will banks allow you to take equity out of a property valued in the 100-250k range by just going of their desk top valuation or would they actually send a valuer out there? (to show that there is equity in the property)
I have a friend who works at combank and he says this is the case for lower valued properties.
thoughts / experiences anyone?
Depends on the bank and the LVR, location of property and owner etc.
Some banks Yes. I’ve just done one with ANZ.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Interesting, How will you know if the bank will go of a desk top valuation or send a valuer? when you enquire they will tell you then i guess?
I am a finance broker so I can look at their policies!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Of course not all desktop valuations will come up to what you expect so a matter of carefully choosing which way you go.
CBA would have to the worst lender for equity release out there.
ANZ are so so but their serviceability model causes most serious investors to fail the affordability very early in their investing career.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Interesting, How will you know if the bank will go of a desk top valuation or send a valuer? when you enquire they will tell you then i guess?
Hi Tom
Most decent brokers will know which banks will take into account a desktop for an equity release.
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]
LVR is more of a factor for desktop vals than loan amount/property value. Desktops can be quite favourable, but there are quite a few times where they come below fair value. Most lenders have processes in place however to upgrade these vals to drive bys/full vals if the broker requests.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
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