Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.




116 posts

Master Geek


# 214671 23-May-2017 13:15
Send private message

We bought a house a while a go, it was in a rough state so we've been renovating and improving. So far we've added about 30% value to the property. We figure we have equity spare and might grab another. Do we just get a valuation on the current property and head back to the bank to get pre-approval for another one?


Create new topic
13055 posts

Uber Geek

Trusted
Lifetime subscriber

  # 1786657 23-May-2017 13:20
Send private message

Pretty sure that will depend on your bank.

 

We recently increased our mortgage to cover the costs of a sub-division, the receipt of which will then reduce the mortgage by at least 45% and the bank treated it as if we were making a whole new mortgage application - it was a royal PITA.

 

Not sure whether they would do that with an investment property or not these days.






3189 posts

Uber Geek


  # 1786709 23-May-2017 13:26
Send private message

Basically yes you are correct. A bank will look at your equity holdings and income and decide what sort of money they will make available. All have their own algorithm as to what they will and won't lend on depending on the current situation.




Always be yourself, unless you can be Batman, then always be the Batman



 
 
 
 


eph

176 posts

Master Geek


  # 1786711 23-May-2017 13:29
Send private message

I agree. I'd talk to the bank (or preferably good broker) first before spending any money on proper valuation (you can use the much cheaper ones online just to get indication).

 

Don't forget that you need 40% equity for investment property so your 30% added value might not be enough. You also need to be able to service the new mortgage.

 

Banks are also tighter with money these days so might be harder to get loan than few months ago.


Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Kiwi workers still falling victim to old cyber tricks
Posted 12-Aug-2019 20:47


Lightning Lab GovTech launches 2019 programme
Posted 12-Aug-2019 20:41


Epson launches portable laser projector
Posted 12-Aug-2019 20:27


Huawei launches new distributed HarmonyOS
Posted 12-Aug-2019 20:20


Lenovo introduces single-socket servers for edge and data-intensive workloads
Posted 9-Aug-2019 21:26


The Document Foundation announces LibreOffice 6.3
Posted 9-Aug-2019 16:57


Symantec sell enterprise security assets for US$ 10.7 billion to Broadcom
Posted 9-Aug-2019 16:43


Artificial tongue can distinguish whisky and identify counterfeits
Posted 8-Aug-2019 20:20


Toyota and Preferred Networks to develop service robots
Posted 8-Aug-2019 20:11


Vodafone introduces new Vodafone TV device
Posted 7-Aug-2019 17:16


Intel announces next-generation Intel Xeon Scalable processors with up to 56 cores
Posted 7-Aug-2019 15:41


Nokia 2.2 released in New Zealand
Posted 5-Aug-2019 19:38


2degrees celebrating ten years
Posted 5-Aug-2019 05:00


Sure Petcare launches SureFeed microchip pet feeder
Posted 2-Aug-2019 17:00


Symantec Threat Intelligence: revival and rise of email extortion scams
Posted 2-Aug-2019 16:55



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.