About to finish reno's on PPD and IP. The markets certainly slowed at the moment on the Gold Coast, I was going to reval straight away to release more equity or should I wait till it picks up maybe see where the rates go and then go for a val? If I did decide to get a val after these reno's and it came in under my target is'nt it a 6 mnth min wait to go again? Even if you are proactive with reno's it is still dictated by the current sales or lack of? I mean could the house after reno's come in the same $$ as before reno's?
CheersDepends on the bank and LVRs. Some banks dont have time restrictions on valuations, but the mortgage insurers generally like 6 months
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
As Terry said, a lot may depend on the lender – but without good reason, you will find a 12mth window in many cases. As you pointe out, in a lower markt, vals are conservative – especially if the house down the road just sold cheaply.
My view is reval now… Reasons?
Well you obviously want to reval now, release equity before it drops further, 6 months (if that's the case) is not a long time to wait, what will change for the better in the near future if the market has softened a little and is trending down now?
Get in with a new val before more current sales (in a depressed market) are recorded.
Thankyou for your comments, food for thought!
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