Home and investment property at once

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From: Willing And unable


I am looking at buying a home to live in and an investment property at once. My question is that do I need to get my lender to value the home before I am able to purchase it (it's up for auction). I don't intend to borrow to buy my own home but rather use the equity from it to purchase the investment property. I have rung the lender saying that they will charge me $600 to apply for the loan.
 
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Reply: 1
From: Rolf Latham


Hiya

Generally the lender will take contract price as valuation BUT be aware that this only applies for middle of the road properties in capital cities.

600 for an approval in principle ????????

Time you went and spoke to an independent mortgage broker about that.

Ta

Rolf
 
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