Hey Guys,
Currently awaiting finance approval for a property, in which relies on some equity from other properties owned to get it over the line.
I was conservative with my value estimates for the other two properties, however I am still concerned as I have had 3 valuations done for 3 very different values in the past on same properties.
The fact is that the medians of both suburbs basically align with what I value the properties at. I have also found that Pricefinder values them too high, and onthehouse values them too low... An average of these two gives me a median in which also averaged the price roughly of what all 3 valuations gave me.
As I would like to pay a minimum amount of LMI, I am hoping that the valuations come through ok. Can anyone tell me what WESTPAC does when valuing IP's? Is it a desktop or walk through??
Furthermore, This is my 3rd property purchase, and the previous two properties both had LMI. The first property was a 95% lend and the second was a 90% lend (Cash deposit).
Just wondering if there is a way to calculate what sort of LMI credits I would get???
I would like to know what to expect from the bank.
Lastly, what is the general outcome if the IP valuation comes back extremely low... (Unlikely, but would like to know)... The lending manager mentioned a flexi loan to cover any shortfall... Is this common??
Currently awaiting finance approval for a property, in which relies on some equity from other properties owned to get it over the line.
I was conservative with my value estimates for the other two properties, however I am still concerned as I have had 3 valuations done for 3 very different values in the past on same properties.
The fact is that the medians of both suburbs basically align with what I value the properties at. I have also found that Pricefinder values them too high, and onthehouse values them too low... An average of these two gives me a median in which also averaged the price roughly of what all 3 valuations gave me.
As I would like to pay a minimum amount of LMI, I am hoping that the valuations come through ok. Can anyone tell me what WESTPAC does when valuing IP's? Is it a desktop or walk through??
Furthermore, This is my 3rd property purchase, and the previous two properties both had LMI. The first property was a 95% lend and the second was a 90% lend (Cash deposit).
Just wondering if there is a way to calculate what sort of LMI credits I would get???
I would like to know what to expect from the bank.
Lastly, what is the general outcome if the IP valuation comes back extremely low... (Unlikely, but would like to know)... The lending manager mentioned a flexi loan to cover any shortfall... Is this common??