I've never encountered that 12 month rule with CBA either.
Cba makes useful valuation changes
- Thread starter Rolf Latham
- Start date
I've never encountered that 12 month rule with CBA either.
I have with NAB.
Apparently just came into play somwhere areound April-May this year.
I was waiting until 6 months after purchase (June) to refinance, and was told I would really not have a chance due to new policy - unless i did some renos.
I think the new policy was: "Cannot refinance/top up a mortgage within 12 months of purchase if the increase in value is due to market growth."... or something like that.
Previously you were able to, quite easily, after 6 months from purchase.
NAB has a similar policy also - my mate has been fighting with them to get a reval on a house he bought as burnt out, and has reno'ed.... they still dont want to give him a refinance.
... Bit of an update!!
I just spoke to my broker..... and it seems that ordering your own valuation with this system will allow you to get around the 12 month rule
If I applied to CBA directly to do a top-up, they would refuse without doing a valuation, because the property is less than 12 months since purchase.
HOWEVER - if i (or my broker) order the valuation directly thru this system, and it comes in at a good value, then I can apply for a top-up using that valuation and the bank will do it.
It costs $264 to order the valuation, which is refundable on settlement if you go thru with the topup loan. If you dont go thru, you are stuck with the valuation charge.
So - we are going to look at comparable sales in the area, to see if I have a good chance for a nice re-valuation
I just spoke to my broker..... and it seems that ordering your own valuation with this system will allow you to get around the 12 month rule
If I applied to CBA directly to do a top-up, they would refuse without doing a valuation, because the property is less than 12 months since purchase.
HOWEVER - if i (or my broker) order the valuation directly thru this system, and it comes in at a good value, then I can apply for a top-up using that valuation and the bank will do it.
It costs $264 to order the valuation, which is refundable on settlement if you go thru with the topup loan. If you dont go thru, you are stuck with the valuation charge.
So - we are going to look at comparable sales in the area, to see if I have a good chance for a nice re-valuation
Thanks for the info. Witzl, don't need any vals done currently but all good stuff. to know.
Steve, your post is full of punctuation win.
Damn! How'd that 2nd to last full stop get in there?!
Here's some more; punctuation - just for you Witzl! Though, I fear I'm adding in too much now, therefore, perhaps rendering - this sentence! A complete sham-bles?!
It's quite elegant really.
CBA have successfully transferred a cost they used to bear (vals) directly to the borrower and the borrower likes it. More importantly, it will reduce their rework rate which (today) is significantly influenced by borrowers thinking the property is worth X and finding out it's worth x-10% and then requiring the deal to be reworked.
CBA have successfully transferred a cost they used to bear (vals) directly to the borrower and the borrower likes it. More importantly, it will reduce their rework rate which (today) is significantly influenced by borrowers thinking the property is worth X and finding out it's worth x-10% and then requiring the deal to be reworked.
Hiya TF
Great isnt it, sort of a win win, but by choice.
Logic does sometimes prevail.................though there are still holes in the process that are just way too fuzzy logic still.
I still find it amusing that lenders get their knickers in a knot if a client wants to pay for 3 vals and use one of them ................ so much for sanity check data
ta
rolf
Great isnt it, sort of a win win, but by choice.
Logic does sometimes prevail.................though there are still holes in the process that are just way too fuzzy logic still.
I still find it amusing that lenders get their knickers in a knot if a client wants to pay for 3 vals and use one of them ................ so much for sanity check data
ta
rolf
Aaah...but if our aspiring borrower chooses to get 3 on the one property through VaLex, CBA will choose which one they use
CBA have already advised they have "measures" in place to stop more than 1 val
Now was that measure a schooner or a middy
ta
rolf
Now was that measure a schooner or a middy
ta
rolf
Similar threads
