ANZ Breakfree valuation / Shop around vs NAB

[sydprop]

Hi,

I'm thinking of changing bank - single IP currently under ANZ breakfree (not particularly happy nor unhappy with them) but have a NAB employee option with higher LVR (although probably P&I)...

So... Seem logical to see what valuation ANZ will give (since I have already paid the breakfree fee for the last 5 years!) and compare to NAB (who I gather are a bit pessimistic with valuations) - this property in the ACT....

Any suggestions/advice on approach with ANZ processes? Or views on valuations..?

Thanks

 

[Aaron_C]

Not sure what your question is...NAB used to be very good (from a broker perspective) because they are fast and their product offering is very investor-friendly with the cheap offset account for only a $10 monthly fee. However recently they've jacked up their rates which has deterred me from recommending their products.

Perhaps try other lenders - consult your broker and ask what options there are available for you. It's best to change if there's a reason to do so - otherwise it's just more of the same.

 

[sydprop]

Hi Aaron,

In essence:

1. Can I get a valuation from ANZ without committing to a loan extension under the breakfree package (they seem to say no, but ..)?
2. ANZ vs NAB valuations? material difference?

(I'm only comparing valuations, LVR etc. Rates and fees are already effectively equal...)

Not sure what your question is...NAB used to be very good (from a broker perspective) because they are fast and their product offering is very investor-friendly with the cheap offset account for only a $10 monthly fee. However recently they've jacked up their rates which has deterred me from recommending their products.

Perhaps try other lenders - consult your broker and ask what options there are available for you. It's best to change if there's a reason to do so - otherwise it's just more of the same.

 

[Jamie M]

Hi,

I'm thinking of changing bank - single IP currently under ANZ breakfree (not particularly happy nor unhappy with them) but have a NAB employee option with higher LVR (although probably P&I)...

So... Seem logical to see what valuation ANZ will give (since I have already paid the breakfree fee for the last 5 years!) and compare to NAB (who I gather are a bit pessimistic with valuations) - this property in the ACT....

Any suggestions/advice on approach with ANZ processes? Or views on valuations..?

Thanks

Hi there

What exactly are you setting out to accomplish?

Are you looking to see if one will provide a higher valuation over the other?

With ANZ, your broker/banker should be able to order the valuation up-front. In the ACT, there's a good chance it will end up with HTW.

Cheers

Jamie

 

[Rolf Latham]

2. ANZ vs NAB valuations? material difference?

)

ummmmmmmmmmm

not any more

In the old days when a branchie or mobile lender had capacity to run their own Vals, NAB was a shoe in.......and it wasnt unusual for vals to work "just right" when other lenders would not play

Now both NAB and ANZ are run by externals, its the luck of the draw.

If you are broker introduced ANZ, the broker will likley run the risk of a val for you...............dunno if the branchies would do u the same favour '


ta
rolf

 

[Aaron_C]

NAB vals are all done by Valex these days so you can't pick a favourable valuation as the others have mentioned. It's getting so hard to get a decent valuation...

 

[tobe]

Im pretty sure under breakfree your entitled in your contract to a couple of free vals and application reworks every year. I wouldnt be worried about offending them if you didnt use the valuation for future lending.

 

[wobbycarly]

Im pretty sure under breakfree your entitled in your contract to a couple of free vals and application reworks every year. I wouldnt be worried about offending them if you didnt use the valuation for future lending.

This is true, IME, BUT only if the vals are justified, say by undergoing a reval or security release, etc. Not just to get a current valuation.

 

[Peter_Tersteeg]

Both NAB and ANZ use ValEx to organise the valuation. Chances are the valuation will end up in the same hands with both banks, so the result would likely be the same.

I'd be organising the valuation under your existing lender, then making your decisions from there.

 

[Rolf Latham]

Chances are the valuation will end up in the same hands with both banks, so the result would likely be the same.

.

Given a recent experience we had with AMP and NAB id say the chances are smaller than we think.

5 units on 5 titles in FNQ

3 placed with NAB, 2 with AMP

ended up with 3 diff valuers across the 5 places

ta
rolf

 

[BAJ]

Shine the Light on em and watch them scatter

NAB vals are all done by Valex these days so you can't pick a favourable valuation as the others have mentioned. It's getting so hard to get a decent valuation...

Oh.... Aaron_C you make me laugh....and I can tell you've got a keen sense of humour !!!!!

Why do you think Valuers started Valex.????

So please don't insult valuers as a professional group with sweet political talk and say "decent valuation" when what you REALLY MEAN as a Finance Broker is for an "INFLATED VALUATION $$$$$" .

Just get over it and appreciate the professional impartial balanced judgement that good valuers can offer