Valuation's

[Rags]

Hello,sorry in advance if this question has been asked before.How often can you demand/ask for a bank valuation to be preformed?

In my case i have only two properties under my belt with a third OTP due for completion in late 2011 early 2012 so i would like to get a valuation now or a few months down the track & presume another one will be done on completion of the OTP property,thing is i refinanced 8 months ago with Wesuck (just before they hiked rates great move) & they wont do one even though i showed them samples of properties in the same building same size going up 15-30k odd in that 8 month period.

My broker tells me to wait till early 2011 but i would like to know there's a bit of buffer there sooner rather than later so i don't have to kill myself saving for the next 2years(low income earner).Thanks..

 

[Propertunity]

How often can you demand/ask for a bank valuation to be preformed?

I'd keep the demands to a minimum but you can ask about every 6 months IF there is a reason to do so AND there is some definite equity to be drawn down to use. There is no point if the properties have not grown or gone backwards - which was the case say from 2003 - 2008 in many parts of Sydney.

In fact if the property has gone backwards I would definitely NOT be demanding a new valuation - What? you want to be asked to tip in cash to get your LVR back to what lets your lender sleep well at night?

Also if there has been growth, there is no access to that new equity if your serviceability has not improved (via personal exertion income, rents or other investments) because the lender will want to see your ability to repay / service the new debt.

.... OTP due for completion in late 2011 early 2012 so i would like to get a valuation now or a few months down the track ...

Mmmmm demanding revals on a yet to be completed OTP purchase before you've even settled. That's some attitude you've got there fella! The lender will not feel comfortable in the present environment having just come out of a GFC.

My broker tells me to wait till early 2011 but i would like to know there's a bit of buffer there sooner rather than later so i don't have to kill myself saving for the next 2years(low income earner).Thanks..

Broker is probably right. It is not a race. I understand the push ahead attitude. A few years ago I'd even have suggested getting a refi on your OTP if the original lender won't reval - but them was different days of credit.

You're trying too hard. Relax and think some more about how to increase your income IMO.

 

[Rags]

Thanks for the advice Propertunity i worded the OTP bit wrong i am only after valuations for the two current places i own.Wesuck dosn't even know about the OTP property as of yet.

 

[Rob Williams]

Wesuck dosn't even know about the OTP property as of yet.

Nor will they want to, when the time comes to settle and stump up some cash, I'm guessing.
Good luck.

 

[RightValue]

You can always order the valuations privately from a valuation firm yourself. It won't hurt to get the same company that came around last time to do it .. you did write down the name didn't you? Cost should be around $300-400 for each val.

Otherwise, whats the point? It will be a valuation based on the day they are valued .. no guarantee the properties will not go down in value in the future.

As for your OTP purchase, it will be compared to sales of second hand units when it comes time for settlement... not other units being sold OTP.

cheers

RightValue

 

[tobe]

Some lenders let their brokers order the valuations themselves, depending on the lender either free (they make their money with the application fee) or for a small cost.

try asking your broker to order a val. Technically if you get one of these free vals, and then do not commit to that lender with an application, the lender can come back and recoup the cost of the val from you, so most brokers wont order valuations willy nilly.

 

[CG++]

They like about 6 months in between. I recently rang my personal banker at NAB for the third reval in 18mths. Depends on who your personal banker is too. If you build the repore they don't tend to look at the rule books unless it's for more credit.

 

[Propertunity]

If you build the repore they don't tend to look at the rule books unless it's for more credit.

Isn't that the whole point of getting a reval in the first place?

 

[MC1]

isn't That The Whole Point Of Getting A Reval In The First Place?

:d ............................

 

[josko]

Isn't that the whole point of getting a reval in the first place?

Hey prop,

Technically, not if you are looking to switch products. Ie: P&I to IO.

But I know what you're saying.

Regards JO