Please help ... building south of the riverWA
Total land and build is 457k for a 4x2
Main Street lender has said NOPE this is 400k,falling short on the build itself.
Broker has hilghilted the builder price is too high builder wnt knock anything offðŸ˜ðŸ˜
Used another broker recommended by builder this broker in a few days say all sorted valuations came back bang on but with a non common lender obviously with high interest rate which a down side..
Just need advise please should I go with this non common lender what are the risks.
Please help before my dream goes away,thnx in advance
Low valuation on a new built please help
Page 1 of 1
it depends on the loan product, which Interest rate? and what lender? there is a lot of good non bank lenders that can get you going if major bank dont accept you at this time, then you can refinance with big lender when you improve your finance
it depends on the loan product, which Interest rate? and what lender? there is a lot of good non bank lenders that can get you going if major bank dont accept you at this time, then you can refinance with big lender when you improve your finance
Hi Karen
So it's ME bank interest rate of 3.19 so it's frustrating because it's mainly due to low valuations but I have a sound deposit of 40k + First home buyers grant so that is 50k deposit my credit rating is good nil debts no credit cards.my worry is if broker was knocked down by major lender due to low valuations.... obviously loosing out to low interests rates
You're in a tough spot as its a lot of money to come up with and basically no wiggle room in your loan, as you are already at ~91% LVR with a $40k cash deposit on a $457k build before factoring in the grants.
If you haven't got the deposit to go higher or cover the shortfall in valuation then you're basically at the mercy of which lender will have you. The good thing is that once any grants do come in you can reduce the amount on the loan and then refinance to a different bank with a better rate.
ME Bank isn't an unknown - I personally wouldn't consider it a 'risk' to take the loan with them compared to a Big 4.
If you haven't got the deposit to go higher or cover the shortfall in valuation then you're basically at the mercy of which lender will have you. The good thing is that once any grants do come in you can reduce the amount on the loan and then refinance to a different bank with a better rate.
ME Bank isn't an unknown - I personally wouldn't consider it a 'risk' to take the loan with them compared to a Big 4.
You're in a tough spot as its a lot of money to come up with and basically no wiggle room in your loan, as you are already at ~91% LVR with a $40k cash deposit on a $457k build before factoring in the grants.
If you haven't got the deposit to go higher or cover the shortfall in valuation then you're basically at the mercy of which lender will have you. The good thing is that once any grants do come in you can reduce the amount on the loan and then refinance to a different bank with a better rate.
ME Bank isn't an unknown - I personally wouldn't consider it a 'risk' to take the loan with them compared to a Big 4.
If you haven't got the deposit to go higher or cover the shortfall in valuation then you're basically at the mercy of which lender will have you. The good thing is that once any grants do come in you can reduce the amount on the loan and then refinance to a different bank with a better rate.
ME Bank isn't an unknown - I personally wouldn't consider it a 'risk' to take the loan with them compared to a Big 4.
Thank you so much itsmartin for your response and advise really appreciate,I was just concerned Its my first time doing this so I wanna be sure that in 3yrs time I can get back my 40k if I end sale house and also avoid high repayments which is looking like the case right now.
What suburb are you building in and who is the builder?
Momu, wellard
It's a hard one, im not sure you will get a great deal of capital growth in Wellard and would suggest that's why valuation did come up with one of the big 4. I would tread wearily
It's a hard one, im not sure you will get a great deal of capital growth in Wellard and would suggest that's why valuation did come up with one of the big 4. I would tread wearily
Thank you so what is your ultimate opinion ?try reduce the price? I had increased price after prestart and made changes which I can reduce I guess not sure,thnx for your response.much appreciate d.
Work out what your payment difference is between the two rates on offer. You may find its negligible on a month to month basis and feel better about it in the short term. Dont forget its interest only over the construction period (but don't discount possibly being stuck on the higher rate after completion).
House values in Wellard have fallen since 2014 consistently and only in the last year have they started to trend up again. So its not enough of an upward trend to consider a safe bet that the values will continue on that trajectory, hence the low valuation. You will probably find ME's valuation is the similar if not the same but they're applying a rate based on an approach called "rate for risk".
