Hi,
We are at the stage on getting financing. Currently going through kiwibank. We are told the home must have full replacement cover to obtain the loan. We just heard back from our insurance broker. Initially they came back with only sum insured cover of 359k. I am trying to find out if we can negotiate a way to get replacement cover -for example maybe they will say "we'll give you replacement cover if you agree to re-wire and re-plumb within 2 months" -or maybe they don't bargain like this, I don't know. Anyway, if our sum insured cover is 359k and we are only seeking to borrow 249k does this not place the bank outside of risk? The insurance is far more than our loan. If kiwibank would not budge, do you think we could find an institution that would loan us the 249k since we are insured for 359k? Thanks for any thoughts!
We are at the stage on getting financing. Currently going through kiwibank. We are told the home must have full replacement cover to obtain the loan. We just heard back from our insurance broker. Initially they came back with only sum insured cover of 359k. I am trying to find out if we can negotiate a way to get replacement cover -for example maybe they will say "we'll give you replacement cover if you agree to re-wire and re-plumb within 2 months" -or maybe they don't bargain like this, I don't know. Anyway, if our sum insured cover is 359k and we are only seeking to borrow 249k does this not place the bank outside of risk? The insurance is far more than our loan. If kiwibank would not budge, do you think we could find an institution that would loan us the 249k since we are insured for 359k? Thanks for any thoughts!
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