+ Reply to Thread
Page 2 of 3 FirstFirst 123 LastLast
Results 11 to 20 of 24
  1. #11
    Join Date
    May 2011
    Posts
    146
    Thanks
    4
    Thanked
    32
    Reviews
    0
    We just re- financed our loan to renovate. We have three children and only on my husband wage.
    Best thing is to chat with the bank, they will probably give you. A few options. It's probably no different to you selling and borrowing again for another house.

    Good luck

  2. The Following User Says Thank You to mandmbaby For This Useful Post:

    nicolier  (13-11-2015)

  3. #12
    Join Date
    Jun 2011
    Location
    Sydney
    Posts
    3,321
    Thanks
    5,144
    Thanked
    7,771
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 posts
    If you could get a good rental return you could remortgage your old house and rent it out and use the equity as a deposit on your new house. Depends what your budget is and how much hassle you're willing to deal with to keep that property.

    Good luck

  4. #13
    Join Date
    Nov 2010
    Posts
    5,747
    Thanks
    3,825
    Thanked
    3,655
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Quote Originally Posted by nicolier View Post
    Yeah its gone up easily 100,000, if not more than that now that my neighbours sold their properties for great prices.

    I'm really going to look into the refinancing the loan than. Do you think it will matter with me only working one day and with kids now? Im worried coz when we got the home loan i was working full time and no kids..
    I wouldn't think so - assuming your DP is working f/t? With so much equity in your home that shouldn't really come into it. See a mortgage broker if you can and they can tell you where you stand in terms of what the banks are likely to do (before you officially apply).

    We are waiting for our home to go up to a certain price in value so that we can refinance - our broker recently had it valued (by 2 different banks) so we knew how far away we are from that - the house has gone up $90K in value (2 years) but we need it to go up just another $10k! He suggested once you have a certain amount of equity in your home it's very easy to refinance, opens up options for different banks etc.

    Worth doing your homework - and if it is at all possible to renovate/extend this will be a better option as location is fixed and can't be changed, whereas you can always add to your existing home bit by bit 😉. And selling/moving costs can be huge (think more than the cost of a pool!!).

  5. The Following User Says Thank You to sunnygirl79 For This Useful Post:

    nicolier  (13-11-2015)

  6. #14
    Join Date
    Jan 2012
    Posts
    7,563
    Thanks
    2,669
    Thanked
    3,960
    Reviews
    7
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts

    Default Would you move to different area for a better house?

    Quote Originally Posted by sunnygirl79 View Post
    We are waiting for our home to go up to a certain price in value so that we can refinance - our broker recently had it valued (by 2 different banks) so we knew how far away we are from that - the house has gone up $90K in value (2 years) but we need it to go up just another $10k! He suggested once you have a certain amount of equity in your home it's very easy to refinance, opens up options for different banks etc.
    Ours was valued at $590k but we needed it to come back at $620k to avoid paying LMI. We spoke the the valuer, explained the renos in detail and she came back and valued it at $640k (on completion of the renos). It meant it was structured as a building loan so we didn't get the cash, we had to submit trades invoices for payment, but it worked out fine anyway.

  7. The Following User Says Thank You to JR03 For This Useful Post:

    sunnygirl79  (13-11-2015)

  8. #15
    Join Date
    Jan 2010
    Posts
    5,561
    Thanks
    1,621
    Thanked
    2,378
    Reviews
    6
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 posts
    Personally, in your situation I would renovate. Speak to a broker and see what options you have to access the equity in order to finance the extension. Then you get to keep the great location and get the house you want.

    If it was possible to renovate our house, we'd do it. Unfortunately we're on a tiny block and it's just not an option. So, we're going to have to put up with the smaller house or move at some point. We're staying put for now as we're struggling to decide.

  9. #16
    Join Date
    Oct 2010
    Posts
    570
    Thanks
    140
    Thanked
    108
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by Bongley View Post
    If you could get a good rental return you could remortgage your old house and rent it out and use the equity as a deposit on your new house. Depends what your budget is and how much hassle you're willing to deal with to keep that property.

    Good luck
    Ive been thinking about this option as well, mostly because i feel if i regret moving at least i could move back?! Lol
    Rent in my area is in high demand and over what we pay weekly in a mortgage.

    Food for thought!

  10. #17
    Join Date
    Oct 2010
    Posts
    570
    Thanks
    140
    Thanked
    108
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by sunnygirl79 View Post
    I wouldn't think so - assuming your DP is working f/t? With so much equity in your home that shouldn't really come into it. See a mortgage broker if you can and they can tell you where you stand in terms of what the banks are likely to do (before you officially apply).

