Just after so feedback on how often you should have your PPOR valuated to release equity so you can use for next property purchase.
Had my PPOR valuated some 6 months ago due to re financing of my loan but I know prices have moved significantly in my area area in the last 6 months
PPOR is a 4 bedroom house in Thornbury Vic
There's no set rule – if you think there's some equity in your property and you need to access it, then do it now rather than waiting until you find a property. I put together this article on the topic recently.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie,
Would the bank wear the cost of this or would it be me?.
Michael
Some professional packages allow a 'number' of free valuations each year. Typically this may only be 1/2 valuations so you will need to check your package (assuming you are on a package) conditions.
Hi Coota
All depends on who the lender is.
Some will do it for nothing others will charge.
Could be a lender that allows your Broker to do an upfront valuation without a hit on credit file.
If so that way he can order it for you and can work out what it possible prior to lodging an application of any sorts.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Richard
Bank is ANZ with Break Free package which includes both offset and re draw
Cheers
Michael
You can order upfront valuations with ANZ – have you done any renos or upgrades to the property since the last valuation?
TheFinanceShop | Elite Property Finance
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ANZ are good with this type of stuff.
Depending on the LVR required – it will either be a desktop or full valuation.
If you've carried out renos then a full val is usually a better option because this isn't taken into account with the desktop val.
If you'd prefer to use an expert to set this up – any of the decent brokers on this forum who deal with these types of transactions on a regular basis will be able to assist.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Jamie
Last valuation PPOR was valued at 760k which with current loan will release approx 230k worth of equity which has been drawn out into a separate facility to fund investment property purchases moving forward,so in essence just wondering if it is worthwhile doing another valuation now as the value has increased approx 10% in the last 12 months and especially in the last 6 months.
Your thoughts?…..
Cheers
Michael
Hi Michael
What's the current loan balance against that property?
What are you going to do with the equity release?
It's difficult to provide anything more than a vague, general response without knowing more details – which of course I wouldn't expect you to divulge on a public forum.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
you can always do a unofficial property valuation yourself , just to give you an idea only
I did this looking at real estate .com, Domain and other property websites and was bang on on what i could expect from the sale of my property ..in contradiction to what My real estate agent tried o convince me which was much lower sale price ( possibly due to a quick sale which she wanted).
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