Query about valuation - purpose of request

Hi everyone,

I want to apply for revaluation of my PPOR to release some funds to buy an IP.
I have contacted ANZ and they said if I use the existing valuation, I can borrow an additional 25k on my property. does that mean last year when I bough my PPOR, ANZ valuation was 25K more than what I paid?

ANZ also wants to know the purpose of additional funds (like renovation etc.)
I believe that I could not say that I want some funds to buy an IP, so renovation could be an option for me however, do you know if I need to provide with supporting documents? do you have any experience or suggestion?
Cheers,

 

Why aren't you doing it via a broker? They'd submit all that for you.

 

Talk to a broker and get them to order a valuation. You will have a whole range of products then (hopefully) and you may well get something more suitable then dealing solely with ANZ.

 

Do you know ANZ's cash out policy? Best to use a broker - they will actually order the valuation themselves.

 

Get a broker on board - one who knows the ins and outs of lender policy.

ANZ hold a valuation on file for your home - it's likely the one when you purchased it.

They will still lend against this value - generally up to 90% LVR depending on the purpose (including for future investment).

If you feel your property has gone up in value since you purchased it (or last had it valued) then tell them the market in your area has performed strongly since you purchased it and you believe it's worth more. They'll then send out a third party valuer to carry out a full val. If you have the breaks free package - point out that you should be able to get a free val each year.

Cheers

Jamie

 

+1

 

@Mick Butterfield @Jamie Moore @Terry_w @D.T.
Thanks for comments, do you guys know any good mortgage broker in Melbourne?

 

There's heaps of brokers on this forum. I personally know Peter Tersteeg he's a very clever broker down that way.

Cheers

Jamie