Property Valuations - $300???

[ralph wiggum]

Hey fellow forum junkies,
I have 4 IPs and no PPOR. I recently asked my broker to approach my lender to revalue my properties, and see what my equity situation was - in order to borrow against them. My broker has informed me that my lender (Suncorp) will charge $300 per property for valuations.

Is this the norm?

From what I can gather, most serious property investors will have valuations done each year (or after renovations) to get access to their equity. This would be an outrageous expense for someone with 10 or more properties.

Am I with the wrong lender? Should my broker negotiate harder? Is it because I don't have substantial enough loans with them (465k)?

Does anyone have any advice, or know of lenders with more investor friendly costs in relation to valuations?

Any comments on this topic would be welcome.

 

[itinerantotter]

From what I can gather, most serious property investors will have valuations done each year (or after renovations) to get access to their equity. This would be an outrageous expense for someone with 10 or more properties.

This is what I do when I'm actively acquiring or when there has been a steep rise - and yes, it is an outrageous expense. But consider how it widens my options!

That price is what you would expect to pay. I have negotiated for quantity - perhaps your broker could pursue that line.

Good luck.

 

[Rolf Latham]

Hiya

Try a CBA, NAB, CBA, WBC pro pack with a frixed annual fee of 295 to 350 a year, Generally you wont run into the fee troubles again.

ta

rolf

 

[ralph wiggum]

Try a CBA, NAB, CBA, WBC pro pack with a frixed annual fee of 295 to 350 a year, Generally you wont run into the fee troubles again.

Thanks for the tip Rolf. How do these packages stack up on the other fees and features?

 

[Rolf Latham]

Hiya

I use Suncorp a bit for some deals, Suncorp may be marginally cheaper on rate on an overall variable portfolio, below 500 k, but above 500 k its hard to go past wbc and CBA

Most of the packs have no other fees and charges for once a year revals etc.

The best product/cost balance for a > 500 k relationship for a non corporate trustee or personal name investor is the WBC Premier Pack, though I suspect your broker probably already told you that.

There will be some that will disagree with that, and in 3 out of 10 cases it isnt the right deal, but if one had to stick their hand up, for me that would be the one.

ta

rolf