Well we are now the owners of a new plot of land in Cranbourne North. Actually we fully own a bit and the bank through a mortgage owns the rest but not forever.
We are still waiting on the construction loan to be approved and whilst our builder has scheduled us to start on Tuesday that will now have to be postponed. The bank valuer is still refusing to budge on the grounds that houses the value of ours haven't been sold in the area and therefore he won't put the right value on either the land or on the construction. Our broker has been busily tracking down sales in the area and has now gone back to the valuer with evidence of similar sized houses in the area having been sold for between $50k and $100k more than what he has valued ours at.
The other option we are pursuing is discharging the mortgage on our current house and taking that to the CBA as well, thus including the equity we have in this one in the overall formula. Even if this one is valued at the lower end of the range we will still save $10k in mortgage insurance. The only problem is this will all take time which will mean delays in building and possibly in our place in the queue. In any event I am hoping it will be sorted out in the next fortnight.