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  1. #11
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    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

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    nicolier  (13-11-2015)

  3. #12
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    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
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    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!!).

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    nicolier  (13-11-2015)

  6. #14
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    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.

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    sunnygirl79  (13-11-2015)

  8. #15
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    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
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    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
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    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
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    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
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    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
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    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!)


 

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