Thanks for clearing that up. I realise a valuation is needed if upping a loan and the previous valuation is 'stale.'
I didn't realise banks revalue at the end of a fixed loan period or if the rate is fixed. I owned investments in the late 90s to mid 20s and it was a very different scenario. I recall on a secong unit the bank just did a drive by on my home! Mind you...real estate was doing nicely back then...and I had a financial consultant mate who was bringing in good investment customers for the bank...plus...I was upkeeping the gardens for the bank manager's properties.
