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From: Mojo Jojo
Just a tip to any newbie out there applying for a loan, when asked what your existing property is worth, always put a much higher value than what you actually think its worth.
I had my existing home and two IPs valued last week by the bank. My home came in at what I had written down and the 2 IPs at the price they were bought for. One of the IPs was bought off the plan 7 months ago. I asked the guy at the bank how they justify the charge of around $400 when obviously they don't do too much to find the real value of the properties. He couldn't and suggested I put a much higher value next time I fill in a loan application.
Just a tip to any newbie out there applying for a loan, when asked what your existing property is worth, always put a much higher value than what you actually think its worth.
I had my existing home and two IPs valued last week by the bank. My home came in at what I had written down and the 2 IPs at the price they were bought for. One of the IPs was bought off the plan 7 months ago. I asked the guy at the bank how they justify the charge of around $400 when obviously they don't do too much to find the real value of the properties. He couldn't and suggested I put a much higher value next time I fill in a loan application.
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