Cba makes useful valuation changes

Much improved process !


Now Available: Customer Ordered Valuations

The Commonwealth Bank of Australia and Valuation Exchange (ValEx) have teamed up to give Brokers and Customers the ability to order a valuation report directly online, via cba.valex.com.au effective immediately.

The Customer Ordered Valuation (COV) option allows the Broker to order a valuation report prior to submitting the loan application. This allows the Broker to structure the loan application based on the known valuation outcome.

This option benefits both the Broker in that:

It provides a clearer picture of the property valuation upfront.
Application processing will be faster.
The Broker and Bank can use the valuation report to structure loan application.
It avoids processing delays i.e. rework due to valuation shortfalls.
Brokers can discuss the valuation outcome direct with ValEx.
ValEx will keep the Broker informed of the valuation report progress.
 
Jus got the notice as well Rolf, however I don't think it valuable when other lenders offer the option to brokers at no cost.
 
Hi ralf,

Great post and a interesting read.
I early this year was in a similar position with westpac. I wanted to revalue however I wanted to find out the valuation amount prior to submitting the finance application. My broker adviced me with westpac you could not do this, you had to just submitt application and hope for best. In the end I got a poor valuation and would have minimized all the leg work had the valuation been done first.
As I understand westpac still do it this way which is pretty frustrating. Only option is to get a independant valuation company to value first to get a idea of value and then hope it is the same one westpac pick when you submitt the finance application.

Regards
peter
 
Rolf, it may be up to interpretation based on the above, but are you aware if CBA will accept this valuation if done through Valuex, or will they still require another one once loan documentation has been lodged?
 
cheers for the info! how does one engage valuex? it is not clear through their website and cba.valex.com.au didnt show up much in google.
 
thanks Steve! on another note, I received a letter from cba last month with a couple of changes to the contract, they were changes to the wording of clauses. one of those was that the valuation done by the bank were for their purposes only..
 
yes I figured that much, just pointing it out as it is interesting that they would say that a valuation is fro their purposes only then offer their affiliate valuer to do a valuation..
 
yes I figured that much, just pointing it out as it is interesting that they would say that a valuation is fro their purposes only then offer their affiliate valuer to do a valuation..

The MB will be ordering on behalf of the CBA and as such it will be addressed to them. I haven't read up on it all yet but I'm assuming it'll be like the ANZ process whereby the MB isn't allowed to give a copy of the valuation to the borrower.
 
I think the borrower pays for it upfront with their credit card so its their valuation (i.e. so borrower / applicant can keep it) but only for cba mortgage security purposes.

as MC1's noted, other lenders let you order upfront
Sometimes no choice and you have to use cba though
 
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I think the borrower pays for it upfront with their credit card so its their valuation (i.e. so borrower / applicant can keep it) but only for cba mortgage security purposes.

No!

If the valuation is ordered from the valuation firm by valex on bahalf of the CBA and it is prepared for the CBA and is their valuation, not the applicants.

The legal relationship is thus..

The CBA through valex orders the valuation and the CBA/valex pays the valuer.

The transaction between the client and the CBA/valex is just that and there is no direct relationship between the client and the valuer.

The valuers submit their reports to valex electronically, basically a 3 to 4 page short form report. Valex pulls out the details the CBA wants and a cut down version goes to the CBA .. what the CBA receives is not the actual valuation report.

cheers
RightValue
 
G'Day

It seems that the customer / broker orders the valuation and the customer pays for it upfront.

The report is returned to the broker and submitted to CBA with the application

However, looking through the postcodes, there are quite a few gaps in coverage, eg Horsham is not there, nor is most of Gippsland.



Applying for a valuation in this way is an option, and although it will cost the customer upfront at least they will know whether it is worth putting the application in particularly if the application is to refinance Another Finance Institution.


Lenders must spend zillions of dollars each year on valuations which go nowhere. The CBA is the largest home loan provider - the greater part of those zillions would be at CBA expense.

As the Customer Ordered Valuations are optional, it is something to consider and may be appropriate for a certain proportion of applications.


Cheers
Kristine
 
No!

If the valuation is ordered from the valuation firm by valex on bahalf of the CBA and it is prepared for the CBA and is their valuation, not the applicants.

The legal relationship is thus..

The CBA through valex orders the valuation and the CBA/valex pays the valuer.

The transaction between the client and the CBA/valex is just that and there is no direct relationship between the client and the valuer.

The valuers submit their reports to valex electronically, basically a 3 to 4 page short form report. Valex pulls out the details the CBA wants and a cut down version goes to the CBA .. what the CBA receives is not the actual valuation report.

cheers
RightValue
RV - this is a twist on 'normal' valex.

The val is ordered for upfront by the broker on behalf of the client. The client pays for it not the bank. Alternatively if they're confident in it then the bank orders it.

But these are client ordered vals - in the bulletin it states

• How do Brokers or Customers pay for their valuation report?
• By MasterCard or Visa Card only at the time of completing the order.
 
No!

If the valuation is ordered from the valuation firm by valex on bahalf of the CBA and it is prepared for the CBA and is their valuation, not the applicants.

Are you sure? I thought the whole idea behind it is that the broker and client can get a value and therefore an idea if the deal will work before CBA even get involved. So the broker/client gets the val. back and decides whether they want to proceed to a loan application with CBA?
 
I couldnt find this on the link.... but how much does it cost?

Also - does CBA still have the 12 month rule, whereby they wont refinance/top up a mortgage within 12 months of purchase unless the property has been renovated?
Ive got a good $40K or so i can pull out for another IP deposit from a property i bought in Dec 2008.
 
We ordered a valuation today to help speed up our application process.. The cost was $264 and was paid via credit card...

Property was a free standing house in QLD and within their defined metropolitan area...
 
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I couldnt find this on the link.... but how much does it cost?

Also - does CBA still have the 12 month rule, whereby they wont refinance/top up a mortgage within 12 months of purchase unless the property has been renovated?
Ive got a good $40K or so i can pull out for another IP deposit from a property i bought in Dec 2008.

These vals only good for 90 days. Dont know who told you about the 12 month rule but I've never had CBA bang me over the head with that one (others might have but I havent)
 
Seems I don't have access to this little tool at present as it's only been rolled out in a trial stage. (that'll teach me for not using them much :))
According to my BDM it should be fully out to the network around October a it appears to be quite popular & successful.
 
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