All Topics / Finance / Property value verification in finance application

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  • Profile photo of woodsmanwoodsman
    Member
    @woodsman
    Join Date: 2004
    Post Count: 714

    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?

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    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
    VICTORIA

    PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    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 me

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 3 posts - 1 through 3 (of 3 total)

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