What we know to a certainty is that someone estimated the market value in January to be $375K and that the actual market value was established by you 7 months later at $280K.

Why do you think, given the above, the January valuation has any relevance at all?

Oddly enough, credit scoring is entirely rational, which is why it works.

Certain variables, alone or in concert with others, prove to be reliable predictors of  a loan defaulting. They change and are changed over time but the bottom line is they are better at predicting default than people are.

Telephone numbers are a case in point.…[Read more]

Paid $280K.
Minor reno.
Values up at $320K

Doesn't seem unreasonable to me.

It's always worth noting that the value you NEED has no bearing on the value IT IS.

Just sayin' 

Short version: I’ve been trying – with limited success – to game the system around valuations and thought a barely coherent rant would make me feel better.

John Maxwell wrote:
I’m not going to argue with you Yosarian… You might want to look into it further, I was a Mortgage Broker for 11 years, mostly dealing with Non- Bank Lenders but my first paragraph is correct.

In my second and third paragraphs U am referring to Option agreements. The Option agreement allows us to nominate the buyer and the…[Read more]

Your first paragraph is wrong.

Your second and third paragraphs appear to suggest the amount represented in the contract for sale is not the genuine amount of the sale. Can you explain how this is not an obvious attempt to misrepresent the transaction to the lender.

Boshy888 wrote:
Has anyone else heard about the changes to the law relating to land ownership that now makes all land in QLD the property of the government – over and above private ownership?  To change this law they first had to move the Governor General's position 'sideways' so he/she now works for the government and pretty much rubber stamps…[Read more]

Michael,

You are endeavouring to pass yourself off as an expert in a field you clearly have limited knowledge of.

Exit fees are what the legislation say they are. No more. No less.

I hope you are not taking money from people in return for your “services” as they will clearly lose their money.

Worth remembering:

It isn’t retrospective and only applies to new loans from 1 July.
It doesn’t apply to economic loss associated with breaking a fixed rate

AIF QLD wrote:
Couple more for you guys.These guys are predominately associated with commercial finance front however i'm sure they would do smaller loans as well.Recently we have had the delight of dealing with a company called Finance Solutions Australia (FSA) through a recommendation. Scott Wyllie is the main front for this organisation whom…[Read more]

Banker wrote:
OK Yoss, so it is positive reporting however as I've said this has been happening in commercial for a long time. On Dunn and Brad Street you can get all sorts of info on a client including but not limited to: annual turnover, number of staff, term with existing bank, major suppliers / customers etc. Is this not positive…[Read more]

Banker wrote:
Hi Yoss, I think it's getting a bit off the topic re who was in the crowd / who was on the field – the post relates to an article on risk grading by the banks. My point being that the banks have already adopded changes in response to Basel (amongst other things). NAB specifically changed equity risk grades from A to D to A to J.…[Read more]

Banker wrote:

Yossarian wrote:
Hmmm."Banker" , the Basel (not BASIL or BASAL) accords (I and II) are the recommendations on the Basel Committe on Banking Supervision. Central banks and regulatory  bodies are represented, not "actual" banks.

I thought I did pretty well with spelling given it was all on the phone… Basil, Basal or Basel – y…[Read more]

Banker wrote:

Yossarian wrote:

Banker wrote:

blackhotel wrote:
Imagine a bank like that!

Sounds nice in theory. The biggest cause (in my opinion) to the financial crisis in the US was and still is non-recourse lending. Most loans are and were non-recourse which means if the bank sells the property for 300k and you owe them 400k – you are…[Read more]

Banker wrote:

blackhotel wrote:
Imagine a bank like that!

Sounds nice in theory. The biggest cause (in my opinion) to the financial crisis in the US was and still is non-recourse lending. Most loans are and were non-recourse which means if the bank sells the property for 300k and you owe them 400k – you are not liable for the 100k difference.…[Read more]

Banker wrote:
*snip*Banks before BASIL (Basal is a bank term for when banks around the world met is Basil to establish a universal approach to risk grading etc). *snip*

 Hmmm."Banker" , the Basel (not BASIL or BASAL) accords (I and II) are the recommendations on the Basel Committe on Banking Supervision. Central banks and regulatory  bodies ar…[Read more]

Probably too late but i would strongly recommend avoiding Bathla Investments, Universal Property Group or any of their associate entities.

Your bank's issue is that they haven't "declined" finance. I presume they are happy to do it at 85% with LMI, so I can understand their reluctance to put something in writing to suggest otherwise.

kum yin lau wrote:
Hi, is this Australia you're talking about? Property prices have been flat for 3 years? Where oh where? Can you name some suburbs please? I'm under the impression that even a hole in the ground has gone up in price. My PM actually said that someone might need it for a rubbish tip. And he's right. The holes in Wingfield have…[Read more]

Hopeful1 wrote:
Hi crjBefore I answer, thanks to Kylie for your advice and suggestions.Of course Yossarian I have taken the advice on board. That is why I started this in the first place. I wanted advice not criticism. Does anybody get themselves into this position by choice? We have found ourselves at this point, because we trusted a broker w…[Read more]