Murphy is ever present and when Murphy strikes twice, the pocket bleed. Recently, the valuations for 2 properties which are about to settle came in really bad - like 12% off!!!
Update 17/10/2015 -
Cornerstone got 80% loan with ANZ and is on its way to be settled.
Carnegie got to $375 after pressing the valuer.
Lesson learnt is do not despair, there will be a valuer who will value the property at the right price. The only issue is a lot of such lenders do not operate for foreigners.
Update 25/10/2015 -
Cornerstone settled. Well I have to call Netbanking ANZ for link up on monday.
Will be expecting approval for Carnegie on 26th October.
Update 15/11/2015 -
Cornerstone settled and rented for 5% yield with 2 weeks of vacancies, albeit for 6 months term. Professional photography was done and the developers love them so much, they paid for the photos and I get free photos for publicity. The other unit competing units rented out 2-3 weeks after mine. Similar properties could be had at the next stage, don't miss it!
Continuing the OTP woes, ANZ changed its policy of not granting loans to units smaller than 50sqm and hence, I have to fork out extra $20k for NAB's offer. Carnegie was rented out for 4.3% yield for 24 months before settlement.
All is good. Pending settlement from developer. Fridcorp takes care of their buyers.
Both developers were highly recommended, Consolidated Properties and Fridcorp.