When outlining asset & liabilities values in a finance application, you are expected to place a value against existing properties. Usually, you will also need to provide a copy of the latest rates notice as well.
When there is conflict between your estimated value and the council valuation, what does the bank do to verify correct asset price. Is there a % differential where they take lower of the two or further information to clarify?
Hi woodsmen,
The rates notice never seem to reflect the current value of a property, and the banks take this into account, your estimation will be fine.However if you are refinancing or using the property as security against the loan, then the lending institution will generally carry out a valuation on the property, Cheers.
Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Usually rates notices are only required for security proeprties. And they will be valued.
Values on the other proeprties are only to be estimated, it will generally not effect your application, but it better to estimate on the high side as it makes your position look better.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
Click below to email meTerryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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