Hi All,
As I have never unlocked equity before from a residential property, I need the following questions answered about what do:
1) Do I phone my loan financier first or should I arrange a valuer to value the property and then see my financier (I hear the financier wont look at the property as its under 12 months since I first purchased)
2) Will the financier value it themselves?
3) How should I set up the equity. 95% of the equity will be used for a new web/internet business
Thanks in advance for your help!
Cheers Mat'Whether you think you can or you think you cant, your right!' (Henry Ford 1863 – 1947)
KA010 | Raw Profits Pty Ltd
https://lawseo.com.au
Phone MeHi KA010
Wow before you rush in and talk to your lender i think you should consult your mortgage broker as you are right most lenders will not:
1) Allow the property to be revalued within a 12 month period.
2) Dependant on who the lender is will require you to cover the valuation cost.
3) May not lend for business venture purposes.
Your MB will be able to look at the various options available to you and assist you in lodging the application to your benefit.
Richard Taylor | Australia's leading private lender
Thanks for that response.
But if I dont have a mortgage broker, what next? I have a loan a through Myrate.com and I understand I will have to pay for the valuation, do I do this valuation before phoning myrate or should I contact them first?
Cheers Mat
Qlds007 wrote:Hi KA010Wow before you rush in and talk to your lender i think you should consult your mortgage broker as you are right most lenders will not:
1) Allow the property to be revalued within a 12 month period.
2) Dependant on who the lender is will require you to cover the valuation cost.
3) May not lend for business venture purposes.
Your MB will be able to look at the various options available to you and assist you in lodging the application to your benefit.
KA010 | Raw Profits Pty Ltd
https://lawseo.com.au
Phone MeHi Mat
Ok You will need to ring My rate and advise them that you wish to raise funds for business purposes.
See what they say first and then obtain a pre-approval subject to them spending your valuation fee.Might save you a few dollars in costs doing it that way.
Richard Taylor | Australia's leading private lender
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