If i have already settled on a house and i do a quick cosmetic reno on it! can i have it revalued by the bank 3 months after it settled and borrow again and get another IP? I have been told by my broker that the bank won't revalue until about 6 months. Is this true? any suggestions?
Most banks policies do state that but depending on your brokers relationship with the bank they can quite often revalue and lend further if you are renovating. Just make sure you keep your reciepts!
If you have a good relationship with your broker who is aware of your plans and strategy, he/she will no doubt have provided you with the package to suit - and they are probably only letting you know the specific restrictions of that finance institution or its package. You could also always refinance, depending on the break costs, with another bank who will be prepared to value your property, if the incumbent bank / finance solution no longer suits ? Talk to your broker about the challenge at hand - I'm sure they'll produce a solution
I have done this with 2 properties recently (9 weeks after settlement and 15 weeks after settlement (we were very BUSY)). The bank agreed to do the valuation on the proviso if came in short I paid for the valuation. Happily I didn't have to pay for the valuations. Good Luck
Yes, i have seen clients do it and most banks will oblige. Well done Mongrel Dogs, when is the next one ! NickM
