All Topics / General Property / REFINANCING????

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  • Profile photo of CornelBassonCornelBasson
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    @cornelbasson
    Join Date: 2003
    Post Count: 62

    Hi Team

    Just a question on refinancing: When I want to refinance do the banks come and have a look at the place inside or do they just do a drive past or do they just pull a figure from the computer? I am about quarter way done with my renovations but I only have the weekends to really work on the place and it’s stopping me from using the equity to buy the next place. Is there any way around this?

    Thanks for the input
    Cornel

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Depends on the lender and the percentage being lent but most will certainly want to come inside.

    Cheers Richard
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    Profile photo of Mortgage HunterMortgage Hunter
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    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Some banks will do a drive by valuation. Is the outside renovated OK?[:)]

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of Still in SchoolStill in School
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    @still-in-school
    Join Date: 2003
    Post Count: 1,844

    Hey Cornel man, how ya doing? well lets put our networking skills together and those other BS stuff we did and at Russo and hack the computer at the bank, well i cant hack but we can always get Michael too, then he can enter your new evaluations and change those figures to some nice numbers.

    just kidding man, besides the joke man, get an real estate agent or a Valuer, you can just look up the phone book for one of them, ask him if they are on all bank panels for evaluations and ask this person to give you a rough indication of how much your place is worth. Also it dont hurt to ask if i added this or if i do this, how much do you think the value of the place will go up. But hold out man, im still puttin my money on that many Sydney and Melbourne siders will go up north to brisbane cause prices down here are to high and too much, that the property prices in Brisbane will still keep on rising.

    Another god tip man, go round to all the units now that are currently vacant or open to inspect, find ones that are similar to yours and that are asking for a high market value. Take pictures of these properties both inside and out. Record and date them. Then when the time comes for the Evaluation and you dont like the figures you get. Tell the evaluator and drive him to the units and show him the pictures of them inside. He wont be able to enter the unit, but you will have proof of the inside of the unit and the asking price, this can and possible push and increase your value even more up.

    anyway i hope this helps man

    still_in_school

    Profile photo of MelanieMelanie
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    @melanie
    Join Date: 2003
    Post Count: 382

    Great tips still_in_school! (the legal ones [:O]!)

    There are some lenders who in this type of situation will only require a ‘kerbside’ valuation and a broker should be able to look these up for you BUT remember these guys spend their lives driving around and if they’ve noticed any renovation activity at your house over the last few months OR you are basing an estimated increase in value upon improvements you’ve made to the property, then they’ll want to look inside.

    Personally I’d get it looking as respectable as possible in amongst the renovations, get the val done, then when applying for the loan say that part of the extra funds are for completion of the renovations – banks logically like to see people increasing the value of the assets they have security over!

    Good luck!

    [:)]
    Mel
    [email protected]

    Profile photo of Alexander2Alexander2
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    @alexander2
    Join Date: 2003
    Post Count: 82

    Most refinancers, whether they be private or public, will ask for an internal valuation by one of their own proffesionals in the area. I guess a good idea woulld be to get your own valuation done on the house and then find what the average LVR (Loan to Value Ratio) for your area is. This can be done by enquiring through any refinancer who will tell you what % they lend to people against their house in your suburb. Most common is 80% unless you’re in a spacious rural area or a very dense part of inner city.
    Once you know what you’re aiming for shop around until you find a lender who will go close to your need.
    It’s sometimes good to go through a refinancer who deals with a lot of lenders as they can arrange for your money to come from a lender who has less restrictions based on LVR. This means you can borrow more against the valuation that has already been made.
    Cheers,
    Alex

    Profile photo of CornelBassonCornelBasson
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    @cornelbasson
    Join Date: 2003
    Post Count: 62

    Thanks I guess I will be plastering walls on Sunday to get this job done ASAP. I am just itching to get the next place….Have a great weekend…..[8D]

    Profile photo of Mortgage HunterMortgage Hunter
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    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    Some banks do a drive by valuation. Others have very enthusiastic valuers who are looking to help get the loan through.

    How much value adding are we talking here?

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of CornelBassonCornelBasson
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    @cornelbasson
    Join Date: 2003
    Post Count: 62

    Hope you all had a good weekend[:)]
    Well the unit was originally painted in yellow…very yuck. All the rooms are painted white now. I regrouted the tiles in the shower and around the basin it’s all nice and white now. The living room’s walls was just plain brick and they just painted over it with the yuck yellow so I plastered it all up and you can’t see the bricks anymore and I will paint that sometime soon I hope. Then I have to repaint the floor tiles in the kitchen and the bathroom with the special tile paint stuff….can anyone tell me if that stuff is good or not. I heard it’s good but the last thing I want is to paint the tiles and then it’s starts to chip…..

    Thanks

    Profile photo of Mortgage HunterMortgage Hunter
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    @mortgage-hunter
    Join Date: 2003
    Post Count: 3,781

    White Knight tile paint is fantastic for a quick bathroom reno. The can says not to use it on floor tiles however I do know someone who did and they dragged paint tins and ladders over it without damaging it.

    Cheers,

    Simon Macks
    Mortgage Broker
    [email protected]
    0425 228 985

    Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.

    Profile photo of sweetiesweetie
    Member
    @sweetie
    Join Date: 2003
    Post Count: 26

    quote:


    …can anyone tell me if that stuff is good or not. I heard it’s good but the last thing I want is to paint the tiles and then it’s starts to chip…..



    Yes, have heard good things abt the white knight paint for tiles, even on the floor. A real estate agent tld me a number of his clients have used it very successfully and it last a few years.

    Linda

    Profile photo of melbearmelbear
    Member
    @melbear
    Join Date: 2003
    Post Count: 2,429

    The contractors like ‘mend a bath’ and those that redo the tiles for you won’t guarantee the floors (they do the rest), but I think that’s only cos people walk on them etc. and they get a whole heap more ‘use’.

    Peter Spann is heavily into the above practice, and recommends that you do the floors as well, as it still works really well.

    Cheers
    Mel

    Profile photo of Still in SchoolStill in School
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    @still-in-school
    Join Date: 2003
    Post Count: 1,844

    Hey CornelBasson,

    how ya doing man? anyway you still keep in touch with Michael and Vlad?

    Cheers
    jeff

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