All Topics / Help Needed! / Getting a reval done after renovation

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  • Profile photo of goldiesgoldies
    Member
    @goldies
    Join Date: 2010
    Post Count: 115
    November 25, 2011 - 11:57 pm

    Hi all,

    I was just wondering whether anyone has advice on getting a revaluation done after a renovation? Comm bank wont do one unless i put in an application for another loan… We have just renovated a run down house in Regional NSW with the purchase price clearly under median house price in the suburb and have spent 15% of the prop value bringing it back to livable. One lady from comm bank tells me theres no point in doing another reval straight away as the market hasnt moved from 8 weeks ago when we bought it…. WOW really?!? (insert sarcasm here)

    Can we offer to pay for the bank reval? i dont want to get one completed privately as they are not worth the paper they are written on. I would like to use to equity to purchase another so it would benefit the bank anyway..

    Thanks in advance.

    Profile photo of CatalystCatalyst
    Participant
    @catalyst
    Join Date: 2008
    Post Count: 1,404
    November 26, 2011 - 12:21 am

    If you are going to use the equity to buy another property go to the bank and apply for a loan (as they requested). Then they will do a reval to assess your borrowing limit.

    When you apply for the loan give them details of your current house eg cut and past pictures of similar houses from RE.com showing the price to show what your is worth. Explain that you have renovated and is now worth $XX. Put pictures of your house with reno pictures.

    When I applied for more money (LOC) they revalled one I had only bought 2 months earlier. I didn't request it. They onkly valued it at 10% more but that's Ok I only spent $5K on the reno. It is worth more than that though.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    November 26, 2011 - 12:32 am
    goldies wrote:

    Can we offer to pay for the bank reval? i dont want to get one completed privately as they are not worth the paper they are written on. I would like to use to equity to purchase another so it would benefit the bank anyway..
    .

    Yeah you can.

    Brokers can organise CBA vals through valex. We can then use that val for the application.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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