The credit union got back to us on the 'on completion' valuation.
The valuer has agreed that the land valuation is correct.
The valuer hasn't agreed that it costs what it costs to have Wisdom build the home, by more than 60 thousand.
Perhaps the valuers know of a building company that will build a prestige 4 bedroom home for less?
Regardless, they've valued the on completion value to be considerably less than the cost to build it, so now, instead of having 20% equity, we've got only 13% and now are required to have Loan Vendor Insurance. Bottom line is, what we're buying will be worth less [according to them] than what we've paid for it, and just to make sure of that, we have to pay another 10 thousand.
It's like having to pay 60 bucks if your account goes overdrawn by 30 bucks, but they overdraw your account to take the 60 bucks. So you end up 90 bucks overdrawn !
*update* appears the valuer didn't really study the tender, and assumed no floor coverings [tiles/carpets] nor lighting nor driveway. Great that we don't get to pick a valuer, especially since we're paying for it.!