Hi Guys,
Hopefully some fresh eyes on this will result in a way forward.
The scenario is this:
My brothers and i own 2 properties in a family trust. One is a house in inner melbourne and the other is a house in our home town in country victoria.
The Melb house has just been valued by westpac at $750k and the other place is worth around $170k. Both places have DA's in place for 9 and 2 units respectively however these DA's were not taken into account by the bank. We have been offered $950k for the melb house so we know the bank val is a bit lean. We have one loan over both places for $700k.
At this stage we don't want to develop the units but gradually keep accumulating until we are in a better position to go back and start developing.
Now all we want to do is buy another place but westpac really aren't helping matters at all never returning my calls and basically trying to halt our progress.
Does anyone have any suggestions, maybe a different bank? I'm getting really frustrated and would love to move forward but i keep hitting a brick wall.
Thanks for your help
Morty
Hopefully some fresh eyes on this will result in a way forward.
The scenario is this:
My brothers and i own 2 properties in a family trust. One is a house in inner melbourne and the other is a house in our home town in country victoria.
The Melb house has just been valued by westpac at $750k and the other place is worth around $170k. Both places have DA's in place for 9 and 2 units respectively however these DA's were not taken into account by the bank. We have been offered $950k for the melb house so we know the bank val is a bit lean. We have one loan over both places for $700k.
At this stage we don't want to develop the units but gradually keep accumulating until we are in a better position to go back and start developing.
Now all we want to do is buy another place but westpac really aren't helping matters at all never returning my calls and basically trying to halt our progress.
Does anyone have any suggestions, maybe a different bank? I'm getting really frustrated and would love to move forward but i keep hitting a brick wall.
Thanks for your help
Morty