Welcome to the forum sting1
Tassie prices in many cases are up with the mainland now – but these sorts of areas do offer serious 'bank for you buck'. Good thing about Tassie, is rather than prices going in fits and starts – big surges then nothing, the majority of reasonable property goes up a few % each year surely but steadily. SOunds good eh? TO get water views, near to a beautiful capital city, at that price, with a long term view with th option to move in later………… sounds good. May I suggest though grab a cheap plane ticket and get a street map and go and have a sniff around for a weekend and get the feel for the area. Most agents will be upfront with you when it comes down to 'less desirable areas' too (especially if they think they will sell you something)  Bear in mind there are no 'expert forecasts' though – only educated guesses at best. Most agents told us to avoid the suburb / area of Shorewell PArk, , in Burnie on the North coast three years ago. The stuff we bougth in the other suburbs has gone up 40% – SHorewell Park has almost doubled. Please bear in mind too though, that if you are thinking of living there down the track you may want to look at a litttle more than just the figures too! Go for it – All the best.

Hi Natasha,

just a quick FYI, you will likely find there may be some restriciton on specific loan product types for SMSF lending, depending on the bank, and likely be additional costs also – such as legal costs etc charged by the lender to various docs from your fund 'perused' by their legal area. LVR's are also not as  high, but of course it all depneds what you have in mind. Naturally this means a quick settlement is not always possible unless you have everything in order first. All the best.

Hi Morgan,

The short explanation (and panel / indepnedant valuers use this too…) is 1) Comparable sales  2) Value added improvements.
You sound like you have no2 coverd, but realistically, if a similar place to yours in the area sold for $250k last week (unless it can be proved it was not an 'arms length transaction') it is going to be a brave person that suggests yours is worth much more. Obviously outlook and land size has a bearing in the matter, but the reverse is true – if something similar not to far away sold for $350k your e on a winner. I have seen this happen both ways – some are winners, (and grinners) others not. What someone is asking for a place, is irrelevant too – only what it has sold for.
If you have evidence otherwise, I would think your lender would (they will be!) be more than happy to look at it.
All the best hey.

Cheers

Hi Macnatt,

Not a bad idea – most lenders will definately look at that and take it into account. Remember though, a bank normally will not charge you for their 'valuation' and that as far as a lender is concerned, any residential property is only worth what you just paid for it – sometimes less………………….The think many people shy away from is when an indepenadant or panel valuer wants $350 or so to do a val for you, they choose just to not bother – as of course the banks'valuation' is 'free' – being for their own purposes only, not yours.
All the best

Definately not – congratulations & enjoy your own little piece of our wonderful country.
For that price, if you are living in a reasonable area that you are happy to be in – you have indeed done the right thing both short and long term. Enjoy the low variable rates for now too.

All the best!
Cheers

Hi Sandy,
Great news you are on the upward run – and great you have that income now.
May not be what you want to hear, but if you are 'single', and now in a position to have a bit of surplus income, see what sort of inroads you can make on your c/card debt for the next 6-9 mths. You may surprise yourself. You will need a deposit to buy, however if ytou can demonstrate how much of your debt you have been able to clear up in that tim,e it certainly will assit in demonstrating to anyone your income and ability to pay debt down. You sound positive (and so you should) and trust me, the majority of palces are not going to boom in the next 6-12 mths, and the time will really fly.
Keep us posted, and all the best.

As per the above again  – the fact of that matter is valuations or 'estimated market values' are based literally on what land or a property sold for – in your case, it was the contracted price less the $10k (or whatever that amount was'.  Bank panel valuers or inspections people (and I imagine all valuers at present) have specifice instructions from the lenders to make sure contracts do not have clauses like this – and if they do the full contract is required for perusal, not just the front page, and the 'value' takes any cashbacks into account.  SOme builders/developers that cant flog stock (I believe this was a big thing at a 'golf course property development' down Melbourne way) have been known to offer 'cash backs' of up to $50k!!! – which artificially inflates property values totally. Sorry for the news – but that is how it goes.
All the best with the build though of course!

Cheers

I'm sure the rest of us (sigh) will follow in some sort of way. But a piddling 10 points? It's all a ploy to take attention away from the fact that fixed rates have soared way up over the last 2 or 3 weeks with lenders – that you generally never hear much about in the media – try up to 80 points in 3 weeks on 3 yr rates with some!!!!!!

Spot on newbi2 – although they would have to be aware of this. If it happened shortly before settlement there is unlikley to be any drama, but if it happened while the loan was in the process of going unconditional or had just done so, it is a different story. THere are some interesting clauses in the lending dcouments and or conditions that mention this.
THen again, if you have work and income similar/same/more I could not see it being any issue at all.
Cheers

HI Jaffa,

Sounds like the agent is being contankerous then – assuming that is what the vendor has told them to do/say.
You could always use a due dillignece type clause instead of the 'finance clause' however if they want unconditionla, I imagine that they will treat that the same as a finace clause. I seriously would have thought, if the vendor accpeted your offer (ie a firm price) and it was on the contract, with a 'subject clause' as long as it was over and done before when the auction would have taken place (ie you have the finance approved and ready to go unconditional) it sould be a 'win win' situation. Something does'nt quite sound right there to me. Keep us posted, and all the best mate.

Cheers