Browse Forums Home Finance Re: Home Valuation Trouble - New Construction 4Mar 10, 2017 2:46 pm Is it a new estate? Where are you buying? Are there incentives offered by the developers, like cash backs? Has anybody mentioned why the valuation is low - comparable sales or cross check price per m2? It's unusual for low valuations in current market - state/area dependent. You might need to find evidence to challenge it. Ring local agents and ask for addresses of recent sales of properties like yours (similar land, same bedrooms/bathrooms/garages) and send back to the bank if they support your price. Be prepared it's rare that you win these. Otherwise ring a broker quickly (or pm me, no strings attached) and see if the westpac offer is as good as you think it is. Best of luck. Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Home Valuation Trouble - New Construction 5Mar 14, 2017 5:43 am We're dreading this process and that we may face same problems with our architect designed house. Still awaiting builder quotes to get final price but it's something we're very conscious of. Banks appear to see no value difference between big standard builder designed 4 bdrm home and architect designed 4 bdrm home. Re: Home Valuation Trouble - New Construction 7Mar 16, 2017 8:01 pm zacherine kiriray We're dreading this process and that we may face same problems with our architect designed house. Still awaiting builder quotes to get final price but it's something we're very conscious of. Banks appear to see no value difference between big standard builder designed 4 bdrm home and architect designed 4 bdrm home. Kiriray I hope it doesn't happen for you. It's been so frustrating but our lender has crunched the numbers and we can contribute an extra $6k cash, we can proceed (not sure how that works). So we are now proceeding but our savings have taken another hit ! That's great news! Shame about the savings but once your place is built and you're in you can scrimp and save for a bit to catch up. We're using an architect and it's taken so long that the amount the bank will require by way of deposit has increased over the 18 months. Frustrating but by the time we have settled negotiations and contract with builder we will have saved the additional sum. Meanwhile we're paying a heap in rent. Just want to be in our own house:). I can help you with all that, you can PM me with details if you wish 3 5967 The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19639 Hi Mrboh Just wondering if you have any BAL or flame zone issues on your block, as getting compliance with BAL requirements whilst doing bearers and joists is tough. Not… 1 8473 |