PropertyInvesting.com | thebigo | Activity https://www.propertyinvesting.com/members/thebigo/activity/ Activity feed for thebigo. Fri, 17 Apr 2026 12:40:50 +0000 https://buddypress.org/?v=2.8.1 en-US 30 hourly 2 0f93ff0dd69233fde368ba7ee28d4995 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/page/2/#post-4687708 Sat, 02 Mar 2013 03:20:02 +0000 Shahin, what would you base your "don't like my chances" on?

The fact is, i can rescind my contract at any stage, so here's whats against the developer:

He has someone who can leave a contract 6 weeks out from settlement who paid $485k

He would need to put the unit back on the market, pay the agents fees all over again, and then try and get at…[Read more]

]]> b7c0ce25947770fb337884de94431ce7 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/page/2/#post-4687706 Sat, 02 Mar 2013 01:17:55 +0000 I appreciate everyones opinions and feedback. The main questions i had were to do with:

If the banks struggle to find comparable sales, but there is plenty of similar type new developments in construction selling around what i paid, would it be fair to say that they had a hard time getting a figure therefore they went very conservative &

Is it…[Read more]

]]> 1af1ade651cd6afc6675a708d1d61caa thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687705 Sat, 02 Mar 2013 01:11:19 +0000 Sentiment wasn't the appropriate word, more so the need to move out of home. As i said I'm at the point of cracking and need to get out ASAP.

I don't see the issue in getting a nice 2 bedroom apartment that i'm planning to hold for 10 years, which should provide around 400 per week min rent (4.2% yield) in a growing market (there's no doubting we…[Read more]

]]> 738b531c99c996a08f4ab2dce6228fd4 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687704 Sat, 02 Mar 2013 01:04:45 +0000 I would argue that in times when banks are being very conservative, on a 480k property, you would pay 10k over the valuation price. Especially if they admitted they had big issues finding comparable sales (seeing as though they are such statistically based this really makes it hard for them so they go very conservative).

The 3 figures they…[Read more]

]]> b6e93a787eb43f8c4fbccad680b8e2c0 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687703 Sat, 02 Mar 2013 01:01:05 +0000 Unfortunately not because the valuation is done before settlement of these units, and you can't use the incomplete developments as comparable sales until they are settled :( So theres all these people in the same building in the same boat as me, but there is plenty going up around that are due for completion 2013/2014

]]> dba95018920936a4d284b7bb4145db6e thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687702 Sat, 02 Mar 2013 00:58:10 +0000 Hi Qlds, 
            Hughesdale is 15km from CBD, surrounded by good suburbs in Carnegie, East Bentleigh, Murrumbeena, Oakleigh so position is good for future growth and rental appeal.

The valuation from the bank IMO is below market value, as they even admitted they don't have enough previous sales history in the area to compare. It's the first…[Read more]

]]> f369a07bb02d5195eff1be25c7a701a8 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687697 Fri, 01 Mar 2013 05:03:02 +0000 Thanks Jamie.

I'm legally allowed to walk away from the deal (and take my deposit back) should i wish to do so.

I've got the additional 25k to cover the difference from the contract price and the banks valuation however i guess i was more seeking feedback as to whether or not entering negotiations based on a lower val was common and worth…[Read more]

]]> 75a754bc0f7f5000ea23bc2b2c01e34a thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687696 Fri, 01 Mar 2013 04:54:29 +0000 Hi Derek,
               At a minimum, i believe the property to be worth around 470 – 475k as there are comparable sales (just not completed yet as they are still in construction).

On top of this i factor in that I'm getting 9k first home buyers grant which i wouldn't have if i walk away, so that justify my 485k purchase price IMO.

Agree with…[Read more]

]]> dd28f9018720947f2e7bf321ece73eb6 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687693 Fri, 01 Mar 2013 01:11:58 +0000 Thanks Freckle.

