Thank you, I've heard so many different days that it lasts.
But our broker is telling me it is only good for the one contract we take to the bank. If we take a different contract then we would need the valuation done again
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Our Glendale 45 build
I take it because you have owned the land for 2 years, the current valuation showed a fair bit of equity increase in the land since you bought it and that's what you are scared of, that it might decrease with another valuation?
For construction, the valuer takes into account the current land value and building contract to come up with a valuation figure. However if you are changing the fixed price building contract, then it changes the parameters and it is deemed credit critical so a new valuation will be needed and the same process as before undertaken.
So your broker is correct, a different contract will require a new valuation. But odds are when ordering the upfront valuation, that the same valuer will be assigned to do it, and your broker can include the existing valuation in the supporting documents to the valuer with notes explaining that there are changes to the build contract. That way, the valuer can hopefully use that as a reference point for the land and only change the build value.
Cheers,
Tom