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Thanks, will try her.
I did finally get a couple of call backs. But still, very surprised at how long I had to wait and how much I had to chase them up!
Also quite surprised at the difference between management costs in SA versus NSW. It's actually cheaper in NSW!
No, I was hoping to buy interstate actually. Not much happening in SA at the moment as far as I know.
Thanks Dazz_996,
I didn't attend the valuation as I had a tenant in there at the time, so that is a good tip.
Yeah, I understand about LVR's. Do you think this 'cautiousness' by banks will improve at all soon?
My broker did suggest to search for other comparable properties as the ones they had compared mine to where 10-15 years olders and with no upgarding etc. I sent some through that I felt were more in line with mine but the valuer would only accept properties that had sold in the previous 3 months (bit unfair I think as they could use ones from over a year ago!) and only from a very select few suburbs (which they didn't advise me of until afterwards), so wouldn't use the ones I had found. As I mentioned earlier on in this thread, there just hasn't been much in the way of units sold in the area so difficult to compare. I tried my best to increase the valuation but feel I have exhausted my options! Can only wait and hope for some more sales in the area soon.
I even consulted with another broker. He also has a look for comparables but didn't fancy my chances of an increase even if another lender had a valuation done.
I would be interested in finding out more about other finance options though. I have read some things but they are a little confusing!
thanks
I have considered asking family to help out but don't like my chances! They aren't into property at all and have little understanding of how it all works and would probably see it as too risky. I can see on my valuation that there haven't been many comparible properties sold recently so I think that's what didn't help. Of the few units sold in the area, they were 10-15 years older and not updated. I can hope that over the next few months some comparibles are sold at a better price and in the mean time keep saving!
I actually did do some renos to the unit! Painted throughout, new aircon, considerable upgrade to the bathroom, cosmetic changes to the kitchen and garden and some extra storage inside. Hence why I was a little disappointed at the valuation. I have been able to increase the rent considerably, thats why I felt the valuation was perhaps over conservative. Oh well, its all a learning process!
Are there any ways to improve the chances of a valuation coming in any better with another lender?
