Browse Forums Building A New House Re: Bank valuation WAY under 2May 20, 2015 7:57 am Jen (& Dave) Plantation Bronte, Ormeau Ridge, Gold Coast QLD 12/03/2015 - Commencement... 26/08/2015 - Handover! viewtopic.php?f=31&t=76446 Re: Bank valuation WAY under 4May 20, 2015 8:10 am Jen (& Dave) Plantation Bronte, Ormeau Ridge, Gold Coast QLD 12/03/2015 - Commencement... 26/08/2015 - Handover! viewtopic.php?f=31&t=76446 Re: Bank valuation WAY under 8May 20, 2015 8:50 am snyde made a good point there in his quote about the finishings in the house - if you have made a lot of cosmetic additions or alterations, the bank won't take those in to consideration, so modifying your house contract to drop some cosmetic things that you can live without and do later may help. Jen (& Dave) Plantation Bronte, Ormeau Ridge, Gold Coast QLD 12/03/2015 - Commencement... 26/08/2015 - Handover! viewtopic.php?f=31&t=76446 Re: Bank valuation WAY under 9May 20, 2015 10:25 am The valuation was through Westpac. I didn't think we had made too many upgrades. Either way, their valuation doesn't even cover the cost of the essentials, like siteworks and bushfire. Re: Bank valuation WAY under 10May 20, 2015 10:39 am I say get a broker to shop around for you, and see if you can do a pre-valuation, or get a private valuation and compare the difference to try help argue your point. Good luck with it all! Re: Bank valuation WAY under 11May 20, 2015 4:43 pm I would suggest shopping around. We used broker(s) and did not get much success, went straight to talk to a bank and no problems! The key is talking to the right person at the right bank. Luck has also a bit to do with it. Good luck! Our Build Thread: The "Extended" Marina by Visionone Homes Our Inspirations: Frank Lloyd Wright | Houzz Re: Bank valuation WAY under 12Jun 02, 2015 12:45 pm We settled on our block of land in March; unfortunately at the time, we didn't have an HIA contract ready. Now it's June and we have a contract signed, however as you know, our bank undervalued our house. We've shopped around and have now been told by another broker that no other lender will re-finance the mortgage on our land until we've had at least 6 months re-payment history. So our choices are currently: 1. Take Westpacs undervaluation 2. Wait another 4 months until we have 6 month history, then we can shop around Has anyone ever heard of this before? My other broker has never heard this before. Re: Bank valuation WAY under 13Jun 04, 2015 12:10 pm hi, I had the same problem with my valuation. I ended up deleting everything I could off the building contract to get it under the valuation. Now I have to save and save to pay cash for those items after the build. The benefits of this is not paying the builders mark ups. We also plan to revalue the house on completion to borrow against it and get our money back for landscaping. 3 3243 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 12502 Yeah mine about 9 metres long and 8 wide with slope of 25% at one point but the end point of the outlet is past the side of garage and if he concretes allowing for… 4 4922 |