NAB I/O renewal - will a revaluation be required?
- Thread starter jerrybee
- Start date
They'll likely need to do a full assessment jerrybee - has been my experience with NAB.
The NAB will require a valuation. If it goes above 80% you would be able to use LMI.
After a 5 year I/O period, do you have reason to believe the property has dropped in value? Unless you purchased in a very high risk location (such as a mining town), I doubt you've got much to worry about.
After a 5 year I/O period, do you have reason to believe the property has dropped in value? Unless you purchased in a very high risk location (such as a mining town), I doubt you've got much to worry about.
Melbourne CBD in 2012, that's why
I bought in a tightly held heritage building though (out of 90 apartments, literally only 3 have gone on sale in the last 3 years which is crazy rare for the CBD). So I have that on my side, but I suspect the overwhelming supply problem will have kept my apartment either stagnant or it may have dropped. An apartment smaller / worse than mine in the same building actually sold for $20k more than I paid so it's possible I'm being too pessimistic.
Good news though, I just called and it seems I have a 5 year I/O period. For some reason I thought it was 3 years.
Melbourne CBD in 2012, that's why
Sorry to hear that. Hope you haven't gotten back into apartments since.
a full application including updated valuation will be required if you are extending the IO term or going from P&I to IO.
