ANZ Bank - Issuance of 'Authority To Commence Building' letter - 28 February 2014

Friday 28 February 2014

Pete & I met with our Home Loan Manager at the ANZ Bank again this morning.  The Bank is now voluntarily offering us an even lower interest rate than previously quoted (very happy Jan!). 

The Bank has (today) issued their 'Authority To Commence Building' letter.  The Bank has now faxed a copy of that letter to McDonald Jones Homes to notify them that the construction costs are fully funded.  Yippee!!

The Bank now tells us that they have valued our block of land & the new McDonald Jones Home at $800,000.00!  Not bad considering that I initially purchased the land & the old home for $295,000.00 back in 2002.  We're very pleased with that.  Every day our letter boxes contain letters from real estate agents & private buyers who are desperate & keen to buy a property in our street.  The new home will be a good investment in a healthy western Sydney property market that indicates all positive signs of continued growth.

It's all systems go now (weather permitting).  We've had a lot of late summer intermittent rain & showers this past week.  Hopefully, it should rain-its-heart-out & clear-up just in time for next week's scheduled demolition (fingers crossed).

All being well, & if demolition can proceed as planned from next week, McDonald Jones Homes now anticipates we might possibly be placed on their Construction List for mid to late March 2014.


Finally, after almost 10 months of planning & negotiations, it's now beginning to feel like something's really starting to happen.  I think this time frame is probably consistent with the more complicated knock-down rebuild situations (a 'Brown' build) & unlike the anticipated time frames for new Construction on a new undeveloped site (a 'Green' build).