This morning at 11:20am I received a call from our conveyancer to advise us that the land settlement had successfully taken place. This means we’re officially now land owners !
Apparently due to the very archaic systems in place, the actual change from the developers name, to ours on the titles, will take around 3 weeks. If you’re thinking that’s crazy, you’re not alone, essentially this is a field in a database at the land titles office. Fortunately things aren’t on hold for that time, thanks to a letter of authorisation from our conveyencer that provides the necessary green light for Metricon to order the building certificate.
For the duration of the mortgage the titles for the property are held at the bank. Check back here in 30 years for a celebratory post of when we actually take possession of those titles with our names on.
This of course also means we have commenced our mortgage and the build loan is currently attracting 4.4% interest. This rate will drop to 3.7-3.8%, but the amount will continue to rise as we move to the 12 month introductory rate and shift to the build loan.
As today was the day we officially became owners of the land, I felt the need for a quick trip out to the block (another wet day). Of course there’s nothing changed on our land, however down further the street I spotted the first site scrape of our stage. Obviously a bit jealous we weren’t first, but hopefully we’re not far behind.
I’m now chasing Metricon for a build start date as they have been working on the build certificate with the council. Best case, it should be some time next week.