Michelle Isemonger

speaker

262 appearances 1 recordings 1 series first heard Jul 2026 last heard 19 Jul

Michelle Isemonger’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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The Prosperity Project · What banks really check before approving your mortgage · 19 Jul 2026 podcast

And the banks do support clients as well.

I mean, gosh, when interest rates were absolutely hiking up, you get

situations where incomes stay the same, test rates go up and the bank's looking at it going, ah, this looks very different to what we originally approved as well.

So that's just a matter of working through that with the client.

And that is a huge risk.

I have seen it before, definitely, where at the end of the day, if when that completion valuation comes through, it comes through the least of what the purchase price was.

There's ways to work around it, but I have seen scenarios where essentially the bank's going, do you have the cash to make this up?

Because we're not lending 110% on this property in terms of what it's come through at.

But then you're sort of asking further questions in terms of why is the value drop so much from when it was initially, you know, purchased.

And sometimes it's a matter of making sure that with your contract that you're getting that checks with your lawyer, that you do have protection clauses to prevent situations like that.

Auctions are definitely on the rise, yeah.

So as soon as the market took a bit of a U-turn, slightly, everything starts going to auction, right?

Because everyone wants top dollar for their property.

They're trying to make the money back that they spent in 2021, right?

So in auctions for first home buyers is really tough, to be honest with you.

I always say to people, if you can try and steer clear of them as a first home buyer, that's ideal.

And the reason being is because especially if you've got not a 20% deposit, before you step in that auction room, you will have had to spend usually a couple of grand.

Valuation.

Builder's report.

solicitor's cheques made into your insurance.

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