How long after settlement for reval and top-up?
- Thread starter beachgurl
- Start date
The problem with CBAs broker valuation system is that most of the time it's just an RP Data result which doesn't take into account the renovations you've completed.
Make sure your broker selects the 'construction/renovation' option which usually overrides the RP Data report and orders a full valuation. You may have to pay $49 for this.
Make sure your broker selects the 'construction/renovation' option which usually overrides the RP Data report and orders a full valuation. You may have to pay $49 for this.
Ours is through Macquarie. It settled in August and our guy said we can reveal whenever we want and offered to order a val straight away.
Beachgurl. I have done exactly this earlier this year with CBA so I think I can provide some info for you.
Settled on property late July 2013. Bought for $245,000. Spent approx. $40k on reno's. Approached broker in November for reval and to go again.
CBA valued at $325k although Agent said sale price would be closer to $350k. I was happy with that given the short period of time.
My broker told me on Friday that CBA have approved me to go again however would prefer to keep LVR's at Max of 80% on any potential new property and the one I just reno'd. They also gave instructions that to go over 80% I would have to wait another 6 months with perfect history.
I hope that helps
Settled on property late July 2013. Bought for $245,000. Spent approx. $40k on reno's. Approached broker in November for reval and to go again.
CBA valued at $325k although Agent said sale price would be closer to $350k. I was happy with that given the short period of time.
My broker told me on Friday that CBA have approved me to go again however would prefer to keep LVR's at Max of 80% on any potential new property and the one I just reno'd. They also gave instructions that to go over 80% I would have to wait another 6 months with perfect history.
I hope that helps
I believe Macquarie have a policy of making you wait 6 months - from a recent enquiry.
Not according to the guy we deal with - we haven't gone through with the application for increase yet but he said that we could.
Coincidently I just had a meeting with Macquarie Mortgages this morning and asked about this.
If you settle and then want an increase then it is a 6 month wait
If you want to apply for an increase to construct etc then it would be different and this could be done immediately.
I would like to also give my own personal experience. Also woth cba here.
Purhased at $610k. Settled 25/10. 4-6 days later applied for loan top up. Only wanted 11800 (for a car and to bring borrowings over $500k for better concession)
Oev was 623 or 625k. Condktionally eligbole. No val tequired
Purhased at $610k. Settled 25/10. 4-6 days later applied for loan top up. Only wanted 11800 (for a car and to bring borrowings over $500k for better concession)
Oev was 623 or 625k. Condktionally eligbole. No val tequired
A desktop valuation is generally valid for how long for most banks?
-- I settled on a property with AMP in Oct, say $400k.
-- I converted an existing studio dwelling to an approved granny flat, and construction completed in 1 month time frame.
-- AMP ordered a desktop valuation, came back as $500k (confirmed its just another rpdata AVM)
-- However AMP will not allow to proceed a top-up because its still 3 months of settlement.
-- I can wait 3 months. However I got broker to rerun rpdata AVM recently, and it came back as $470k (so a $30k drop)
-- if come 3 months and AVM comes even lower, I was wondering AMP will honor the desktop valuation that was done 3 months ago? I assume AMP will not order another desktop val and use the one done in 3 months.?
AS a broker what sort of power/influence do you have to get AMP to use the one to my favour?
-- I settled on a property with AMP in Oct, say $400k.
-- I converted an existing studio dwelling to an approved granny flat, and construction completed in 1 month time frame.
-- AMP ordered a desktop valuation, came back as $500k (confirmed its just another rpdata AVM)
-- However AMP will not allow to proceed a top-up because its still 3 months of settlement.
-- I can wait 3 months. However I got broker to rerun rpdata AVM recently, and it came back as $470k (so a $30k drop)
-- if come 3 months and AVM comes even lower, I was wondering AMP will honor the desktop valuation that was done 3 months ago? I assume AMP will not order another desktop val and use the one done in 3 months.?
AS a broker what sort of power/influence do you have to get AMP to use the one to my favour?
Very unlikely I would think.
