Need more than pre-approval?

Just wondering what happens if you end up wanting to borrow more than what you were pre-approved for? Do you need to re-apply before the bank does the valuation? I'm thinking it might only be $5k extra.

I don't think I would have an issue being approved as it wasn't an issue the first time and since getting my pre-approval I've had a 13% pay increase.

i cant help with your situation, but we got pre-approval for up to 95% of the value so we have quite a bit to play with if things go horribly wrong

something to think of next time i guess

Not sure if it helps but we are constrained more so by our deposit size rather than our ability to make repayments.

You need to work out where you are constrained on your loan and then you should be able to assess if you will get the extra money.

when we wanted to do this, we were told we would need to reapply and get another valuation done. (so that ended that, as we werent going down that track again)
I guess it would depend on where you are up to in your application, and of course a few other factors.
-Sha

Yes if your Loan to Value Ratio doesn't restrict you, ie. if you have more than 5% equity, any higher loan amount will depend on your borrowing capacity.

However, if you have no or minimum equity, you are dependent on the valuation. But if you are buying, the bank will take the lower of the valuation or purchase price in calculating the amount.