Hi guys
Just wanted to clear some info up as I’m a bit confused. I purchased my first house about 9 months ago in which I’m currently doing a renovation in hopes to refinance in a years time when the Reno is complete and do a equity release on the higher value . My confusion is I have recently been told by someone that when they refinance they don’t visit the site they base the value of your house of market research, is this true ? Does anyone actually visit the site ?As this will change everything if they don’t count the renovation as a value add my property will not be worth much more as there’s not much growth
Can anyone shed some light on my problem
Thanks in advanced
Hiya
You’ll just need to let your finance person know that there’s been significant renos and a full val is required over a desktop.
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]
Okay awesome cheers for the response so can the bank reject the offer for a full valuation ?
Okay awesome cheers for the response so can the bank reject the offer for a full valuation ?
Your bank may be helpful or unhelpful depending on how the the lending manager feels at the time. If you don’t get the desired response you should threaten to go to another lender. If they don’t then help you should act on your threat and go see a good broker. Jamie is significantly better than the average suburban broker in this regard.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Okay awesome cheers for the response so can the bank reject the offer for a full valuation ?
Technically they could – but if going via a broker they should be able to avoid that occurring or have that decision overturned if it did.
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]
Of course it will also depend on the lvr both now and when you initially purchased the property.
We are finding a lot of properties aren’t coming up to client’s expectations but there are a few ways around it.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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