Bank Valuation Too Low? [How to overcome a BAD bank value]

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Bank Valuation Too Low? [How to overcome a BAD bank value]

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Mortgage Broker Australia - Hunter Galloway

Күн бұрын

Пікірлер: 20

@MortgageBrokerAustralia 4 жыл бұрын

Get the 5 Best things I've found in the property and finance world every week - for free. hubs.ly/H0qHChB0

@SK-gi8dj 3 жыл бұрын

These videos are so comforting...I am a very lucky individual with a huge deposit due to inheritance. I comfortably have 20% for almost anything I wish to buy, yet even for me I keep hitting hurdles including limits on loan size due to my high but single income...it’s hard missing out again and again but as time goes on I watch all these videos and keep learning and building my knowledge...I will get there eventually. Thanks guys

@MortgageBrokerAustralia 3 жыл бұрын

Thanks for watching S K

@lunalou8888 Жыл бұрын

I had shit wage as a single person and bought a house. My mortgage broker must of worked wonders thank God

@sagiefroggie 4 жыл бұрын

@7:35 Value of the property $400k minus $40k rebate should be $360 and not $460k. It's just a simple mistake, but love your videos guys. I am a big fan of your posts.

@MortgageBrokerAustralia 4 жыл бұрын

Thank you! Haha yea I noticed that too :)

@chloeV02 4 жыл бұрын

Thanks for the great video!

@MortgageBrokerAustralia 4 жыл бұрын

Glad you liked it!

@randycortez5738 Жыл бұрын

How come banks dont tell their customers the valuation report?

@MortgageBrokerAustralia Жыл бұрын

It depends on the bank's policy and the type of loan. Some banks may provide the valuation report to the customer, while others may not. The reason for this could be that banks order the valuation reports for the purpose of assessing the collateral for the loan, the report is for internal use and the bank's purpose. In general, the bank is primarily concerned with the value of the property and whether it is sufficient to secure the loan. Banks may also have a policy of not sharing the report with the customer to protect the bank's proprietary valuation methodology or due to confidentiality agreement with the valuer. It's worth noting that customers can ask for a copy of the report from their bank. If the bank does not provide the report, the customer can still ask for the property's estimated value and some explanations of how the valuer came to that conclusion. It's always a good idea to consult with a mortgage broker or bank to understand their policy regarding the valuation report and any other important document.

@bobtailsquid 4 жыл бұрын

Looking at buying in rural Victoria the house will be less than $80,000 so I’m guessing I won’t get much of a first home buyer grant. I’ll have over a 50% deposit.

@MortgageBrokerAustralia 4 жыл бұрын

Itd be worth asking the victorian office of state revenue and see if you could qualify!

@WinstonPatts 4 жыл бұрын

Can you please make a video about the possible increase in first home owners grant, from 10k to 50k. Thank you

@MortgageBrokerAustralia 4 жыл бұрын

At the moment it's speculation / a proposal, as soon as we have the details we'll be looking to put a video about this :)

@dusk1234567890 3 жыл бұрын

But what happens if you buy a home for $350,000 and You put in $50,000 deposit. But the evaluation comes at $320,000 for example?

@MortgageBrokerAustralia 3 жыл бұрын

The bank will lend off the lower value - So $320k and then you need to settle based on $350k so you'll be $30k short.

@dusk1234567890 3 жыл бұрын

@@MortgageBrokerAustralia sorry I don’t understand. why would I be 30k short? I’d still only owe the bank 300k? That mean I owe the bank 80k now?

@MortgageBrokerAustralia 3 жыл бұрын

@@dusk1234567890 The bank would only lend based on $320,000 - but you are paying $350,000 for the home. So the bank will lend say 90% on $320,000 = $288,000 loan - you need to pay $350,000 = $62,000 in deposit to be paid. Plus stamp duty, other costs etc etc depending on your state

@dusk1234567890 3 жыл бұрын

@@MortgageBrokerAustralia God that is scary. I’m planning on buying house and land packing for $322k. And putting around 35k.

@garysingh9746 3 жыл бұрын

@@MortgageBrokerAustralia does subject to finance clause covers bad valuations ? i am in Melbourne..thanks