For re-finances and revaluations, does anyone know where or what property database banks use for internet valuations??
James
Westpac use Australian Property Monitors (APM) 02 9339 8200. About $25 a pop, cheap for indicative which Westpac will adopt if you go through them.
Peter Baker
Important to note that Westpac will not always use APM. It depends on the deal if MI or area located or as most often APM does not confirm customers EMV (estimated market value).
Kind Regards
Verity
Thank you both for your contribution.
Verity, a follow-up question if I can. I have access to APM….and for the postcode, property type etc, it gives you a low, median and high price.
Not looking to revalue my place at anything above what it is worth, just wanting to maximise it. Does the bank look at these figures and say, yes it falls within the range and therefore OK. Or is there something a bit more scientific. The valuation I placed on it (when applying for the loan) was accepted on the internet valuation.
I will be doing this early next year again. This would be done primarily to increase LOC, so debt facility would only be to 80%LVR.
Thanks again.
James
As I understand the bank looks at those figures and if falls within range then they will use. Unfortunately they don’t tell staff what the percentage is in case we use it for evil purposes [}
]If under 80% LVR and reasonable EMV presented you shouldn’t have too many problems.
Another thing to note that even if you do need a val and area is ok and APM(according to the bank) does not confirm your estimate they may just do a curbside val. In this case I would always recommend you give as much info about inside and backyard as poss to maximise the val that comes back.
I am curious to know why you would want to be so certain on the val up front. I am always looking at recent sales in my area and have a farily good understanding of what the EMV on my properties are and that of course is free. If the bank needs to do vals first one is free and any additional are charged accordingly and even then is still cheaper through the bank than going to the valuer direct.
Kind Regards
Verity
PS DISCLAMIER DISCLAMER DISCLAIMER [
]Thanks Verity,
Just wanting to know more about the process more than anything else so when I come to do this next year, I know pretty much how the bank operates.
Would rather put in a valuation which is fair and reasonable, get finance (hopefully) through and get on with next IP. Seamless as possible.
James
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