This approach is usually what sets the big 4 and other lenders apart and why you can get a more favorable response somewhere else.
Given the possibility for macro-prudential regulation occurring in the future again, If it were me, I'd take the higher rate and hope for cap gains by the time its finished building and shop around for another lender when the build is complete.
House values in Wellard have fallen since 2014 consistently and only in the last year have they started to trend up again. So its not enough of an upward trend to consider a safe bet that the values will continue on that trajectory, hence the low valuation. You will probably find ME's valuation is the similar if not the same but they're applying a rate based on an approach called "rate for risk".
This approach is usually what sets the big 4 and other lenders apart and why you can get a more favorable response somewhere else.
Given the possibility for macro-prudential regulation occurring in the future again, If it were me, I'd take the higher rate and hope for cap gains by the time its finished building and shop around for another lender when the build is complete.
Thank you so so much much appreciated though some of the jargon I cnt understand but I value your opinion yes that makes sense then hopefully will get a better deal then and praying the house price will continue soaring ,even if with a small margin it would be better in long-term as long as I can get my initial investment in 5 yrs though 40 K wnt be worth much in 5 yrs time thank you.
Work out what your payment difference is between the two rates on offer. You may find its negligible on a month to month basis and feel better about it in the short term. Dont forget its interest only over the construction period (but don't discount possibly being stuck on the higher rate after completion).
House values in Wellard have fallen since 2014 consistently and only in the last year have they started to trend up again. So its not enough of an upward trend to consider a safe bet that the values will continue on that trajectory, hence the low valuation. You will probably find ME's valuation is the similar if not the same but they're applying a rate based on an approach called "rate for risk".
This approach is usually what sets the big 4 and other lenders apart and why you can get a more favorable response somewhere else.
Given the possibility for macro-prudential regulation occurring in the future again, If it were me, I'd take the higher rate and hope for cap gains by the time its finished building and shop around for another lender when the build is complete.
House values in Wellard have fallen since 2014 consistently and only in the last year have they started to trend up again. So its not enough of an upward trend to consider a safe bet that the values will continue on that trajectory, hence the low valuation. You will probably find ME's valuation is the similar if not the same but they're applying a rate based on an approach called "rate for risk".
This approach is usually what sets the big 4 and other lenders apart and why you can get a more favorable response somewhere else.
Given the possibility for macro-prudential regulation occurring in the future again, If it were me, I'd take the higher rate and hope for cap gains by the time its finished building and shop around for another lender when the build is complete.
This, Take it and use, good solid opinion!
How big is the block? Double story house?
Have a look at real estate sites and find something equivalent.
Funny that the builders valuer came back.
Keystart city out that way!
I am not a fan of suburbs that are so far away. You get a small piece of land and a house that loses value from the time you move in, and in 15 years you have a place that 15 years old and similar to every other house on the street. I was always taught land appreciated, houses don't. Obviously that's a generalisation, but I get the point.
Have a look at real estate sites and find something equivalent.
Funny that the builders valuer came back.
Keystart city out that way!
I am not a fan of suburbs that are so far away. You get a small piece of land and a house that loses value from the time you move in, and in 15 years you have a place that 15 years old and similar to every other house on the street. I was always taught land appreciated, houses don't. Obviously that's a generalisation, but I get the point.
Hi thre Budapest block is 421 yes funny hey tht builder valuation came back but they included the variations in but had not included them in the other application or I am just being taken for a ride ,you know when you are a complete novice people fool you ...
How big is the block? Double story house?
Have a look at real estate sites and find something equivalent.
Funny that the builders valuer came back.
Keystart city out that way!
I am not a fan of suburbs that are so far away. You get a small piece of land and a house that loses value from the time you move in, and in 15 years you have a place that 15 years old and similar to every other house on the street. I was always taught land appreciated, houses don't. Obviously that's a generalisation, but I get the point.
Have a look at real estate sites and find something equivalent.
Funny that the builders valuer came back.
Keystart city out that way!
