Even though the RBA did not change the cash rate, it is still a great time to review your own finances. This also includes doing some price comparisons with your home, car, landlord and health insurance as well. These type of monthly commitments can be mistakenly overlooked. We tend to ‘set and forget’. We only really think about it when we are planning our annual budget, and most of us don’t even do that!
There are many internet based sites that will do a comparison for you, but sometimes just picking up the phone and speaking to a broker will be just as good. We can guarantee that the experience will be much more personal.
On another note, have you ever wondered how the bank does your home valuation?
When you first discuss finance with your broker they will mention the need to have a valuation performed on your home. This also applies to a new property being purchased. The great thing about working with a Diversifi broker is that we have access to an ‘upfront’ valuation. That means that before even lodging your loan application we can request a free appraisal of your home by the bank. This will give all of us a better understanding as to how much equity you actually have available. In the case of purchasing it will give you and the bank confidence that you are buying at a good price. The valuation process can take order clonazepam canada different forms. The most common is a full valuation, whereby a valuer appointed by the bank will contact you and arrange a time to come to your home and do a full inspection. Depending on the loan to value ratio (LVR) of your loan, the bank may request a ‘kerbside’ valuation. This is basically a drive by where the valuer confirms location and comparison to local homes. They may also research the sales in the area. The easiest valuation is a ‘modelled estimate’. An electronic appraisal is provided through a third party valuation source and if the value is close to or at the suggested client price, then the bank will accept this value.
If a valuation has come in too low or not nearly what the client expected, then we are able dispute the valuation. However, there are some conditions around this. Firstly, we need to show evidence that there are comparable properties with the higher value in the area and the bank has to also accept that there is a discrepancy. We can then have another valuer provide a report or have the same valuer reconsider their pricing.
The bank has to feel comfortable that they are lending against a property with sufficient value to warrant a mortgage.
We are happy to provide you with a property report on your home to give you an idea as to what it may be worth today. Free of charge.