- tom123Participant@tom123Join Date: 2013Post 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?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Depends on the bank and the LVR, location of property and owner etc.
Some banks Yes. I’ve just done one with ANZ.tom123Participant@tom123Join Date: 2013Post 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?TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213Richard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,024
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.
Yours in FinanceJamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,069
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?
Most decent brokers will know which banks will take into account a desktop for an equity release.
JamieCorey BattParticipant@cjaysaJoin Date: 2012Post 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.