the house value to get below the $412,000 mark and supply Keystart with the new contract.
Seeing as we really didn't have a choice, we went with c) and with collaboration with RedInk were able to achieve this. I won't go into the details, but it worked out OK in the end. Keystart also assured us that should we supply them with a revised contract then everything was ready to go and it would be a matter of days until we got the money. So with this relatively good news in mind and a light at the seemingly never ending tunnel, we got to work.
We managed to get an extension on the block finance for another 2 weeks(Time Conti have been extremely understanding with us). The only thing RedInk required from us for the revised contract was a FHOG(First Home Owners Grant) approval form, which of course Keystart has to give us. After a week of waiting, Keystart informed us that they couldn't give us the approval form until they got the new contract. Of course, we couldn't get the new contract until we had the approval form, but Keystart cares not. After our finance broker ensured RedInk we will be approved for the FHOG they took his word and re-did the contract that day and then we gave it straight to Keystart.
Because of Keystart's delay in not giving us the FHOG approval form, there were only a few days remaining until the block finance was due again, but Keystart had assured us everything was ready to go so we weren't too concerned.
Jump forward to the day after finance was due for the block, our finance broker asked Keystart if there was any news and if they could put the job forward as urgent. Keystart informed us that because they'd only just received the forms it couldn't be set as urgent and it'd probably be another 5 days or so(Apparently, for something to be set to urgent status, it has to sit there for a week or so first. Never mind that the only reason new forms were required was because of Keystart in the first place). So anyway, once again I informed TimeConti that Keystart hate us and I'm sorry and could we please have a further extension, and once again they very kindly agreed and gave us another 2 week extension.
That was the end of last week, now we're catching up to the current time, I got home tonight to find an email from our finance broker saying that Keystart is now asking for proof that Ash's credit card is cancelled. Now, I agree that this is an entirely logical and fair thing for a lender to ask for, however, when we were given our pre-approval it came with a list of questions and documentation requirements querying such things as certain transactions that were made, pay slips etc. This is something that should have been asked then, asking it now just seems like they are trying to screw us over, trying to hold things up as long as possible.
I wish, if they really aren't going to give us the money, they would just tell us instead of getting us to jump through hoops making me go half way insane and then have it all be for nothing. It really feels like they're just doing this for fun now, and the worst of it is, we can't do anything about it.
However, if there is one thing that this whole extended process has taught me, it's that you have to just accept it, look at all the options open to you and do what you can. In this particular instance, it's get everything they require as quickly as possible, unfortunately there is no arguing with Keystart, they don't care, they're not trying to make money, if you take your business elsewhere it just means less work for them. Ironically, because they're set up to help people, that's what they do least.
Looking to the future, should all the stars align and buddah smile upon us, Ash will be able to get some kind of proof that she doesn't have a credit card any more first thing tomorrow morning and we can forward that to Keystart. Keystart will then be satisfied, finish processing our application and then we can finally arrange settlement for our block by this Friday, which is when our extension runs out.
I'll leave it on that slightly positive note and with the promise that I will update more regularly in the future. If you made it this far, thank you for reading and feel free to leave comments about anything, all you have to do is click the "0 comments" text just under this.
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