I knew from our paperwork that we needed to have more money to put towards the construction before the first payment was due. This was because when I calculated how much funds we have to build, I had taken into account the money we would be saving throughout the construction process. When our nominated loan amount was approved, I did not realise that the bank would require for this amount to be already in the bank or paid into our builder before commencing issuing the payments. I figured I would borrow the money from family and promise to pay them by the end of construction, as we should have saved the money by then. Problem solved...or so, I thought.
On Tuesday, I emailed our broker to let him know that I was putting in the request for the first payment and he reminded me that I needed to provide evidence of putting up the additional contribution required from us. I said that was already in the bank. I, then, got a big shock when he said, it was supposed to have been paid into Clarendon and the bank would be needing the receipt from Clarendon. With the payment due in THREE working days, I didn't know what to do.
Fortunately, our broker suggested that I address a letter to the bank stating what happened and could they please issue a cheque that includes our contribution, because, after all, THAT was in the bank already. He said he would take care of it but wasn't sure if our payment would go through in time. I was a little worried because the tax invoice says at the bottom "Overdue accounts may attract penalty interest as per the terms of the Building Agreement."
Thank goodness for our broker! The payment went through today as I got a call from the bank to say that they were transferring the payment electronically today. Phew! I am SOOO glad we have a broker who is willing to offer ongoing support despite already securing our business. I would highly recommend him to anyone. In fact, I already have and my brother has used him last year when he bought his house. To think that I used to dislike the idea of a broker because I thought we would be paying more. In fact, he has saved me valuable time and has been a great asset because he could find people to talk to in the bank better than I could. Besides, we're not even paying him and whatever loan terms we got would have been the same if we walked into the banks ourselves.
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