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Want to reval but messy tenants?

Discussion in 'Property Finance' started by Swamp, 11th May, 2016.

  1. Swamp

    Swamp Member

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    Hi all,
    According to online vals I finally have a useful amount of equity in my house in Brisbane. I have had tenants I never hear from who always pay their rent on time for about 3 years now but who are not really into mowing the lawn/ gardening/ are generally messy. Is this a concern for the val? Will it be worth my while to pay for lawn/garden etc to be done? Some details:
    House purchased in 2010 425k
    attempted reval in 2013 440k ==> made Swamp sad
    online vals now in the 540 - 620k range
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Hiya

    Is this for your own info or to release equity?

    If the latter - do you think you'll get a better result with a full val? Does your current lender allow you to use a desktop val for releasing equity? If not - could you consider a refi to one that does?

    Cheers

    Jamie
     
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  3. Redom

    Redom Mortgage Broker Business Member

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    Which bank is it with and whats the LVR - may be able to do a desktop val if the bank allows it.

    Generally this shouldn't have too much of an impact, but its difficult to accurately quantify if theres any effect at all. Valuations do range depending on the valuers opinions (usually within a 10% band).
     
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  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Who's your lender? you may get away with a desktop, but if a full val is required the neatness does make a difference. I'd get the lawns mowed and gardens weeded prior.
     
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  5. bob shovel

    bob shovel Well-Known Member

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    Which lender, lvr, shoe size. Not being a broker I'm just here for moral support
     
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  6. Swamp

    Swamp Member

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    Thanks for the replies all, Lender is Adelaide Bank and LVR was 90% when purchased, so owe around 380k interest only. Looking to extract as much equity as possible and continue on my jouney to becoming filthy rich.

    Lol thanks mate, I also need advise on a nasty rash but will PM more details.
     
  7. wylie

    wylie Moderator Staff Member

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    To the brokers who've asked "which lender", would NAB look at a desktop valuation?
     
  8. Swamp

    Swamp Member

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    Location:
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    Would a desktop val usually take me to 90% or only done to 80%? From memory I got hammered during the 2013 full val with it coming back lower than the lowest desktop estimate range but it was a quiet market back then. Even if they only go to 80%, a desktop may give me more equity if the same thing were to happen with a full val...
    Thanks again for the input.
     
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Perhaps start with a desktop val with another lender - CBA are usually pretty good. Any broker on here can help

    Cheers

    Jamie
     
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  10. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    A desktop will only be used up to 80% LVR. We find they're often more generous than a full val, especially with CBA. Always do a desky first, then decide if you need a full or not.

    @wylie - yes they will.
     
  11. wylie

    wylie Moderator Staff Member

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    Thanks Jess :).
     
  12. bob shovel

    bob shovel Well-Known Member

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    Photos probably weren't necessary but you'll defiantly need to get a vet asap!

    Also get your broker to get a few vals done to see which one comes back as the highest
     
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