I'm an idiot, why didn't I use a good MB from SS??

[INVSTOR]

I think I'm pretty stuffed now as I've signed the forms for bank and bank's solicitor accepting this.

Have I got my figures right or wrong here?

This is what i wanted to do:
Give bank security property valued by them for $215,000 with $0 mortgage as security against $938,000 worth of loans (their bank valuation of these properties total $943,000)

In my calculations I thought my LVR was less than 80%.

They have told me I need to put in an additional $33,000 worth of cash.

Apart from all their recent bank valuations coming in at 10-30% under their true value this extra cash injection isn't much fun.

Does this sound right????

 

[Rolf Latham]

if the vals are sucky, then you have a few options, but the main thing is timing I guess ?

when is settlement due?

ta
rolf

 

[Jamie M]

Might not be too late - all depends on when you're expected to settle.

Which lender(s) are you dealing with?

Perhaps give Rolf a buzz to discuss your options.

Cheers

Jamie

 

[INVSTOR]

Latest settlement I can do is 19 December

 

[INVSTOR]

Might not be too late - all depends on when you're expected to settle.

Which lender(s) are you dealing with?

Perhaps give Rolf a buzz to discuss your options.

Cheers

Jamie

ME Bank is giving me bad Val's. - unfortunately 3 fixed loans - so far have been given two break fee costs for around $2000 each.
I'm also using Nab which have reasonable valuations
Nab have offered to give me $1000 per property that I bring over to them and a reasonable variable rate of 4.74

 

[Rolf Latham]

Nab have offered to give me $1000 per property that I bring over to them and a reasonable variable rate of 4.74

be aware that this is a PI offer

if thats suits, and you need the higher servicing of NAB, then all cool

ta
rolf

 

[nomadic]

Don't assume that using a broker here means they're any good. I recently gave an unencumbered property worth $420k as security for a loan with NAB and could only get a loan for $215k (51% LVR). Serviceability was an issue.

 

[Terry_w]

Don't assume that using a broker here means they're any good. I recently gave an unencumbered property worth $420k as security for a loan with NAB and could only get a loan for $215k (51% LVR). Serviceability was an issue.

Not a good idea to use NAB is serviceability is an issue! They are hard to service with, especially with a non workin spouse and a few kids. Why did you go there?

 

[INVSTOR]

be aware that this is a PI offer

if thats suits, and you need the higher servicing of NAB, then all cool

ta
rolf

So far it is a verbal offer of interest only at that rate.

Don't assume that using a broker here means they're any good. I recently gave an unencumbered property worth $420k as security for a loan with NAB and could only get a loan for $215k (51% LVR). Serviceability was an issue.

I hear you. It appears to me you are much better off selling and putting down cash. I'm getting too old for this ?$&@! 40's mid-life crisis! Selling 2 or 3 properties next year.

 

[INVSTOR]

Not a good idea to use NAB is serviceability is an issue! They are hard to service with, especially with a non workin spouse and a few kids. Why did you go there?

Yeah, I can see I could hit that wall also.

 

[DaveM]

I think I'm pretty stuffed now as I've signed the forms for bank and bank's solicitor accepting this.

Not really.. most lenders will let you cancel the loan contract prior to funds being disbursed so long as you cover their costs to date.

 

[westminster]

You know my thoughts

It might not be too late. Find out which of the brokers on here have time to sort it out for you - December can be a hectic month and you need someone with some time to dedicate to it

 

[sanj]

You have 3 weeks to sort it out which is tight but doable.everyday is valuable though so make a decision on which broker yo use (provided they can do it) and get on with it.

 

[INVSTOR]

Thanks for all your opinions.

 

[nomadic]

Not a good idea to use NAB is serviceability is an issue! They are hard to service with, especially with a non workin spouse and a few kids. Why did you go there?

A broker from here put me onto them.

 

[Jamie M]

NAB are one of the best when it comes to servicing if you've got more than one mortgage.

Cheers

Jamie

 

[Peter_Tersteeg]

This is what i wanted to do:
Give bank security property valued by them for $215,000 with $0 mortgage as security against $938,000 worth of loans (their bank valuation of these properties total $943,000)

In my calculations I thought my LVR was less than 80%.

They have told me I need to put in an additional $33,000 worth of cash.

Apart from all their recent bank valuations coming in at 10-30% under their true value this extra cash injection isn't much fun.

Does this sound right????

The main issue sounds like low valuations. Did the NAB get real valuations from a real valuer, or did they do their 'internal' valuations? I've seen a lot of their internal valuations come back with significantly more conservative results than those by a proper valuer.

If this is the case, possibly the best thing to do is to insist they perform a proper valuation or get a broker to get you a proper valuation on the properties, then take these to the bank.

It sounds like there's some refinancing going on. It's highly unlikely this can be completed from scratch to settlement before Christmas.

 

[INVSTOR]

The main issue sounds like low valuations. Did the NAB get real valuations from a real valuer, or did they do their 'internal' valuations? I've seen a lot of their internal valuations come back with significantly more conservative results than those by a proper valuer.

If this is the case, possibly the best thing to do is to insist they perform a proper valuation or get a broker to get you a proper valuation on the properties, then take these to the bank.

It sounds like there's some refinancing going on. It's highly unlikely this can be completed from scratch to settlement before Christmas.

My low valuations are coming from ME Bank. It was a security swap. ME Bank doesn't cater for this well- to offset cash from sale would have been ideal as I've sold PPOR but haven't found another. My Nab valuations are fine. I've decided to agree with buyers wishes and settle this week. I will have to sort this before I purchase/sell again but very nice to not be under pressure .
Another whammy is that we are last minute moving into an IP that is vacant. I think Nab's system of a vacant property is going against us for another loan approval. It doesn't calculate that it would be rented again in the future?