CBA accept contract price for VAL

[tobe]

I doubt the thought process in the risk department has changed in relation to valueing future possible changes (DA) to properties in todays estimate of value. If that were the case, you wouldnt need a no val policy, just have the assessor ask the valuer for the DA val rather than the current one.

No val policies arent designed to get around pesky credit policies, they are designed to save the bank the cost of a valuation.

Pete can speak for himself, but I read his post about a property without a laundry meeting the no val policy, only in a sneaky way, which he doesnt condone. Im sure if he had known the property didnt have a laundry and that lender required it for lending, he wouldnt have submitted the security under their no vals policy....

In terms of other lenders that have a no val policy, theres quite a few under 80, and at least one under 90%, however they all get vetted in some kind of algorithm by the assessor, and sometimes the no val turns into a kerbside or a full val at the credit officers discretion.

 

[Mick C]

Wow haha i feel a lot of "tension" against brady here...easy boys and girls...
Every lender has their niche and place.

Even tho this No Val for COS with CBA isn't all that fantastic, it may or may not come in handy one day...

Other no val lenders;

ANZ- 90% No Val with some conditions ( location etc..)

ABL - No Val at 80% ( Max property of something stupid like $600k from memory)

ING ( only release in the last 1 month and yes i tested this policy with ING already and it works a treat) - No Val at 80%

Bankwest, Citibank, St george and Homeside- all have a similar policy but case by case ...around the sub 70% mark.

 

[Peter_Tersteeg]

Tobe, I truly didn't know that the property had no laundry before the loan application; I wouldn't have bothered to submit it to the CBA if I had known. We did end up getting it financed with full disclosure and a full valuation elsewhere.

That property was also 3 units on a single title. The same client bought the property next door which was a mixed use house with a shop at the front all on a residential title.

Sometimes it's fun to keep things interesting.

 

[Spectre]

Apparently CBA hired the person who did the ANZ val platform.

The 70 no val is nice but the amount of 70% lends I do is near nil.

The best vals cba had were back in @ 2001 where the online computer system could spit out a figure which was more like anz's modelled estimate, and you could take a land and build contract and that was val - without getting a valuation report done. Or a rates notice if the deal allowed...

sigh...

 

[Mick C]

The best vals cba had were back in @ 2001 where the online computer system could spit out a figure which was more like anz's modelled estimate, and you could take a land and build contract and that was val - without getting a valuation report done. Or a rates notice if the deal allowed...

2001 is before my time but...CBA still allows Rate notice...rare deal to come across but i had one for Moree recently where CBA was ok with the rate notice, as it was on a flood zone and we had issues with the val due to enviro issues.

 

[Brady]

Wow haha i feel a lot of "tension" against brady here...easy boys and girls...
Every lender has their niche and place.

Even tho this No Val for COS with CBA isn't all that fantastic, it may or may not come in handy one day...

Other no val lenders;

ANZ- 90% No Val with some conditions ( location etc..)

ABL - No Val at 80% ( Max property of something stupid like $600k from memory)

ING ( only release in the last 1 month and yes i tested this policy with ING already and it works a treat) - No Val at 80%

Bankwest, Citibank, St george and Homeside- all have a similar policy but case by case ...around the sub 70% mark.

Used to it. Usually the same people. I'm happy to continue to share this info as it comes as, good for the forum to know.

Just like your post now, thank you. Didn't think it was that hard for Tobe to post something like this.

The 70 no val is nice but the amount of 70% lends I do is near nil.

The best vals cba had were back in @ 2001 where the online computer system could spit out a figure which was more like anz's modelled estimate, and you could take a land and build contract and that was val - without getting a valuation report done. Or a rates notice if the deal allowed...

sigh...

I don't do that many 70% val's either but now having the extra tool will assist.

They have internal computer generated ones now but haven't seen one came back at anything reasonable always been for low LVR where the valuation hasn't affected a think, just meant no val was required.

 

[Spectre]

2001 is before my time but...CBA still allows Rate notice...rare deal to come across but i had one for Moree recently where CBA was ok with the rate notice, as it was on a flood zone and we had issues with the val due to enviro issues.

Michael I was there before commsee, when there was no CHL and BLO ran the world in a branch only environment - where we could approve on spot and no CRA's. And Im not even THAT OLD. not like Rolf (aka the oracle).

 

[tobe]

Used to it. Usually the same people. I'm happy to continue to share this info as it comes as, good for the forum to know.

Just like your post now, thank you. Didn't think it was that hard for Tobe to post something like this.

.

Did you read my first post in this thread Brady? I was asking if you were writing loans the last time CBA had this sort of policy. You didnt respond.

It would have better informed the rest of our conversation.

I do wish you all the best, I hope you are around here for a long time. Its great to have your perspective.

 

[MC1]

He's lasted longer than the dragon did

 

[Brady]

He's lasted longer than the dragon did

I do wish you all the best, I hope you are around here for a long time. Its great to have your perspective.

No plans to go at this stage

 

[r3ckless]

meh, specially in the Sydney market, no one able to pay 30% deposit and stamp duty and only borrow 70%....

I mgiht have to check the bulletins or iSource and see this udpate. thanks brady!