No upfront val, workaround?

[8fold]

Hi all,
Been thinking about my situation lately and wondering if this can be done; I have a place that was bought with a 90% lend with Adelaide Bank about 3 years ago in Brisbane. I believe I bought it cheap but prices have not really rocketed up in the meantime. I cant order an upfront val with this bank so was wondering if I could get someone to do a val independantly and if and if it comes up alright, and the bank val comes back low could use it to argue the point? It is an unusual house and I cant see many comparible sales. I have a pretty clean credit record to this point and want to keep it that way

 

[Jamie M]

Hello

ABL will go off their own valuation.

The only way that the independent valuation may be helpful is if it highlights comparable sales which haven't been picked up by the ABL assigned valuer.

In that instance, you could challenge the valuation using the comparable sales. However, as you've mentioned - there might not be many comparable sales in the first place.

Cheers

Jamie

 

[Peter_Tersteeg]

Was the loan through Adelaide directly, or an Adelaide Bank loan via a third party? Some of the third parties allow you to get a valuation done prior to an application.

 

[8fold]

Thanks for the reply's guys,

Peter it was through Adelaide directly. As I posted in another thread I had a disappointing val on another property so am now a bit gun shy. My broker is organising some comparables on that one to see if we can challenge it. Might just have to site tight...

Thanks again.