Rich Harvey
speaker
1,863 appearances
17 recordings
1 series
first heard Jan 2022
last heard Oct 2022
Rich Harvey’s voice in public audio — every appearance, attributed to the second.
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In Queensland, it's around 35 days.
But if you've got a really long settlement period, the bank will probably do a valuation again.
They'll probably do one on exchange and they may do another one if it's like longer than 90 days for your settlement and you do run the risk of getting a low valuation.
In fact, I was just presenting to a group of mortgage choice brokers yesterday, around 20 of them, and asking this question, are you starting to see any issues with valuations in a cooling market?
And they said, yeah, some of the banks are really putting the screws on and starting to put on their own policies and instructing valuers to be extra conservative and extra cautious.
So yeah, the word on the street is you do need to be very careful what you're offering and what you end up paying.
Yeah, absolutely.
And it's really interesting intel.
And I think a really good plug for mortgage brokers generally.
I mean, I would only ever go to a broker to get loans because they know the policies of all the lenders and there's no way that anybody...
single person can be across all the different loan products that are out there.
Make sure you don't default on your credit cards.
That's the worst thing you can do, but have all your finances squeaky clean and that'll really help you fly through that credit assessment.
Well, there are.
I mean, as I said, you know, a valuation is a formal document and the banks rely on that to provide their funding for the loan.
So typically when you go for a loan, you'll get as an investor, you'll borrow up to 80%.
You've got to have 20% in cash or in equity in another property.
But there's a chance that, you know, the market may go down and the price you paid is actually too high.
So you should be concerned.
And I guess we've seen a lot of extreme cases where people have bought off the plan style investor units many years back.
Showing 1101–1120 of 1,863 · page 56 of 94
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