How often does your bank do valuations on residential properties? Once or twice a year?

Thanks again.

What percentage? Can you claim the entire amount the following year?

Thanks Terry.

Sorry for the delay. It’s not so much St George, it’s wondering which banks actually do. To me a written Val is a written gaurantee that the bank wont stuff you around when it’s time to re-invest into another IP.
I was asking about ST George because someone told me that they do written VALs.

Thanks guys, I think I’ve just made a decision and found someone that can help.

Are you saying that the 3% they charge and the cost of the property was too much to pay?

Maybe if they kicked to soldiers out, flattened and redeveloped it I might consider, but problem as it stands is the poor capital growth.

That is correct Derek.
When people talk about “drawing on the equity” of the property they’re actually refinancing on the back of the CG of the property. In reality they’re taking out another loan to live off. But that’s another debt isn’t it?

Thank you all.
Much appreciated !

Thanks for baring with me. This is new to me.
If you rely on drawing from the equity of your house in the years of your retirement then that house must still have a loan tied to it. Is this correct? Because it’s the bank that will be giving you that money.
If your in the stage of paying off your loans and then you haven’t any loans left where does…[Read more]

Thanks for your input. I appreciate it.
The time range I was thinking of was from 7-15 yrs I suppose. I mean what’s the longest a bank will allow a loan to on for?
I was told to keep renewing your IO loan but I’m sure that wont go on for ever. And if your thinking on retiring on the equity of those properties what happens when the loan is no…[Read more]

Just on the topic of IO loans. I understand the tax benefits of this type of loan but what happens when you get to the point in your life where you want to retire off the equity in your portfolio where the bank says it’s time to pay off the loan. Do you sell 2 of your 10 property portfolio to pay off the rest?
And if the loans are all gone now and…[Read more]