I'm buying for a bit of both, as moving in for 12 months to get first home buyers (plus i NEED to move out of home, the parents are doing my head in), but then i want to rent it out after that as an investment property which i would be looking to hold for at least 8 – 10 years.

I really want to get into the market, and having…[Read more]

]]> 51610b0d832748874801668690af2d43 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687690 Fri, 01 Mar 2013 00:35:02 +0000 The problem is there isn't any comparable sales in the area.

The development in Hughesdale is the first multilevel apartment of it's kind, with any before it being done 20 years ago out of brick and quite old/run down basic build.

The only ones i can find in the vicinity that are comparable are in Oakleigh and are off the plan (only slab and…[Read more]

]]> a820bada0c2e1384dcef32ba8f76cd09 thebigo replied to the topic Buying off the plan in the forum Help Needed! https://www.propertyinvesting.com/topic/4408833-buying-off-the-plan-12/#post-4687317 Thu, 28 Feb 2013 23:46:14 +0000 I've bought 2 OTP properties.

6 weeks away from settlement of the first and the valuation came in 25k less than the contract price from 2010 (3 years ago).

I have enough cash to cover this, plus i'd lose half of the first home buyers grant if i rescinded (around 9k), so i'm pressing forward but will certainly be more cautious moving forward and…[Read more]

]]> 62cdb1838b41d3e4f155e7384b8ed7b6 thebigo replied to the topic BANK VALUATION LOWER THAN PURCHASE PRICE in the forum Help Needed! https://www.propertyinvesting.com/topic/4408874-bank-valuation-lower-than-purchase-price/#post-4687688 Thu, 28 Feb 2013 23:25:07 +0000 Thanks Jamie, seems as though you're the resident go-to on the site! (which is much apprecaited).

The problem is, i can't find 3 comparable sales in the last 6 months as there isn't any, and the ones that have been sold are off the plan so not yet completed or settled. (Identical development around the corner being sold as the slab is being laid,…[Read more]

]]> 58ae47c61c2a78805486fa5b1752b31d thebigo replied to the topic First Investment/Loan Structure help needed! in the forum Help Needed! https://www.propertyinvesting.com/topic/4408311-first-investmentloan-structure-help-needed/#post-4682851 Thu, 27 Dec 2012 00:41:52 +0000 Qlds who would you lean towards more for this kind of deal?

Only reason I said CBA is at this point in time i've got all my accounts with them, i havent done any review/analysis of home loan products yet.

]]> 14c25434d99350fc1d80ebc9fa9b44a8 thebigo replied to the topic First Investment/Loan Structure help needed! in the forum Help Needed! https://www.propertyinvesting.com/topic/4408311-first-investmentloan-structure-help-needed/#post-4682849 Sun, 23 Dec 2012 01:05:14 +0000 Cheers QLDS, i agree with regards to NAB.

I only did a preapproval to "test the waters" on borrowing capacity, along with the fact that the lady i met with was a colleagues wife.

I'm leaning towards CBA but I'm meeting with my mortgage broker next week to discuss other lenders and products.

Thanks to you and Jamie's advice, im most definately…[Read more]

]]> ad9b286c4c37c6d46e512105151da440 thebigo replied to the topic First Investment/Loan Structure help needed! in the forum Help Needed! https://www.propertyinvesting.com/topic/4408311-first-investmentloan-structure-help-needed/#post-4682848 Sun, 23 Dec 2012 00:59:22 +0000 Thanks Derek, valid point on the valuations.

With regards to valuations, this was completed only 2 months ago by the developer (independant valuer) and the figures came out at 505k which is 20k more than what i purchased in 2010.

Not really making grand plans, just ensuring that i have my loans structured correctly from the start and a…[Read more]

]]> abaf82e3bad4d3fffd3faf7984011c95 thebigo replied to the topic PPOR turned investment loan structure in the forum Finance https://www.propertyinvesting.com/topic/4408312-ppor-turned-investment-loan-structure/#post-4682857 Fri, 21 Dec 2012 04:32:45 +0000 Thanks guys, extremely helpful information.

