Forums / Getting Technical / Finance / 100-250k properties

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  • Profile photo of tom123tom123
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    @tom123
    Join Date: 2013
    Post Count: 91

    will banks allow you to take equity out of a property valued in the 100-250k range by just going of their desk top valuation or would they actually send a valuer out there? (to show that there is equity in the property)

    I have a friend who works at combank and he says this is the case for lower valued properties.

    thoughts / experiences anyone?

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,173

    Depends on the bank and the LVR, location of property and owner etc.

    Some banks Yes. I’ve just done one with ANZ.

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of tom123tom123
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    @tom123
    Join Date: 2013
    Post Count: 91

    Interesting, How will you know if the bank will go of a desk top valuation or send a valuer? when you enquire they will tell you then i guess?

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
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    I am a finance broker so I can look at their policies!

    Terryw | Structuring Lawyers / Loan Structuring Pty Ltd
    http://propertytaxbook.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of Richard TaylorRichard Taylor
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    @qlds007
    Join Date: 2003
    Post Count: 12,010

    Of course not all desktop valuations will come up to what you expect so a matter of carefully choosing which way you go.

    CBA would have to the worst lender for equity release out there.

    ANZ are so so but their serviceability model causes most serious investors to fail the affordability very early in their investing career.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
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    Interesting, How will you know if the bank will go of a desk top valuation or send a valuer? when you enquire they will tell you then i guess?

    Hi Tom

    Most decent brokers will know which banks will take into account a desktop for an equity release.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
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    Profile photo of Corey BattCorey Batt
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    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    LVR is more of a factor for desktop vals than loan amount/property value. Desktops can be quite favourable, but there are quite a few times where they come below fair value. Most lenders have processes in place however to upgrade these vals to drive bys/full vals if the broker requests.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
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    Investment Focused Finance Strategist - servicing Australia-wide

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