CBA $0 Upfront Valuation

[Brady]

Between Monday 16 March and Friday 10 April 2015 the $49 fee for Customer Ordered Valuations will be waived.

This is through CBA RP Data Hub, I know that the brokers have access to this but not sure if this also applies to them, they will confirm I'm sure. This is a full shortform valuation were a valuer inspects the property, which can be used for >80% LVR not a deskstop/driveby valuation which can only be used for up to 80% LVR.

Last time some of the big wigs were in town this one a big point that was discussed, that other banks were doing. Interesting to see how it goes and if it stays. My guess it's a trial run to see if increase in business, would be interesting to see how it's measured. Hope it's here to stay.

 

[Mick C]

Diamond CBA brokers have access to free val 24/7 365 days

Either way free val is great for the consumers ...esp investors

 

[Marty McDonald]

I get free val's all the time. I also get 24 hour turn around on credit assessment.

Looks like Michael is a diamond in the rough too.

 

[Jamie M]

I thought all brokers had access to CBA up fronts?

Cheers

Jamie

 

[Rolf Latham]

Pink is a nice colour

Ta

Rolf

 

[Spectre]

Its an interesting point when cba on different levels charge and cant get out of it and some brokers get em free. and theres not a limited time offer on the broker side.

 

[Allgood]

Im guessing this is only for current CBA customers, not those looking to take business to them???

We had a val done through Westpac that we weren't happy with. If we want another one done, do I need to organise and pay for it privately?

 

[Spectre]

Im guessing this is only for current CBA customers, not those looking to take business to them???

We had a val done through Westpac that we weren't happy with. If we want another one done, do I need to organise and pay for it privately?

Free vals for existing and new to bank on broker end afaik.
not sure how branchland works.

 

[Peter_Tersteeg]

Im guessing this is only for current CBA customers, not those looking to take business to them???

We had a val done through Westpac that we weren't happy with. If we want another one done, do I need to organise and pay for it privately?

If you're willing to refinance to the CBA, then a CBA valuation will be helpful. Westpac wouldn't accept a CBA valuation so there's no point if you're not willing to move. It's also unlikely that your own valuation would be accepted by Westpac (or any lender).

Westpac is the last of the Big 4 banks not to offer upfront valuations. It remains a sticking point and I've no doubt they'd see more and better quality business if they implemented this.

The problem with the CBA valuations is it's still predominately based on what's essentially an RP Data report. In some cases it works, but just as often it's not very accurate IMHO.

 

[Brady]

Im guessing this is only for current CBA customers, not those looking to take business to them???

We had a val done through Westpac that we weren't happy with. If we want another one done, do I need to organise and pay for it privately?

It's exactly what it's targeted at, trying to bring more business to the bank. Non CBA customers looking to refinance, along with purcahses for new and existing CBA customers.

The problem with the CBA valuations is it's still predominately based on what's essentially an RP Data report. In some cases it works, but just as often it's not very accurate IMHO.

What do you mean by that Pete?

Valuation are full shortform valuations, not just computer generated desktop valuations.

 

[Spectre]

to add on - you can get most full vals for free as well as the RP Data based valuation.

 

[Shahin_Afarin]

Westpac provide upfront valuations for some of their brokers and the good thing is that you can use the valuation for St George applications as well (and vice versa).

Refinancing will cost you somewhere between $1 - $1.5k and even more if you have paid LMI on the previous loan (which you can re-use the LMI credits). Be careful you don't move for simply the sake of valuation. You may re-value the properties in 6 months time and the Westpac val might come back higher than the CBA val.

 

[Brady]

Its an interesting point when cba on different levels charge and cant get out of it and some brokers get em free. and theres not a limited time offer on the broker side.

Agreed very interesting, I wasn't aware of this. Would of been raised a long time earlier. I'm guessing that would of had some part to play and would be extremely surprised if it was taken away.

 

[Spectre]

Agreed very interesting, I wasn't aware of this. Would of been raised a long time earlier. I'm guessing that would of had some part to play and would be extremely surprised if it was taken away.

depending on the deal we get CBA to do more than just a free val.

 

[Brady]

depending on the deal we get CBA to do more than just a free val.

I'm not picking up what you're putting down, what do you mean?

 

[Peter_Tersteeg]

What I mean Brady is that we ordered a valuation for a client recently. The report was delivered about 30 seconds later and was about 20% below what I know the market in the area is getting.

It is a desktop valuation otherwise it would have taken more than 30 seconds to generate. It was not even remotely accurate, which takes time and effort to get rectified.

My real frustration with the CBA has been that they've lagged so far behind other lenders on this and other issues and they haven't listened to broker feedback (I've been telling them for 10 years ago they needed an offset account). There's been a lot of really positive changes in the CBA recently which I am very happy about, but from my point of view I've got a decade of better experiences with other lenders.

 

[Allgood]

Ok thanks guys,

We've still got equity to use for another couple of IPs based on the 'lower' Westpac val, so we'll be sticking with them short term, but just wanted to get a better idea of PPOR value so we can plan for future purchases - there was a drop of around $150000 from the last val (around 1.5 mill) which is strange because prices in the area have increased significantly over the last 24 months. It's a 100 acres tho so it's pretty subjective and the neighbour's place sold cheaper because it was very run down with no improvements.

Thanks again, so much good info from you lot!

 

[Shahin_Afarin]

Ok thanks guys,

We've still got equity to use for another couple of IPs based on the 'lower' Westpac val, so we'll be sticking with them short term, but just wanted to get a better idea of PPOR value so we can plan for future purchases - there was a drop of around $150000 from the last val (around 1.5 mill) which is strange because prices in the area have increased significantly over the last 24 months. It's a 100 acres tho so it's pretty subjective and the neighbour's place sold cheaper because it was very run down with no improvements.

Thanks again, so much good info from you lot!

Did you get a system val or a full val with Westpac?

 

[Brady]

Pete I'm not talking about upfront desktop valuations.

I'm talking about full shortform valuations.


On a separate note if you wish, my desktops have been coming back on the money. Literally did one this morning came back dead on the money . Haven't had a issue with any desktops in the last month. Guess it all depends on the property. Desktops I've done recently have been in SA, QLD & NSW. About to use a desktop valuation for one of my own properties in Bathurst NSW it came back above my expectation.

 

[Brady]

Ok thanks guys,

We've still got equity to use for another couple of IPs based on the 'lower' Westpac val, so we'll be sticking with them short term, but just wanted to get a better idea of PPOR value so we can plan for future purchases - there was a drop of around $150000 from the last val (around 1.5 mill) which is strange because prices in the area have increased significantly over the last 24 months. It's a 100 acres tho so it's pretty subjective and the neighbour's place sold cheaper because it was very run down with no improvements.

Thanks again, so much good info from you lot!

Unique properties are always an issue. Your neighbours sale wouldn't of helped. Did you extract full available equity when last valuation was completed? Always recommend taking as much as possible whilst you can get it.