Hey guys,
Just looking for some advice or previous knowledge on the subject of receiving a poor valuation from the bank.
This is our situation; we are building a property within an estate in south east of Melbourne, the valuation from ANZ came back 60k under what we needed it to be! Which is a huge amount...and want us to pay 11k mortgage insurance which we want to avoid due to striving so hard to save our 20%.
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
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.
What are our options?
We do have a broker but he reckons we just pay the full 11k......