Hi Guy’s,
Thinking of drawing on the equity of my 1st IP and was wondering if the banks pay any attention to professional house valuations?
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You will always miss 100% of the shots you don’t take!
By professional house valuations do you mean a valuation by a registered valuer? If so, then yes the banks care. However, unless you have a really good relationship (and perhaps not even then) they will only accept a valuation done by the valuers on their ‘panel’. To find out who they use, call and ask.
Cheers
MelHi Ronulas
Once you’ve found out which valuers are on your chosen lenders panel, you can still employ them yourself (thereby ensuring a full thorough valuation) and have the Val assigned to your lender.
Do your own research, chat to the valuer, and show him/her your info. Some will appreciate the help(others will not)and give you a fair Val as apposed to a quick $150 driveby.
Regards
Brendon
Acute Mortgage ReductionsWe have never had any issue with our bank valuations on our PPoR. They have always agreed with what we thought the place was worth. We have had it valued three times in 7 years and each time the bank were happy to agree and give us access to more equity.
‘Eat rich food, barbeque a yuppie’
Brendon’s point is one of the most important in our experience, that’s make sure the valuation is assigned to the bank. You do have to use one they have on their panel but if you forget to have it assigned then they still won’t use it.
Regards
PKFortune Favours the Bold.
Watch out as some lenders will not accept valuation unless they instruct the valuers themselves. So you may be forced to pay again. (I wonder what they say, ‘make sure it is a low one this time’??)
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Are we entitled to have a copy of the Valuation Report of the IP that the lender Bank has done to obtain the loan and we’ve paid $175.-?
Unfortunately most banks wont disclose the result nor give you the report.
If you use a broker the broker may get a copy or at least find out the valuation.
In my experience most valuations come in at the purchase price.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Yes, that’s what I was told.
Thanks.
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