    We are waiting for our home to go up to a certain price in value so that we can refinance - our broker recently had it valued (by 2 different banks) so we knew how far away we are from that - the house has gone up $90K in value (2 years) but we need it to go up just another $10k! He suggested once you have a certain amount of equity in your home it's very easy to refinance, opens up options for different banks etc.

    Worth doing your homework - and if it is at all possible to renovate/extend this will be a better option as location is fixed and can't be changed, whereas you can always add to your existing home bit by bit 😉. And selling/moving costs can be huge (think more than the cost of a pool!!).
    Well thats good to hear. Yeah he is is full time and been at the same job for over 10 years.

    Does the bank normally do a valuation of the property when you look into refinancing or do you do that prior to talking to them?
    The houses around me have been selling in the mils and the one behind me which is a knock down was over 600k our house is old but good condition and my hubby being a builder has renovated parts of it to look new. So i know its gone up at least 100,000, potentially double that if they took into account recent sales.
    I'd really love to add extra room! Lol so over the office being in the garage!

  11. #18
    Join Date
    Oct 2010
    Posts
    570
    Thanks
    140
    Thanked
    108
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by JR03 View Post
    Ours was valued at $590k but we needed it to come back at $620k to avoid paying LMI. We spoke the the valuer, explained the renos in detail and she came back and valued it at $640k (on completion of the renos). It meant it was structured as a building loan so we didn't get the cash, we had to submit trades invoices for payment, but it worked out fine anyway.
    Interesting, i didnt know that could be an option. And yeah i gotta consider that lenders mortgage insurance too!

  12. #19
    Join Date
    Oct 2010
    Posts
    570
    Thanks
    140
    Thanked
    108
    Reviews
    0
    Achievements:Topaz Star - 500 posts
    Quote Originally Posted by Cue View Post
    Personally, in your situation I would renovate. Speak to a broker and see what options you have to access the equity in order to finance the extension. Then you get to keep the great location and get the house you want.

    If it was possible to renovate our house, we'd do it. Unfortunately we're on a tiny block and it's just not an option. So, we're going to have to put up with the smaller house or move at some point. We're staying put for now as we're struggling to decide.
    I would love a bigger block too. Maybe going up a storey is an option?

  13. #20
    Join Date
    Jul 2010
    Posts
    10,465
    Thanks
    3,185
    Thanked
    6,488
    Reviews
    0
    Achievements:Topaz Star - 500 postsAmber Star - 2,000 postsAmethyst Star - 5,000 postsEmerald Star - 10,000 posts

    Default Would you move to different area for a better house?

    Quote Originally Posted by nicolier View Post
    Well thats good to hear. Yeah he is is full time and been at the same job for over 10 years.

    Does the bank normally do a valuation of the property when you look into refinancing or do you do that prior to talking to them?
    The houses around me have been selling in the mils and the one behind me which is a knock down was over 600k our house is old but good condition and my hubby being a builder has renovated parts of it to look new. So i know its gone up at least 100,000, potentially double that if they took into account recent sales.
    I'd really love to add extra room! Lol so over the office being in the garage!
    Yes the bank will organise their own valuation, they will ask you what you think it's worth and the broker will put down on the application a figure and the valuer will try justify that ( get a local agent down and get them to get you some recent sales data so you can get an idea as the valuers ring them anyway!)


 

Similar Threads

  1. I want to move house, DH doesnt.....
    By GirlsRock in forum General Parenting Tips, Advice & Chat
    Replies: 26
    Last Post: 02-11-2015, 12:23
  2. How do I get over this & move on?
    By Snooze in forum Pregnancy Loss Support
    Replies: 8
    Last Post: 11-05-2015, 14:12
  3. Replies: 76
    Last Post: 07-01-2015, 18:27

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
free weekly newsletters | sign up now!
who are these people who write great posts? meet our hubbub authors!
Learn how you can contribute to the hubbub!

reviews
learn how you can become a reviewer!

competitions

forum - chatting now
sales & new stuffsee all
Be In Blossom
Keen to up the intensity of your exercise after having your baby but unsure how? New physio-led Bootcamp Workshops aim to bridge the gap between low and high intensity training, teaching ways to reduce pelvic floor load in gym and bootcamp settings.
featured supporter
Softmats
Softmats specialises in safe, non-toxic, and durable play mats. The international Premium Dwinguler™ Play Mats and Premium Bubba Mat™ range of floor spaces are the best quality in the world.
gotcha
X

Pregnant for the first-time?

Not sure where to start? We can help!

Our Insider Programs for pregnancy first-timers will lead you step-by-step through the 14 Pregnancy Must Dos!