Hey guys,
I bought a studio apartment in Potts Point Sydney about 7 months ago. I was pretty happy with the purchase because I had a friend access RP Data before I bought it and I found that there were identical units in the building sold a few months before mine for $160K + and I bought mine for $115K.
Now my loan is with colonial (the no frills product 6.49% p.a. for 3 years introductory rate), interest only.
Ideally I want to get it revalued and draw the extra money out because I have a large margin loan out paying 8.31% interest and would use the money to reduce that loan and save 1.*% in interest p.a. which ends up being a lot
I was wondering if anyone could advise me any strategies I could use to maximise my chances of getting a good valuation with colonial. My mortgage broker basically said you can def. get a revaluation since its past 3 months of your purchase but its basically up to them to what they value it to and it depends a lot on sales in your suburb in the past few months not just necessarily sales in your unit block.
Thanks in advance!
Cheers
Tim
I bought a studio apartment in Potts Point Sydney about 7 months ago. I was pretty happy with the purchase because I had a friend access RP Data before I bought it and I found that there were identical units in the building sold a few months before mine for $160K + and I bought mine for $115K.
Now my loan is with colonial (the no frills product 6.49% p.a. for 3 years introductory rate), interest only.
Ideally I want to get it revalued and draw the extra money out because I have a large margin loan out paying 8.31% interest and would use the money to reduce that loan and save 1.*% in interest p.a. which ends up being a lot
I was wondering if anyone could advise me any strategies I could use to maximise my chances of getting a good valuation with colonial. My mortgage broker basically said you can def. get a revaluation since its past 3 months of your purchase but its basically up to them to what they value it to and it depends a lot on sales in your suburb in the past few months not just necessarily sales in your unit block.
Thanks in advance!
Cheers
Tim