Quick Q re revals

[JoshyBoi]

Hey all

Just a quick question (hopefully).

I currently have an investment loan with Homeside - it's been two years since we bought the place so I wanted to get a reval done to see what it comes back at and then to consider my options...eg. get a top-up or buy out the 2nd party - most likely do not intend to move the loan from homeside...I have no problems paying for the reval if necessary

When I rang them they told me to go through the broker I used getting the loan...no problems with that, so I rang the MB to only be told that I cannot get a reval done unless I submit a new loan application or an application for a variation.

Is this the usual process? I just don't see the point of all the paperwork should we decide not to do anything...if we decide to proceed, then the paperwork isn't really an issue. Any other suggestions?

Thanks
JB

 

[cmason]

Hey all

Just a quick question (hopefully).

I currently have an investment loan with Homeside - it's been two years since we bought the place so I wanted to get a reval done to see what it comes back at and then to consider my options...eg. get a top-up or buy out the 2nd party - most likely do not intend to move the loan from homeside...I have no problems paying for the reval if necessary

When I rang them they told me to go through the broker I used getting the loan...no problems with that, so I rang the MB to only be told that I cannot get a reval done unless I submit a new loan application or an application for a variation.

Is this the usual process? I just don't see the point of all the paperwork should we decide not to do anything...if we decide to proceed, then the paperwork isn't really an issue. Any other suggestions?

Thanks
JB

I'd get an independant valuation then apply for top up/new loan based off that

 

[tobe]

or just an appraisal by an estate agent and take off 10% or so. if the numbers then work, start the application....

 

[cmason]

or just an appraisal by an estate agent and take off 10% or so. if the numbers then work, start the application....

Was just about to write the same. I have done the same before if I just want to get an idea, get 2 or 3 REA to value, they do it for free then make your own mind up based on the 3 valuations

 

[Evachange]

Hey all

Just a quick question (hopefully).


I rang the MB to only be told that I cannot get a reval done unless I submit a new loan application or an application for a variation.

JB

As far as I know you should be able to get a valuation done without putting in a loan applicaition.

 

[Rolf Latham]

Hi Joshi

Thats Because ur broker isnt a 4 star rated with NAB / Homeside

Doing an upfront is easy if the broker is accred to do so

ta
rolf

 

[JoshyBoi]

Hi Joshi

Thats Because ur broker isnt a 4 star rated with NAB / Homeside

Doing an upfront is easy if the broker is accred to do so

ta
rolf

I was advised (by Homeside) to go through the broker who got me the loan - is it possible to go through another broker who may be accredited?

 

[Spectre]

JB you can go thru whoever you want. Find a 4star nab broker not a 3 or 2 which is what your guy is from the sounds of it. NAB dont want to waste the time anyway and they tell us to do it upfront. Its faster assessment times too once the val is held (in theory).

 

[cadence]

Hey this is not unusual. Most banks will tell you to do that and charge you for the reval.

When I want to get reval done for another purchase, I shop around and go to a different bank and tell them I want to refinance with them. They'll look at your assets and your income and if they like what they see, they'll offer to do a reval on your property for free. They do this for their own benefit, as they need to know if your asset has enough equity to fund the 2nd property. If the reval comes back good, I'd negotiate on the interest rate so the new bank offers a lower one than your existing. That way you kill 2 birds with one stone.