Browse Forums Home Finance 1 Dec 16, 2010 12:15 pm Hi we're bought a House and land package for $420,000. the split is land:185,000 and construction $235,000. I've noticed that similar blocks in our area have been selling for $250,000. We still going through the loan application process. When we get a formal valuation, could we use the increase to bring down LVR, (92%) and reduce LMI. Would banks actually allow that? We're going through bankwest A tad confused. Re: House and Land package- cheap land price? Revalue? 2Dec 16, 2010 2:29 pm Your Bank will value the property and may note that the relative sales have been at an increased value HOWEVER they will normally still rest on the contract price. Some things are worth waiting for. Re: House and Land package- cheap land price? Revalue? 3Dec 24, 2010 4:16 pm Never expect miracles from bank valuers! If you have strong sales evidence to support your estimated value then please give the list of sales to the valuer, it is always worth a try. However in many cases they just value at the contract price. If you signed the contract more than 6 months ago then you may get a higher valuation. 1. Roof cleaning and paint - which colour do you recommend? I often see black/ dark grey in use these days but I would prefer… 0 8333 Hi Kristy Around $1.7-1.8m or around $4,600/sqm. if you PM me your email I will send you a break up in a spreadsheet so you can get an understanding of the costs for… 1 9983 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35332 |