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As I understand the bank looks at those figures and if falls within range then they will use. Unfortunately they don’t tell staff what the percentage is in case we use it for evil purposes [}
]If under 80% LVR and reasonable EMV presented you shouldn’t have too many problems.
Another thing to note that even if you do need a val and area is ok and APM(according to the bank) does not confirm your estimate they may just do a curbside val. In this case I would always recommend you give as much info about inside and backyard as poss to maximise the val that comes back.
I am curious to know why you would want to be so certain on the val up front. I am always looking at recent sales in my area and have a farily good understanding of what the EMV on my properties are and that of course is free. If the bank needs to do vals first one is free and any additional are charged accordingly and even then is still cheaper through the bank than going to the valuer direct.
Kind Regards
Verity
PS DISCLAMIER DISCLAMER DISCLAIMER [
]Took me a while to work out but scored 299.3.Then was left feeling bad for all the penguins with their little legs wiggling away in the dart board. [
]Hi Elvis
I am new to this site so this is officially my first post.
Believe it or not I actually work for Westapc dealing with home loans.
If the loan is a standard premium option (and was not a 1yr guarantee rate originally) and you want to refinance you will pay the balance of the loan, any interest accrued at the time of settlement in addition to $150 settlement fee.
If you have lending in excess of $150k there is a package called premier advantage that costs $300 per year and this would mean you can recieve interest rate discounts and other savings and it would cost you $0 application to set up your LOC. Although I agree with other posters here it is not the best product for everyone.
When looking at refinancing to another lender remember to check whether you will need to pay stamp duty on the mortgage again (if you are anywhere else but NSW), along with other costs to refinance. Sometimes it is a cheaper option to stay with the lender your with.
When looking at refinancing I look at the following:
Costs to leave, stamp duty paid on mortgage again (if applicable), coasts to establish loan elsewhere.Once I have added up the total cost I then look at what I am moving into and whether the savings/benefits of the new lender going to cover or make it worthwhile to change over. (I hope this makes sense)Just in case I get any unsual repsonses from other people because I work for the bank in question it is important you know that this is the advice I would give anyone I know irrespective of the financial institution they are with.
It always pays to do your sums first because you may not always be better off at the end of it.
I hope this helps.
Kind Regards
Verity [
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