You can bank on that
November 23, 2010
Our mortgage broker, Paul, God love him, is trying his darndest to eliminate our need for mortgage insurance at the moment, with limited success. Trouble is, Cranbourne North is such a new suburb that there's very few previous sales for the experts to base their valuations on. The system is flawed, but really, we just have to work within their guidelines rather than completely stressing ourselves out. Paul has contacted Carlisle and asked them to provide him with data on recent sales in the area - as in the value of builds in progress in our estate, in the hope of convincing our bank to value our build to at least its cost to us. I'm a little disappointed to say that they weren't forthcoming with this info, and Paul has had to really push the point. They actually questioned what it had to do with them. Hmmm. Mind you, we have just lost our fantastic customer service chicky, and the new one.... we'll just wait and see before passing judgment.
Anyway - I digress. If Paul can bump the value up a little, and in turn decrease the mortgage insurance payable, we'll release the pause button and start on the build. Besides, when we then sell our current house and the equity is released, we can start our landscaping, pool, window coverings without having to re-borrow! I know - naughty. But we just wanna get in there already...