I think the best way moving forward will be an I/O loan with linked offset for Hughesdale.

I'm also going to put down the minimum depost, cop the LMI and then put the remaining monies in the linked offset. That way my money isn't locked away for when it comes to buy a PPOR.

Ideally i want to have…[Read more]

]]> 01eaad2b41b5dd726960dc7dd20584e2 thebigo replied to the topic First Investment/Loan Structure help needed! in the forum Help Needed! https://www.propertyinvesting.com/topic/4408311-first-investmentloan-structure-help-needed/#post-4682845 Fri, 21 Dec 2012 04:28:05 +0000 Thanks JP, will do.

I have already got pre approval from NAB and the settlement in Feb is for PPOR, which i hope to turn into an investment in 2 – 5 years time, so for the time being i don't have to worry about tenants.

]]> 8cff846ca0359fa114410fbed369a7a4 thebigo replied to the topic First Investment/Loan Structure help needed! in the forum Help Needed! https://www.propertyinvesting.com/topic/4408311-first-investmentloan-structure-help-needed/#post-4682842 Fri, 21 Dec 2012 00:17:18 +0000 Thanks Jac.

Are any of them based in Vic, i understand these days with email and phone it's easy but i prefer to deal with someone local e.g. Victoria

]]> 6f6723c22953baec3a1096f9da1959e0 thebigo replied to the topic PPOR turned investment loan structure in the forum Finance https://www.propertyinvesting.com/topic/4408312-ppor-turned-investment-loan-structure/#post-4682854 Fri, 21 Dec 2012 00:13:35 +0000 Thanks Jeano for your response.

To answer a few of your questions, I am looking to hold both units as long term investments.

Ideally what I want to do is settle Hughesdale (2013), settle South Yarra (2014) and then at some stage within the next 3 years (2013 – 2016) purchase a PPOR which i intend to live in for quite a while (nothing over the…[Read more]

]]> 22f442f60b53570c713c3a7d0098c0c7 thebigo replied to the topic What's One Big Thing you'd like to Accomplish in 2013? in the forum Forum Frolic https://www.propertyinvesting.com/topic/4408304-whats-one-big-thing-youd-like-to-accomplish-in-2013/page/2/#post-4682742 Thu, 20 Dec 2012 23:00:11 +0000 My goals for 2013 are fairly simple:

1. Settle on my first house (feb)
2. Propose to my girlfriend
3. Increase my knowledge of investments prior to settlement for my first investment property (settle in 2014)
4. Accumulate accumulate accumulate $$$$$$$$$$$

]]> 6ca25e50506985a49cb33604204dd1cc thebigo replied to the topic New to Propertyinvesting.com & new to the housing market in the forum Help Needed! https://www.propertyinvesting.com/topic/4407033-new-to-propertyinvesting-com-new-to-the-housing-market/#post-4673062 Wed, 04 Jul 2012 23:31:53 +0000 nguli wrote:
Your deductions will be any income made from the property minus any expenses like loan repayments. If you expenses are more then your income then this is negative gearing and reduces your taxable income. Shoot Jamie an email and he will help you out. Doesn't matter where you live. I made the mistake of not initially going through a…[Read more]

]]> 0f79ad090175e72aa55e872dfd068b75 thebigo replied to the topic New to Propertyinvesting.com & new to the housing market in the forum Help Needed! https://www.propertyinvesting.com/topic/4407033-new-to-propertyinvesting-com-new-to-the-housing-market/#post-4673060 Wed, 04 Jul 2012 22:17:03 +0000 So by not reducing the principal, i can get tax deductions etc at a later date once it is an IP? What would these deductions be?Thanks for the feedback guys. I will be certainly looking to start talking to mortgage brokers in the next few months to start gathering information as to what loan is going to best suit, if anyone is around the East B…[Read more]

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