When we got our PPOR revalued to extract equity, HomeSide did a comprehensive walk through inspection. That came back at a conservative $305k.
At the same time as talking to the broker, we were also in discussions with CBA. We had the Personal Lender come to our home to talk through a number of options. We were asked to provide an estimate on what our PPOR is now worth. We put down $320k. The finance preapproval then came back to us with $320k as the accepted value, meaning $15k more equity than HomeSide! I queried the Personal Lender on if this value has to be assessed to ensure its accuracy. He verbally assured me that I can buy with confidence in my target price range using this equity as he "put the numbers into the system and at present doesn't require a valuation". How solid is this? Should I take his word for it?
What I want to avoid is making an offer on an IP only to be knocked back if CBA turn around at the last minute and decide to do a full valuation, potentially lowering our equity.
At the same time as talking to the broker, we were also in discussions with CBA. We had the Personal Lender come to our home to talk through a number of options. We were asked to provide an estimate on what our PPOR is now worth. We put down $320k. The finance preapproval then came back to us with $320k as the accepted value, meaning $15k more equity than HomeSide! I queried the Personal Lender on if this value has to be assessed to ensure its accuracy. He verbally assured me that I can buy with confidence in my target price range using this equity as he "put the numbers into the system and at present doesn't require a valuation". How solid is this? Should I take his word for it?
What I want to avoid is making an offer on an IP only to be knocked back if CBA turn around at the last minute and decide to do a full valuation, potentially lowering our equity.