I am not a fan of suburbs that are so far away. You get a small piece of land and a house that loses value from the time you move in, and in 15 years you have a place that 15 years old and similar to every other house on the street. I was always taught land appreciated, houses don't. Obviously that's a generalisation, but I get the point.
Not a
double story just a standard 4 x 2
Work out what your payment difference is between the two rates on offer. You may find its negligible on a month to month basis and feel better about it in the short term. Dont forget its interest only over the construction period (but don't discount possibly being stuck on the higher rate after completion).
House values in Wellard have fallen since 2014 consistently and only in the last year have they started to trend up again. So its not enough of an upward trend to consider a safe bet that the values will continue on that trajectory, hence the low valuation. You will probably find ME's valuation is the similar if not the same but they're applying a rate based on an approach called "rate for risk".
This approach is usually what sets the big 4 and other lenders apart and why you can get a more favorable response somewhere else.
Given the possibility for macro-prudential regulation occurring in the future again, If it were me, I'd take the higher rate and hope for cap gains by the time its finished building and shop around for another lender when the build is complete.
House values in Wellard have fallen since 2014 consistently and only in the last year have they started to trend up again. So its not enough of an upward trend to consider a safe bet that the values will continue on that trajectory, hence the low valuation. You will probably find ME's valuation is the similar if not the same but they're applying a rate based on an approach called "rate for risk".
This approach is usually what sets the big 4 and other lenders apart and why you can get a more favorable response somewhere else.
Given the possibility for macro-prudential regulation occurring in the future again, If it were me, I'd take the higher rate and hope for cap gains by the time its finished building and shop around for another lender when the build is complete.
This, Take it and use, good solid opinion!
Thank you taken ,thank you guys this platform is awesome y'all invited to the house warming hahaha 🤣🤣🤣
I am sorry about the same valuation issue. We are building with conte..nt living and our build and land together have gone to 565k
And it’s in Ellenbrook. We are still at the floor plan stage but I am really worry about this as well.
Because the total area is just 281sm
Eve though the land is big 510sm I am still worry about this.
Builders have increased their prices by 30k
Based price alone was too much.
And it’s in Ellenbrook. We are still at the floor plan stage but I am really worry about this as well.
Because the total area is just 281sm
Eve though the land is big 510sm I am still worry about this.
Builders have increased their prices by 30k
Based price alone was too much.
I am sorry about the same valuation issue. We are building with conte..nt living and our build and land together have gone to 565k
And it’s in Ellenbrook. We are still at the floor plan stage but I am really worry about this as well.
Because the total area is just 281sm
Eve though the land is big 510sm I am still worry about this.
Builders have increased their prices by 30k
Based price alone was too much.
And it’s in Ellenbrook. We are still at the floor plan stage but I am really worry about this as well.
Because the total area is just 281sm
Eve though the land is big 510sm I am still worry about this.
Builders have increased their prices by 30k
Based price alone was too much.
You might be okay how much is the land ?
My land was okay it is the build tht ridiculously priced
I am sorry about the same valuation issue. We are building with conte..nt living and our build and land together have gone to 565k
And it’s in Ellenbrook. We are still at the floor plan stage but I am really worry about this as well.
Because the total area is just 281sm
Eve though the land is big 510sm I am still worry about this.
Builders have increased their prices by 30k
Based price alone was too much.
And it’s in Ellenbrook. We are still at the floor plan stage but I am really worry about this as well.
Because the total area is just 281sm
Eve though the land is big 510sm I am still worry about this.
Builders have increased their prices by 30k
Based price alone was too much.
You might be okay how much is the land ?
My land was okay it is the build tht ridiculously priced
The land is okay it is the build that so high just like you said.
The land was 250k
Related
23/07/2023
11
If you can calculate the reasonable charged head from let's say 100mm below the gutter to the top of where the vertical riser's horizontal discharge pipe will be, that…
22/12/2023
6
Those span tables can be pushed a little for a low deck if you dont mind a little flex. Last deck I did, I pushed it a little and it was still rock solid - no noticeable…
28/12/2023
2
DIY, Home Maintenance & Repair
Thanks. I was thinking of using either Extreme Joist or LOWDECK timbers for joists. Any idea what sets them apart and which…