Contract under AHP Scheme

J

janubaba

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I bought a house at paddocks Adamstown under AHP scheme and signed the contract in September. When i signed the contract according to SDCC the market value was 395,000 and the purchase price was 290,000 with clawback percentage of 26.58%.I got a loan approval from my bank for 255,000.Now this week i got a renewal of the loan approval and the bank came bank and advised that the house value is 300,000 and they will only give me 240,000.This was shocking news for me. I have already paid 10,000 deposit.I can't afford the balance of 50,000. Can some body help me to get out of this?What options i have? This afordable housing is not afordable any more.Can i ask the counsil to renogiate the price? Can i ask the builder to do some thing? can i back out of the contract as i don't have money to buy the house? any suggestions will be appreciated! Thanks janubaba
 
janubaba said:
I bought a house at paddocks Adamstown under AHP scheme and signed the contract in September. When i signed the contract according to SDCC the market value was 395,000 and the purchase price was 290,000 with clawback percentage of 26.58%.I got a loan approval from my bank for 255,000.
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Hey there I was offered a 3 bed (and 2 bed) by SDCC recently on the AH scheme. The 2 bed was 242k and the 3 bed ranged from 260ish-270ish (can't remember exact figure as I wasn't interested in 3 bed). Is yours AHI scheme instead? If they are same properties.. then why different prices???? Wonder if you could approach SDCC and ask for the cheaper one? Might solve your problem :)
 
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Hi micro

My house is a 3 bed semi detached (969 sq ft) in phase 2. It is under AHP scheme. i have to go back to the council about this!
 
Hi Janubaba,

I'm in similar boat but with DCC. DCC valued at 340k, mortgage valuation a long way short at 290k. As banks are only lending 80% LTV I have to come up with the difference to what I can get from them versus the asking price. I know DCC will consider reducing the price.....not sure about SDCC.....but you'll probably have to fight tooth and nail!
 
janubaba said:
Hi micro

My house is a 3 bed semi detached (969 sq ft) in phase 2. It is under AHP scheme. i have to go back to the council about this!
Click to expand...

hey
I can't remember sq ft of the houses. The 2 beds were terraced and I think the 3 beds were terraced townhousess- this may be where the difference in price is arising.. semi d's always slightly more expensive!
 
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