The Australian Prudential Regulation Authority said banks were increasingly making home loans on the basis of restricted property valuations. In some cases, banks are using cheaper, "drive-by" valuations with no internal inspection, or even a "desk-top" approach involving statistical analysis and comparative prices in the same suburb. The new valuation techniques save the costs of a traditional valuation involving a site visit. APRA found one fifth of bank property valuations were completed remotely.

Colin has reported that too frequently his office is contacted via phone for prices that homes have recently sold for by valuers. If you are looking at purchasing a home or you are a seller, get an independent onsite valuation as a 'drive-by' or remote valuation cannot see the interior with quality fixtures and fittings, painted feature walls, fully landscaped gardens and so on. All this determines the price of a property and can mean your bank may undervalue the home you are wanting to purchase and thus will not give you finance.

The Tax Office will undertake database checks of Land Title and Revenue Offices of every state and territory, in a bid to detect failure to comply with the goods and services tax and capital gains tax regimens. Property sales data from them will be included in the program, covering all sales back to July 1999. The Tax Office said the number of individuals declaring capital gains is reducing, which may be inconsistent with the rise in property prices.

Auction this Saturday June 11
11 Anywhere Street, Upper Coomera - UBD Map 16 K3

Light, airy and spacious. All the creature comforts that you desire. Entertain under the roofed & tiled alfresco dining area or swim in the 8 metre solar heated, totally private, high-fenced pool. 4 bedrooms, master with ensuite, formal dining and lounge room are separated from the family room, meals area, plus separate kids chill out room by a gourmet kitchen with Kleenmaid stainless steel appliances. High 2700mm ceilings throughout. Tinted front windows plus insulation in roof & internal walls. Low voltage lighting system throughout. Of course internal security completes the package.

The Mortgage Store

There are so many banks, lenders and other institutions offering home loans and mortgages these days that the competition for your business has become fiercely competitive. However, even the most eager lender will not sign off on the loan you want unless they are confident of your ability to repay. So, what can you do to help ensure you qualify for the best home loan?

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Colin Wilson
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