Browse Forums General Discussion 1 Mar 01, 2017 5:16 pm Hi Guys, First post, a bit puzzled on a response from Bank today (should this be a surprise?) Anyway - have a house valued around $600k with $420k owing on the loan. Looking to extend at a cost of $150k. Should revalue home @ $750k possibly 800k based on comparable sales. Anyway, the bank today said whatever work is done, they don't value the home on completed works (ie $750-800). Which means they value the home @ $600k the whole way through. A $420k loan + $150k loan extension = $570k. $570k versus current $600k home loan = slugged with $22k LMI.. Anyone had experience with this?? Should I talk with another bank? Logic is puzzling and im glad I'm not working for a bank. Any help appreciated! Cheers Re: LMI - house extension 3Mar 03, 2017 11:10 am Hi Krillian Welcome to the forum That is correct the banks aren't factoring potential property increased values.. here's why 1. Building costs are way too high 2. The banks are tightening up all loans, borrowing potential is now being re-assessed on income not equity. 3. At some point they are anticipating the housing bubble to burst. It's a great time to save, DIY and add value over time. Designer,Engineer (Civil,Const & Envir),Builder,Concrete & Masonry Contract.Struct Repairs brokers will also be in a position to get you a better rate than the advertised rate most times. 6 7557 Hi, We have a single story MacDonald Jones house, on a waffle pod slab with steel frame. Are we able to build a second story extension? Other info is we are 900mm from… 0 8373 Hello Josh, This is Irving from PRIMA, we are a manufacturer of the staircase, railings, kitchen cabinets, windows, doors from China. If you have requirement to purchase… 0 5419 |