CBA demanding valuation, when it's already been done?

Hey guys

Not sure if anyone else has had a similar experience, but Commonwealth is requesting a valuation of my property for the approval of a loan I've already been approved for once. In short, they did a valuation three months ago when I started seriously looking for my second property and everything came in fine and I was preapproved for a certain amount.

After a series of ****-ups by my mortgage broker (soon to be former) which resulted in loosing out on a potential purchase, I'm trying to borrow $32,000 against my existing property as the deposit for IP2 (which takes IP1 lend to 93% but as an existing customer, that's okay).

Problem is, they are insisting the first valuation was a desk valuation - despite the middle-aged Asian lady that spent 20 minutes at IP1 taking photos and measurements when it was valued last time.

Mortgage broker is claiming there's nothing they can do, despite knowing it was a full valuation last time, that it has to be re-valued and they've 'taken it to their BDM' but they ' have no way of overruling this valuation decision'.

Anyone had this issue? Any way around it?

I've a friend that's been diagnosed with cancer and if I'm going to head back to Sydney to let anyone through my property again, I'm thinking it should be someone from another bank - move my business somewhere else. I can't tolerate gross incompetence.
 
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Do you recall the valuation company that came out to do the valuation ?

If they can give you their reference details for their report, you can advise the CBA assessment team that it has been done on the date and valuation figure.

Hope it works out for you.
 
possibly because the valuation was done 3mths ago maybe they require a new val to be conducted :confused:

might not be such a bad thing especially if values have gone up in that particular area recently?

i wouldn't be so harsh on the Broker. Sometimes Banks do come up with silly decisions and often its out of the Broker's control
 
If they can give you their reference details for their report, you can advise the CBA assessment team that it has been done on the date and valuation figure.

Really should have paid more attention on that front. I remember the valuer's name but not the company, I know the date as well.

All a bit odd. If they're saying it was a desk evaluation then surely they know who did that desk valuation and should be able to contact this person to ask if a full valuation was indeed carried out and for the report.
 
i wouldn't be so harsh on the Broker. Sometimes Banks do come up with silly decisions and often its out of the Broker's control

Don't worry, not being harsh on the broker over this. Kinda feel for him actually - given we'd already had a falling out over their service, he must have been terrified of delivering this news :)
 
possibly because the valuation was done 3mths ago maybe they require a new val to be conducted :confused:

Valuations need to be no more than 3 months old. Maybe because this one is coming up to or already right on 3 months old, the bank figures by the time settlement comes round it will be older than 3 months hense they ask for a new one
 
yep - valuations only last for 90 days.
I got one done back in Sept, and used it for a top-up LOC a couple of weeks ago.

All over the "valex" report it says its only valid for 90 days.
This is why you need to get a new val report done.


EDIT: this is with CBA also. They get their valuations done through Valuation Exchange (aka, Valex)
 
Okay so by the sounds they are right in that a new valuation is required as its been (almost) three months, but still full of **** in saying it's because the last one was a desk job. I can live with that.
 
Hey guys

Not sure if anyone else has had a similar experience, but Commonwealth is requesting a valuation of my property for the approval of a loan I've already been approved for once. In short, they did a valuation three months ago when I started seriously looking for my second property and everything came in fine and I was preapproved for a certain amount.
.

There is one case of the bank approving a loan,the land was purchased with the money and the builder was signed,
Slab was being poured and bank rang and wanted him to reapply for his loan:confused:
Apparently they can review a loan six months after approval?:mad:
Anybody else hear of similar.
I do not know which bank it was ??
 
Hiya

Most vals are valid for 90 days, some longer where no LMI is involved.

We had an OTP deal to settle on the 24th of Dec..............but LMI and an extended build period, means that the loan docs are no longer valid and a new app needs to go through .....ho hum

ta
rolf
 
Frankly I think that valuations should only be valid for 30 days!

Helps business ey? :D

I don't have any problem with that to be honest. But if its valid for three months it should be valid for three months, not two and two weeks. This is only a top up and should (in theory) be completed this week, so its not going to spill over the three month mark.

Also, would be nice if they were giving the correct reason for their decisions. Much as I love you guys, wouldn't hurt if the bank or broker gave this reasoning.
 
I agree with you Greg. The straight and blunt reason is its the banks money, and the mortgage insurers risk.

Your steak in the game is relatively low with only holding @7% of the risk. Which isnt a bad thing but at the end of the day he who has the gold makes the rules

I dont see the sense in saying you're going to refinance, and another val will probably be needed, and its unlikely you'll get a refinance at over 90%, cop a whole new LMI premium...

I agree if the bank stuffed up the val then thats grounds for a bit of a debate but the possibility could be that the val comes in better than what it did 3 months ago in which case costs would be lower.
 
Hi Uncover

If you are getting your home revalued for an investment loan it sounds like you are going to cross collateralise the two. Better to avoid this if possible and this can be done by setting up another split on your existing loan and then using that as deposit for the next one. They can then move independently of each other..

There are problems these days with banks releasing cash so it may not be so easy to do them separately, but it could still be done this way.
 
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