I have received an email from our Mortgage Angel this afternoon who promptly got a fiery phone call from me. It seems paying for the pool separately yet included in the valuation is not a great idea.
"I have just spoken to CBA and CBA has requested receipts from the pool builder for your contribution of $X for the pool.
As per CBA your total contribution was going to be $Y, out of this CBA has evidence of $Z being paid already by yourself.
CBA is looking for evidence of payment of $X
before they will pay the builder for the slab.
Could you please forward that to me as soon as possible?"
Um, NO! We have half a pool which is why we had paid only half the amount! HURRY UP AND PAY OUR BUILDER NOW.
Update - And it seems that we are not going to get any joy from the bank even though we are getting a loan fro $40K more than what we need. Before they pay EBH for the slab we need to pay THEM for the rest of the pool and recoup that money at the end. CRAZY! We have demonstrated to them our ability to pay for it already.
Note to others - it will be much easier not to add other items to your valuation eg. pool, landscaping, driveway etc if you are paying for it out of your own pocket.