Browse Forums Home Finance Re: We are stuck...bad valuation 2Sep 29, 2012 12:02 pm Foremost Building Expert in Australia,assisting with building problems/disputes, building stage inspections,pre-contract review advice for peace of mind 200 blogs http://www.buildingexpert.net.au/blog Re: We are stuck...bad valuation 4Sep 29, 2012 12:39 pm Building the Ascot 35 with Carlisle Homes in Pasadena Estate, Clyde VIC My build thread: viewtopic.php?f=31&t=59776 Re: We are stuck...bad valuation 8Oct 02, 2012 6:09 pm Our valuation came back around the $120k....lower than the rates value. Not happy campers when we worked that out Even tried contacting the bank to ask how we challenge their valuation. However, we're still waiting for a reply from them in relation to that request........10 months later!!!!! We're now looking around for a more friendlier bank to go with. Re: We are stuck...bad valuation 9Oct 02, 2012 6:14 pm AussieMark The weird thing about mortgage insurance is that most are not very effective covers. The bank i worked for and required me to purchase insurance which only paid out upon death. these are not good policies as if you can get a job but it pays less than you would have earned pre accident then you are not in a good position. Mark, it was this comment that made me think you were confused, since LMI provides you the borrower with no cover whatsoever. It does not "pay out" as per you're comment above - it insures the lender if you default on your loan. I think you're thinking of income protection insurance. You can't pay an annual "premium" for LMI - it has to be paid up front or added to the borrowed sum Building the Ascot 35 with Carlisle Homes in Pasadena Estate, Clyde VIC My build thread: viewtopic.php?f=31&t=59776 Re: We are stuck...bad valuation 10Oct 05, 2012 2:06 pm Gex1986 .and want us to pay 11k mortgage insurance which we want to avoid due to striving so hard to save our 20%. have you crossed securitize any of your properties? meaning do you have a 2nd property? you say you had 20% deposit ,but since the valuation was 60k lower you now have to pay $11k LMI - which is pretty excessive!!! what LVR are you on now?? 90%??? Gex1986 They did not take into consideration any of the structural upgrades or fit out we have made to the plans..I.e alfresco, larger garage...ect These are non standard and non generic upgrade that adds no real value from a market perspective, hence why your valuation fell short. What i mean by non-standard and non generic, are any upgrades that does NOT appeal to the wider audience from a $$ point of view. Example: Adding "heated" titles in the bathroom ( lots of Korean does this) can cost up to $15,000 more...but from the eye of a buyer it might mean $0- ie it's useless to them. Same goes for - Italian porcelain tiles - Certain landscaping - Wheel chair friendly upgrades - etc... Gex1986 Now we thought we should shop around and try get a better valaution but we just got rejected by CBA due to the fact they will not take full rental income from an investment property we have and are also questioning why we are dishonoring our initial loan with ANZ. . Ok...now you will have a CBA credit hit ( rejection) + dishonoring from ANZ ...won't look good..hard to comment without raw data; but if you do shop around for an valuaiton, you better make sure your broker choose the right lender in order to bypass the dishonoring and recent credit hits. No point getting a good valuation if the lender aren't gonna lend. Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: We are stuck...bad valuation 11Oct 05, 2012 2:07 pm worst case... i would get a different building quote - adjust it or get a cheaper one. Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: We are stuck...bad valuation 12Oct 11, 2012 10:36 am Thanks everyone for all your helpful tips. I'm happy to report we received 100% valuation on our construction and land which means we save 11k LMI...thanks to BOQ (bank of Queensland) stepping in and getting us the valuation we needed and realizing we are going to be a valued customer. We did this by going direct to BOQ ourselves without the aid of the broker, my advice after going through this situation is dont be afraid to shop around and have discussions with numerous ppl to get every option on the table. I still recommend brokers but you should also do your own research and speak to others, P.s we also got a much better variable interest rate then ANZ was offering..I.e wins around haha Cheers Re: We are stuck...bad valuation 13Oct 11, 2012 10:38 am Good work- Never take no as the final answer Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: We are stuck...bad valuation 14Oct 15, 2012 10:49 pm I have the same problem also. The valuer came back with a valuation about $17k under the going market rate. I'm really , despite the best efforts of my broker, he's not moving off his valuation. He's an inexperienced young pup anyway. The challenge I have is now refinancing to 95% due to a property settlement. Just praying it comes through as most banks won't refinance to 95% grrrrr. If not then the house is on the market. Damn!!!!! Z Re: We are stuck...bad valuation 15Oct 15, 2012 11:07 pm zahirarose I have the same problem also. The valuer came back with a valuation about $17k under the going market rate. I'm really , despite the best efforts of my broker, he's not moving off his valuation. He's an inexperienced young pup anyway. The challenge I have is now refinancing to 95% due to a property settlement. Just praying it comes through as most banks won't refinance to 95% grrrrr. If not then the house is on the market. Damn!!!!! Z Refinance at 95% is not only gonna be tough, it's gonna be expensive in terms of LMI cost!!!! why are you refinancing for???? Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: We are stuck...bad valuation 16Nov 17, 2012 12:45 am Hi Mark, Sorry about the late reply. I'm refinancing to get the ex's name off the mortgage and it goes back into my name. Because it's a refinance, banks will only go to 90% and not 95%. My mortgage is $248k (rounded up a tad) and the valuation is $270k, nobody is budging. My current bank isn't interested, due to a crap couple of years, this one and the last one. Cyclone Yasi, floods, separation, divorce, two losses in the family etc, meant that I had to go into very short term arrears, with the bank's consent a couple of times. So, they are now bucking . All well time to move on and find somewhere else to bank. The bank has actually been really good, except now. That being said I don't think my broker is doing well for me at the moment either, seems like he's really unwell, or something's up in his family. I've known him for nearly 20 years. So I'm repainting, waterblasting and doing up the house, so hopefully the valuation comes up to $280k or $285k and I'll be okay refinancing. If not, it's a case of sell up and try and buy something else. I really don't want to move, but.... will have to, if needs be. Re: We are stuck...bad valuation 17Nov 17, 2012 5:07 am We bought a property at a really good price a few years ago now. Full renovated 2 bedroom off street car park in a small block. Perfect investment, we went back to the bank a few years later and the valuation was based on what his computer currently said and really just worked on out cost + about 10 or 15% of what we paid for it. In that time everything in the street had gone up $100k+ or more and not renovated. So I did all the home work for him and provided him with current properties for sale in the area and recent sales using the realestate.com.au data which I think comes from RP data. As a result increased the valuation by about $80k. He was really a junior bank employee and could only use the data the bank had until that point. He actually thanked me for the info and said made his job a lot easier. do not pay until you are satisfied with workmanship windows require flashing over the head archithrave and up under weatherboards 3 30962 Building Standards; Getting It Right! Hi, sorry if this is the wrong place - Iām new to the property/building journey (trying to buy my first home) so not sure where/who to go with these sorts of… 0 22476 Thanks all for your help I had an inspector who looked at over wall fall and full bathroom waterproofing, he said this will not be an issue as there is drain outside of… 4 4074 |