Passing a bank valuation and looking good for finance

[Gatoblanco]

I have a contract on a property.
The lender will do a valuation.
The property is in tidy condition internally and externally.
It is currently tenanted.
Presumably the agent will give the valuer a 'pack' when they go through.
Is there anything else that can be done to help pass the valuation.

I have pre-approval for the borrowed amount. But my application to Pacific Mortgage Group still would have to pass ING, Resimac, etc's criteria.
What can I do to make my financial position look good? Any tips? I am borrowing close to the amount that is allowed (but still quite serviceable by my calculations and circumstances).
Has anyone done any tricks (not dishonest ones) to make themselves look good for finance?

Thanks

 

[GoAnna!]

Market rent is helpful.

Recent comparible sales that support the value of your property. Especially ones that valuers may have missed as they are very recent and are yet to be reported anywhere.

Any special features your property has.

Improvements you have done and value of these improvements.

 

[The Y-man]

IPresumably the agent will give the valuer a 'pack' when they go through.

A what?

Cheers,

The Y-man

 

[Gatoblanco]

Just to clarify. I am the buyer of the property.

 

[Gatoblanco]

a pack of beer.
No just kidding. I heard that agents give valuers a "pack" of material to support the sold price. i.e. features of the property recent high sales etc. One agent referred to this as a valuers pack.

 

[Aimjoy]

I have a contract on a property.
The lender will do a valuation.

Well the lender will get one of their panel valuers to do a val. I personally never do it this way. I get a list of the panel valuers my chosen lender uses and select one & then commission (and pay for) my own val which, if I am happy with, I get reassigned to the lender. That way you control this part of the process.

The property is in tidy condition internally and externally.
It is currently tenanted.

Who cares? from a purchaser's (your) perspective. This is more a concern (to my mind) to the seller.

Presumably the agent will give the valuer a 'pack' when they go through.
Is there anything else that can be done to help pass the valuation.

See previous comment: Who cares? from a purchaser's (your) perspective. This is more a concern (to my mind) to the seller. Really in some respects you would hope it does not pass val and you can negotiate the price down. Don't put too much (read any) faith in a REA to help a valuer do his job - most are hopeless - some are really good - like all professions.

I have pre-approval for the borrowed amount. But my application to Pacific Mortgage Group still would have to pass ING, Resimac, etc's criteria.

It seems you have passed the finance OK stage and they will just be looking if the val stacks up for the security of the loan.........this is something out of your control (apart from your own DD)

What can I do to make my financial position look good? Any tips? I am borrowing close to the amount that is allowed (but still quite serviceable by my calculations and circumstances).

I think you have passed this stage.

Has anyone done any tricks (not dishonest ones) to make themselves look good for finance?

Yes - lots but I don't think you'll be needing them in this case.

It sounds like you are OK - just need the intended IP to stack up - which it will or will not - not something you need to be worried about.

All the best with it. Suggest you think more like a hard-nosed buyer than an anxious seller hoping the valuer will like what you want to buy mate!

Cheers,
Aimjoy

 

[Spectre]

Gato
Dont know if REA's give out valuer packs on just a house purchase. Usually valuers know comparable sales and then ask the agents what they can compare it to if they dont have anything really recent.
If its like a new unit development with quite a few units then the manager might have a kit done up.

Good luck with the purchase. Keep an eye on your rate and exit costs if you're stuck using funds from just 4 lenders as options.

 

[WallyB]

Gato

to improve servicability proof:
- any benefits from work ie bonus'
- wife/ partners' income
- reduce- temporarily- limits on credit cards and proof they are auto paid off monthly

These depend on lender's criteria of course

Good luck

 

[Rolf Latham]

Hiya

Unrelated perhaps.........

I see some concerns not here but maybe in the future...............funding sources where you dont have some idea of the funding composition may compromise your ability to move on.

Ensure you know if you are going to be placed with ALL or parly securitised funds.

Whats the Loan to Value Ratio please ? This will aslo have a bearing on serviceability models

ta
rolf

 

[sailor]

We got knocked back on finance once as the valuation didn't come up to our expectations. So we researched recent comparable sales in the area and supplied that to the bank as evidence. They accepted it. Oh...and we got the loan.

 

[Gatoblanco]

LVR not more than 80%

Hiya

Whats the Loan to Value Ratio please ? This will also have a bearing on serviceability models

I am not borrowing more than 80% of the value of the property (purchase price) as I dont want to pay mortgage insurance.

Thanks
Jesse