how long to wait until revalue?

[Pat82]

Hi Guys,

I brought my PPOR in Nov 09 for 780k at 90% LVR. Recent sales results support that my property is now worth minimum 850k.

Can I revalue the property only after 4 months?
Can I top up the loan with new val at 90% LVR?
Do I have to pay for LMI again?

Rgds,
Pat

 

[Rolf Latham]

Hi Guy,

I brought my PPOR in Nov 09 for 780k at 90% LVR. Recent sales results support that my property is now worth minimum 850k.

Can I revalue the property only after 4 months?
Can I top up the loan with new val at 90% LVR?
Do I have to pay for LMI again?

Rgds,
Pat

Hi Pat

Much depends on the lender and the LMI povider. Some have rules for no revals for 6 mths at least, then others have cash out limits to a max of 100 kor 20 % of the property value, and some dont

The one thing thats for sure is that if u stay with the same lender you only pay lmi on the NEW MONEY, ie, you get credit for what u have already paid

ta
rolf

 

[birchcorp]

A quick self assessment should always be complete. Source out the lender with the required LVR and then calculate the available equity. I tend to do this every twelve months or so. Cash out is not only used for the purchase of an investment property but is also used to reduce risk (buffer).