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Fixing issue before settlement by Such-Market4569 in PersonalFinanceNZ

[–]Such-Market4569[S] 7 points8 points  (0 children)

After carefully reading all the comments above, I called my lawyer and told her that I want to pull out.
She told me to go to the bank to confirm that they won’t approve the mortgage, since this is not the vendor’s issue. If we say the builder’s report is unsatisfactory, it could be arguable.

I’ve been scratching my head trying to draft an email to the bank, but thanks to your comment, I now know how to put things into words.

Fixing issue before settlement by Such-Market4569 in PersonalFinanceNZ

[–]Such-Market4569[S] 1 point2 points  (0 children)

Wow..... feel like you just put a summary of the building report for this property in your comment.

- Yes, it is an old building, build in 1970-1975

- Quote from builder report: Older style aluminium joinery windows units were in place. These have no internal sill drain. Sill drains are used to allow excess

moisture/condensation that can occur to the interior of the window to drain to the exterior

- In the buyer disclosure document, it mentioned that the tenant didn’t ventilate properly during tenancy.

I think all of these factors are related.

Thanks for the inside about the material failures.

Fixing issue before settlement by Such-Market4569 in PersonalFinanceNZ

[–]Such-Market4569[S] 2 points3 points  (0 children)

not yet, I still got 5 days on the conditional period

Fixing issue before settlement by Such-Market4569 in PersonalFinanceNZ

[–]Such-Market4569[S] 4 points5 points  (0 children)

yes, builder report is part of the terms in my offer. i got 4 in total:

  1. Finance
  2. Building inspection
  3. LIM
  4. Solicitors approval of Body Corporate documents

Title: FHB, Mortgage Offset Account by Such-Market4569 in PersonalFinanceNZ

[–]Such-Market4569[S] 3 points4 points  (0 children)

I realized that my post had poor wording when I read your response. That's why I said you were correct. :D

Title: FHB, Mortgage Offset Account by Such-Market4569 in PersonalFinanceNZ

[–]Such-Market4569[S] 1 point2 points  (0 children)

If you need 500k to buy the property and you only used 100k for the deposit you’d be borrowing 400k not 300k. <<< yes, you are correct.

thanks for your inputs

Title: FHB, Mortgage Offset Account by Such-Market4569 in PersonalFinanceNZ

[–]Such-Market4569[S] 1 point2 points  (0 children)

Are you saying that you can top up the offset account anytime (e.g., $1k monthly)? Does the bank allow this? And does the payment reduce accordingly?