Hi,
Another longtime lurker first time poster.
My GF and I are due to settle on our new townhouse in the next 2 weeks and have been formally approved with ING for our loan for 335k. We are first home buyer and are using it as PPOR.
It has been just over a year since we exhanged contracts for our OTP purchase where the contract price was 373k and we had an additional 14k of additions such as an Ensuite, Floorboards mostly stuff we thought would add value to the house. Basically a total of 387k
ING were meant to do a valuation on the property which we believe is worth more (420k) given we purchased it as an affordable housing package which is somewhat subsidised by the ACT Government here in Canberra but ING are not going to as for their "risk management" will take the contract price only despite their policy saying otherwise.
Do we have any leg to stand out given settlement is due in 2 weeks and not so keen to risk penalties by a delayed setttlement. Broker apparently isnt happy about their decision but says our time frame is counting against us. Its also not that we leaving things to the last minute as we have been trying to sort this out for the last month.
Long term this is a stepping stone for us for bigger and better things but thought i would seek some other advice from some of the very helpful ppl on this forum.
Regards
Brendan
Another longtime lurker first time poster.
My GF and I are due to settle on our new townhouse in the next 2 weeks and have been formally approved with ING for our loan for 335k. We are first home buyer and are using it as PPOR.
It has been just over a year since we exhanged contracts for our OTP purchase where the contract price was 373k and we had an additional 14k of additions such as an Ensuite, Floorboards mostly stuff we thought would add value to the house. Basically a total of 387k
ING were meant to do a valuation on the property which we believe is worth more (420k) given we purchased it as an affordable housing package which is somewhat subsidised by the ACT Government here in Canberra but ING are not going to as for their "risk management" will take the contract price only despite their policy saying otherwise.
Do we have any leg to stand out given settlement is due in 2 weeks and not so keen to risk penalties by a delayed setttlement. Broker apparently isnt happy about their decision but says our time frame is counting against us. Its also not that we leaving things to the last minute as we have been trying to sort this out for the last month.
Long term this is a stepping stone for us for bigger and better things but thought i would seek some other advice from some of the very helpful ppl on this forum.
Regards
Brendan