Valuations

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From: Gunna Doit


How long is a house valuation valid for? We had one done (well the bank did) 12 months ago and I wondered if it would be still valid.
gunna
 
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From: Rolf Latham


Hi GDI

Really depends 60 to 180 days is the norm, who is the lender ?

ta

Rolf
 
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From: Russell Chellew


Hi Gunna,

Vals are normally valid for 6 months .

If you are looking to increase borrowings or purchasing another IP it would be worth updating the valuation . (you may be sitting on a bit of equity in view of rising property values over most of Aus during the past 12 months)

cheers

Russell
 
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From: Jas


>
> From: "Russell Chellew" <russell.chellew@mortgagechoice.com.au>

> Vals are normally valid for 6 months .

No actually. There was a court case recently in NSW that stated,
especially in boom times, valuations should really only be valid for 3
months.

However, it depends what the val is for. For example, a unit I own
recently went through its insurance renewal, and the replacement value
is done professionally, and only has to be done every five years.

Jas
 
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From: Gunna Doit


Hi there. Thank you for your replies. The lender is the CBA. We live in a small country town in Qld, which, while it is high in industry, the cap growth is low. We bought our house 12 years ago for 60 000, and it was valued 12 months ago for approx 100 000. So I don't think it's value would have jumped much since that time.
gunna
 
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