CBA $0 Upfront Valuation

There are heaps of initiatives that CBA are going to roll out over the next 6-12 months which are going to be industry firsts so very excited for what's about to come.
 
Shahin, it was a full val, not a desktop.

Brady, we didn't extract all the equity because we were worried about serviceability if we took it right up to 80%. So we've only been taking it out as we purchase a property. In hindsight we should have pushed a bit harder, but at the time the wife wasn't working so it was a bit step by step with serviceability. She's back at work now tho, so might do that next time.

The other thing I was thinking is that in our area, even if we go through another bank it may be the same valuer anyway.

Allgood.
 
Hindsight is 20/20. Would strongly suggest taking it whilst you can. It's always easier to get money from the bank when you don't need it.
 
CBA has always been a solid lender...and with new credit policy + feature it's def wining a lot more investors business - very innovative lender.
- Most recent year's self employed income
- No Val at 80% , use sale contract only
- Less docs for purchases
- New NO LMI roll out in August ( 85% is what i been told ..still in the pipeline)

etc...


Westpac is up there as well , they do upfront val ( free) but only for brokers that write consistent volume ( which is really not fair esp the new brokers to westpac ) - they do well with business banking customers + overseas income + self employed investors.

Westpac use to have close to 60% of the market share for overseas investors/ex-pat and non residents...with APRA crack down in Oct 2014, their overseas lending business has reduce heavily. So they are now discounting their rate for aus lending esp in the $1m plus loans up to 90% LVR. Westpac group are one of the top players when it comes to business /development and commercial loans as well.


There's a fit for each bank....but there's no one bank that fits all.
 
Shahin, it was a full val, not a desktop.

Brady, we didn't extract all the equity because we were worried about serviceability if we took it right up to 80%. So we've only been taking it out as we purchase a property. In hindsight we should have pushed a bit harder, but at the time the wife wasn't working so it was a bit step by step with serviceability. She's back at work now tho, so might do that next time.

The other thing I was thinking is that in our area, even if we go through another bank it may be the same valuer anyway.

Allgood.

Ok you may be able to get a desktop val done - I say this because we do this regularly and find that (similar to the ANZ desktop vale) come in very generously. However you won't be able to do this for 90% LVR loan.
 
What crackdown did APRA do?

Reduced westpac' book exposure to foreign investors,....guess they were expecting some sort of "internal/global GFC from asia" and didn't want one Aus bank to have so much exposure ( our biggest bank too!)

Westpac foreign policy before
- Letter from employer and your done for the major currency...literally.

Now
- bank statements to show EFT
- Payslips Or letter etc...
+ more paperwork for certain currency.


Also there's plans to reduce banks I/O lending and investors VS owners occupier ratio ( hence why you see some banks offering extra discount for Owners occupied loans only)
 
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I have placed 5 applications with Westpac in the last couple of weeks totaling 4 mill+ but not on the list for upfront vals which to put it mildly was a royal pain in the ***.

Told the BDM if he wants more get me on the list. I'm on the list now :)

CBA desktops normally come back higher than short forms in my experience and can vary form day to day for the same property.
 
"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."


Cheers Brady, i would say own guesstimate was bang on too lol ;)
 
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