Hi everyone,
Blasters thread raised and interesting question part way through about reno-revaluations, so rather than hijack the thread...
I'm preparing for an IP purchase soon and it will most likely a reno and revalue over 4+ weeks.
What's the difference in lenders ability/desire to revalue your IP after a 4-6 week reno and lease? (i.e. once you've got a tenant in place and your monthly interest and rent are sorted and you know how much you can draw down in equity for another deposit and remain easily serviceable).
Are big 4, minor banks, other lenders similar, vastly different, or is it really hit and miss?
I assume they should be able to tell me yes/no prior to loan application if they will or won't revalue or have revaluation waiting periods etc. How reliable is this verbal agreement? I can't imagine banks would refuse to charge you another revalue fee?
What other tips on improving reno/revalue/redraw do some of you who have done this a few times, use? The more detail the better.
Thanks in advance.
Blasters thread raised and interesting question part way through about reno-revaluations, so rather than hijack the thread...
I'm preparing for an IP purchase soon and it will most likely a reno and revalue over 4+ weeks.
What's the difference in lenders ability/desire to revalue your IP after a 4-6 week reno and lease? (i.e. once you've got a tenant in place and your monthly interest and rent are sorted and you know how much you can draw down in equity for another deposit and remain easily serviceable).
Are big 4, minor banks, other lenders similar, vastly different, or is it really hit and miss?
I assume they should be able to tell me yes/no prior to loan application if they will or won't revalue or have revaluation waiting periods etc. How reliable is this verbal agreement? I can't imagine banks would refuse to charge you another revalue fee?
What other tips on improving reno/revalue/redraw do some of you who have done this a few times, use? The more detail the better.
Thanks in advance.