Property Valuation

Hi,

Just went into Anz to find out what my properties are worth lady was saying they will only do 1 if I want to apply for a loan and if I just want to find out what its worth should use real estate agent.

So I asked will you accept what the real estate agent tells me she goes no we will do our own. I'm like well depending what they are worth if I can apply for another loan.

So she has booked me in to see a guy who I saw 2 years ago who told me I probably wont get another loan because my debt level, even though another bank gave me a loan last year.

Matt..

 

Is there a question in this or just a rant?

You would know what comparable properties are worth so you know if there is a chance to withdraw equity out.

 

ANZ are quite conservative, so maybe get your broker to get some vals done for you and look at changing lenders. If you can't borrow at ANZ it's highly likely you can still borrow elsewhere.

 

Big Will I want to know what it worth so I can use equity for another property but not necessary with the same bank.

 

@1stepcloser as @Jess Peletier pointed out a broker would be able to do all this for you, as well as work out if you can service a loan, which if you can't do no amount of equity will help

 

Speak with a mortgage broker who can organize them for you and shop for a valuation for you. Plenty on the forum that can do this and even one in this thread who I would consider as you are located in Perth.

 

Dont get why people go to a bank and talk to employees with an employee mindset who get paid whether you get what you want or not and probably watching the clock rather than your scenario.

Get yourself an IP savvy broke who owns and runs their own business on your side. You will likely get a whole different experience and if not keep going until you find one you gel with as with all professions the 60/20/20 rule applies.

60% are average
20% are dangerous
20% are excellent

 

It's because most people who invest in real estate, eg buy a property as an investment, do so without really understanding the fundamentals imo. All the people who unnecessarily cross loans are a great example, and there are many other areas too.

 

I think the negative press from some publications about brokers spook some. Its just about always completely based on ignorance and ego.

Also its "convenient" to go to bank for some I suppose.

 

To the best of my knowledge, if you want to withdraw equity, change lenders so that the new lender will re-evaluate allnyour properties, gives you a better roi and you can draw equity.

I am reading more on this stuff so others may be able to correct in case i miss something. You should also approach tier 2 or 3 lenders in place og approaching the big 4.

Regards

 

Seriously, get a broker. Rolf above does this for me and can do it remotely, otherwise Colin and Jess are in Perth...

Every experience I have with the bank is one of drooling in how many products they try to sell me.

 

@1stepcloser of you are under the breakfree package then its 1 val per property per year I believe unless its changed.

OR

Go to a broker and get, within reason, unlimited vals plus a miriad of options for alternative lenders and strategies.

 

Why worry about the bank or a broker, just look at what is selling around you that is very similar, it is all right in front of us all these days.

Then you can decide if to try for a loan or not.

 

Why? - options.

Desktop vals v kerbside v full vals.

+ vals for refi purpose are generally conservite so will be lower than recent comparable sales.

+ your not going it alone which should minimise mistakes.

Lots more reasons.

Do agree that we have soooo much info at are fingertips but this can work against a procrastinator.

 

Both of you make good points that I understand.

But I think people need to look at what is going on around them, unless you guys offer this sort of service with no paperwork or commitment at all.

 

@1stepcloser keep it simple. Some pll just cause so much drama with their investment decisions.

1. Jump on REA and Domain to look at recent comparable sales in your area. If you think there is a decent chance your properties may have increased then,
2. Meet with a good recommended broker to discuss your plans, valuations and best way to get a loan than suits your investment needs and financial situation.

btw if it were me I'd just go straight to step 2. I never assume anything.

That's it.

my 2 cents.