# Forum Home Renovation General Odds & Sods  getting the cash for an extension

## manofaus

Hello all
I am new to the hunter valley, and looking to extend my house.
I have bugger all equity in it, but have a good cash flow.
The bank told me that the only way that I can do an extension to my house it to get a licenced builder to give me a quote. They will not let me do the owner builder route. 
Is their any way that I could do it so that I could do some of the work and save cash? Other then find a simpathetic builder, which I don't like my odds..
The builder will be responsible for the whole thing.... from excavation to finishing.
I am lucky because I have freinds who are in the industry who can help me do the work. Anybody had any success with this sort of thing?
(I have a baby on the way and I need more room)
I would hate to pay a builder to stand up frames when I could get it done for barbie and beer. 
Cheers

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## davo453

We once found a tame builder at the local TAFE he had retired and was lecturing in building but used to let people use his license for a consideration and on the condition that he checked the work before the inspector took a look. 
In the end we didn't use him but knew people that had. Don't know exactly how legal that was. 
Just a thought........

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## arose62

Tried talking to another bank?? 
Find one that gives you the answer you want, and take that to your bank. 
Cheers,
Andrew

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## OBBob

Will the bank not let YOU do the work because they partially own it? Or are they not willing to loan you more money to do the extension?  
Firstly, you can get a loan from another bank for the extension component?  
Secondly, if you have the cashflow, then just do a plan, do the work yourself and ensure that the money is saved and there when you need it in you time schedule.  
If they are restricting you doing the work because they hold part of the title, then you have a problem ... but you could refinance to a more cooperative bank.

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## manofaus

the cash flow is not that free that I could do it in the timeframe that I want.
I think that the reason that the bank will not let me owner build is that If I have problems they will not get there money back by selling the house off unfinished. 
The extensions planned are 68m2 with a 2 new bathrooms and a new kitchen.
estimates is this part of the world are $1200 a square meter plus $6000 for wet areas and kitchens.
I should just get someone else to do the work and be done with it.
What would be ideal is I could do some of the work myself and the builder would only realistically bill me for the actual work that he does.
Same goes for buying materials. If I sorced the materials then he wouldn't get his cut of the purchase for the materials. 
Catch 22 here, because if he under quotes me for a job then he has problems or makes mistakes he has to stick to the quote. 
Actually do they stick to the quotes? or do they do adjustments when they find things that they didn't account for?
Perhaps its all in the detail of the quote.
I will be specific with the quotes and see how much detail I can get out of them 
I guess i will try other banks next week.
cheers lads

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## bsrlee

Get with the local Credit Union. Owned by the members, the manager won't forclose on you to sell the property cheap to his family/mates, that sort of thing.  
Even if you have to stick with the bank for the immediate future, get thee to the Credit Union & open an account, they are very handy for smaller personal loans too & don't just demand you you have a credit card with an enormous limit.

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