Asking for Bank valuation result ?
- Thread starter albertwt
- Start date
think u might have got a bit confused at that seminar champ
A valuation from the bank, is not for you even though you pay for it. Its for the bank. There is no obligation for them to tell you. Of course if the valuation causes your proposed finance to be a higher LVR, then you will find out. 
When you are submitting for refinance, you need to put down a valuation/price that you believe the property is worth, because that dictates how much you are asking to borrow. So you need to know what its worth before the bank does. Therefore, if you are wanting to know what available equity you have, its far easier to know comparable sale prices for your property, and let that will be your guide.
As an aside, from my experience, brokers find out the valuation and are always happy to share. Only once did I go the bank directly but I had no concern about the valuation, because I knew it was a fair price and I purchased at auction. And my finance was approved at the 80% LVR that I had applied for.
When you are submitting for refinance, you need to put down a valuation/price that you believe the property is worth, because that dictates how much you are asking to borrow. So you need to know what its worth before the bank does. Therefore, if you are wanting to know what available equity you have, its far easier to know comparable sale prices for your property, and let that will be your guide.
As an aside, from my experience, brokers find out the valuation and are always happy to share. Only once did I go the bank directly but I had no concern about the valuation, because I knew it was a fair price and I purchased at auction. And my finance was approved at the 80% LVR that I had applied for.
Hi Albert
Many lenders wont provide the val for various reasons. Some are even so silly they wont tell u the amount.
Easiest way to get around this, is when you are appplying for your deposit and costs loan, apply at a level thats a little above what you think the val is at. If you are totally unsure ask a broker for a residex report whihc MAY help.
PS The term firewall is a good one, but doesnt actually describe why the uncoll strategy can be better than the cross coll.
Firewall is very correct in that if you fall over, eventually the lender will get to your other assets, but the increased time may allow you to out out the fire
ta
rolf
