Cost in performing bank valuation to increase the loan ?

Viewing 7 posts - 1 through 7 (of 7 total)

Henry Adams
Member
@henry-adams
Join Date: 2011
Post Count: 105
September 10, 2011 - 3:38 pm
Hi People,
I’d like to know if it there is cost involved in ordering a bank valuation to do the valuation of my current IP so that I can draw on the equity ?
is that supposed to be payable by us of free ?
Thanks.
Richard Taylor
Participant
@qlds007
Join Date: 2003
Post Count: 12,024
September 10, 2011 - 6:51 pm
Henry all depends on the lender.
Some charge up front some dont charge at all.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
September 10, 2011 - 10:49 pm
Who is your current lender? And are you on a package with them?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Henry Adams
Member
@henry-adams
Join Date: 2011
Post Count: 105
September 11, 2011 - 12:22 am
I’m with Bankwest and yes I’m still on the special rate (1% discount) until june 2012
So I was wondering if I should be paying for the valuation or it should be no charge at all.
Thanks for the reply Terry and Richard.
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
September 11, 2011 - 12:32 am
Check your package details Henry. The packages I am on allow one free valuation (from memory) per year.
Henry Adams
Member
@henry-adams
Join Date: 2011
Post Count: 105
September 11, 2011 - 12:43 am
Yes, I’ll check that with Bankwest, because my current loan is just Home (P+I) Loan not the investor IO loan.
Derek
Member
@derek
Join Date: 2004
Post Count: 3,544
September 11, 2011 - 1:27 am
hi Henry,
Try their website http://www.bankwest.com.au/personal/home-loans/home-loan-products
Might give you a heads up on your package.