Guys, how do you get the lenders to take your valuation? even if they are on their panel.

I recently got my own valuation, and three lenders all refused to look at the valuation even though they were on the panel of each one. I basically wasted my money as the lenders insisted on doing their own anyway?

HHH

On the original topic, I for one will be sticking around. I really owe a lot to this forum and the somersoft one.

For newbies they are an awesome resource of information. I only own one IP so I don’t as yet have a lot to offer myself but hopefully in the near future I will also be able to help some of the newer people.

I wouldn’t get discouraged…[Read more]

Good one Acey!

I reckon that really stinks.
I too was suspicious when they posted on somersoft and here.

They come in here selling their services, praying on the trust of the good people on this forum.

Well, looks like things turned out for the best, as they have just shot themselves in the foot.

Who knows, I might tell my friends about these…[Read more]

ok, you are sitting in your rocking chair on the porch with your life partner. You can either be happy and rich knowing you possibly spent $1000 that was not needed, or do you want to be in poverty wondering how rich you might be if it weren’t for that 1 in 10000 lawsuit?

I know that second thought is something I would pay a lot more than $1000…[Read more]

Hi

Why will this be the last 100?

HHH

Hi there, I am no mortgage broker, but there are some good ones on this site who I am sure will comment soon.

I will offer some comments as I have just done this myself.

The main factor will be the type of business. By this I mean either a freehold where you are purchasing the business and the property/building where the business is located, or…[Read more]

Hi all

I will be shortly making the move into wrapping and would like comparisons between Steve’s and Ricks’ wrap packs.

Cheers[biggrin]

HHH

Hi Steven

thanks for the reply. Unfortunately, i am committed to these lenders now.. which is a bugger, I was looking at St George, but they would not accept a valuation I got myself. They wanted to do their own…[blink]

I posted to another thread, do you know how I go about trying to get some of that LMI back? The other thread was talking…[Read more]

Hi guys, this thread is interesting for me as I am in the middle of refinancing.

My first problem was they undervalued my IP by about 30-40K. They gave me a val of 190K where smilar properties are on the market for 220-230K.

Secondly, due to the low valuation, I had to go to a 90% LVR. That is not all, now they are making me pay the LMI up…[Read more]

Hi

they are citibank and Bank of Queensland.

My broker said ALL banks are doing this now!!

I really want to name these brokers as they have screwed my around like you would not believe.

HHH

I assume you meant “+ 15000” in your example?[cap]

If that is the case then cool, I would not have thought so as the money could be gone tomorrow, where as “real” equity in a home is not that easy to “lose” – the lenders risk would be increased if they treated the cash sitting in an offset account as equity.

It seems different to me than savings…[Read more]

Hi guys.. something I am not clear on,

if you have cash sitting in an offset account, will lenders consider this as equity? or will they only look at the principal you have paid?

thanks[biggrin]

HHH

Hi guys,

I am too having issues with valuers.

I estimated my PPOR to be worth 330K (and I thought conservative) but it came in at 295K.

I am trying with a different lender, but this time I went an organised my own valuation from a well respected valuer on the bank’s panel.

This new lender is refusing my valuation, despite them being on their…[Read more]

First I heard of it also.

I am a fan, so will give some serious thought over the weekend.

I have a feeling I won’t learn a great deal more than what I have already picked up from his books, however I am sure it will be an enjoyable time and great to hear the man in person.

HHH

Hi Julia and Glenn

I will check them out!

thanks for you help.

Dan

HHH

Like most things it totally depends on your situation and what you goals are.

If one’s aim is to pay down their PPOR, then having in an offset account is perfect. It is the same as paying of actual repayments, but it allows you to take it with you should you decide to move onto bigger and better things and make the PPOR into an IP.

Also as…[Read more]

Yep, this confirms what you said previously.
Thanks heaps again, you have made me a very happy camper![biggrin]

HHH

Hi Steven

Thanks heaps for your reply. I actually read another answer you just gave on another thread, along similar lines.

You have confirmed my thinking.

Very much appreciated.

[rolleyesanim]

HHH

Hi Sis, yeah maybe you didn’t follow. Sorry if I have confused.

Credit Card would be no good as I want to use the LOC for investment deposits/costs etc, and so I don’t expect to be able to pay them off in any short time period.

I only want to start with a small LOC as it is non deductible and has a little higher interest rate – plus it always…[Read more]

Hi James

Could you please explain more on how you have it setup? I just can’t for the life of me work out if a LOC or an offset would be better. There are pros and cons to both.

I understand only the redraws would be tax deductible, but a deposit on an IP is certainly a large redraw!

How could I achieve the same with an offset account.…[Read more]