Comments on ANZ Mortgages?

[Redom]

Rolf if most lenders use the same valuers then what is the reason a value cannot be Used by another lender?

Example - I just had 2 valuers, CBA and ANZ. ANZ came in at 630 and CBA at 610. NOw as you said it's likely they are from valex or vms so really the values could simply have been the opposite way around. As it turns out I need the maximum equity so have to go with ANZ.
The point I'm trying to make is that it could have easily been The opposite and I could be going with CBA so why is it that CBA won't accept the ANZ valuation?

Hmm that variation is quite small, have seen much bigger ones (200k+, 20% differences). If lenders allow OFI valuations, they expose themselves to different valuation models, less control, and hence more risk.

It's not uncommon at all to pick a lender based on highest valuations. For those refinancing for maximum equity release purposes, valuer shopping and then picking with the full set of information is common. Depending on goals/strategy, have often seen/advised to trade off other elements (e.g. lender order, service, price) to chase greater funds.

Cheers,
Redom

 

[Colin Rice]

I recently did a P&I to IO with ANZ using a tick and flick 2 pager. Didn't pick up the trail though well not yet anyway

In regards to valuations with ANZ have had some past wins on their desktops. I think they have tightened up on this "loophole" as the option for desktop vals seems a lot less lately with the system defaulting to kerbside or full val.

 

[albanga]

Legal issues. Valuers contract with the lender instructing. They will only allow the valuation to be used for this purpose.

So does that mean if the ANZ valuer had instead been called out by CBA then her valuation would have been lower?
I guess the quesrion I am trying to determine is are the valuers instructed to be more conservative by the different lenders?

Redom to be fair I think the ANZ is not too bad. I strongly believe if I went to market it would get 650 so only 20k off that is a decent result. After a previous post I also think ANZ against my PPOR loan is my best choice due to good 90% cash out policy.

 

[rowena]

I have two offset accounts with anz and only pay one break free package. If u are setting up a new loan ask them if they can do a offset account for each property for free. Other banks will do multiple offsets like wide bay Australia and not charge extra. Worth a try.

 

[Rolf Latham]

I have two offset accounts with anz and only pay one break free package. If u are setting up a new loan ask them if they can do a offset account for each property for free. Other banks will do multiple offsets like wide bay Australia and not charge extra. Worth a try.

My guess is u have an ANZ one acct and the other a HLIS ( legacy account)

ta
rolf

 

[rowena]

My guess is u have an ANZ one acct and the other a HLIS ( legacy account)

ta
rolf

Nope.

First offset done in 2008 against ip 1. Second offset done in 2012 against ip2. And doesn't cost me anything for the 2nd offset. Fees were waived. Done thru a mb, who got it done through local anz branch where I was at that time.

Both are anz one accounts

 

[Terry_w]

So does that mean if the ANZ valuer had instead been called out by CBA then her valuation would have been lower?
I guess the quesrion I am trying to determine is are the valuers instructed to be more conservative by the different lenders?

No, you would expect the values to be the same.

 

[Rolf Latham]

Nope.

First offset done in 2008 against ip 1. Second offset done in 2012 against ip2. And doesn't cost me anything for the 2nd offset. Fees were waived. Done thru a mb, who got it done through local anz branch where I was at that time.

Both are anz one accounts

great outcome

not easy to get pricing and fee waivers these days

ta
rolf

 

[imbi3]

FWIW, ANZ does not have a call centre in India yet (I believe), but they have the asssessment team there

 

[Watson1]

At branch level it is a fairly easy to renew IO for an additional 2 years where resubmission is not required and not deemed credit critical.

ANZ pricing is the worst of the the majors and you would struggle to see discounts greater than 1.15%.

 

[Peter_Tersteeg]

FWIW, ANZ does not have a call centre in India yet (I believe), but they have the asssessment team there

I'm fairly certain ANZ do have an assessment and customer service centre in India.

 

[Mr Mortgage]

Ok, I admit found the thread interesting.

Would like to weigh in my 2 cents (as Major Bank Lender who has worked for 3 of the big 4)

Keep in mind this is a overview from an internal perspective

1. About 12-18 Months ago ANZ introduced a new menu choice in their "HOGAN' system which is used to process new loans (this purpose is being phased out) for Non Credit Critical renewals. Extending an interest only period (and extending loan term to match) is a simple process that will take a new Lender unfamiliar with the system 5-10 minutes to action. A letter of variation is generated and the job is complete. Where interest only term is not extended (or extention would take the loan past 30 years) a different option is selected a new statement of position is recorded (financials) which is not validated and a letter of offer generated which the customer would sign. Again Job done.

Full assessment would only be required if extending beyond a total term of 10 years (interest only) or the statement of position reveals a significant change in financial circumstances.

I can not be more specific due to internal policy though I believe it should cover it.

Also keep in mind when a broker or a franchised mobile lender completes this different steps would apply.

2. As for the Indian Call centres. ANZ does in fact have many Indian call centres though Mortgage call centres are based in Melbourne as are most telephone banking call centres. Certain smaller sections (travel cards being one) are based in India and Malaysia

3. Valuations Banks are restricted to certain valuers and there is so much cross over that I have myself recieved a valuations completed for another Majors (I know this due to the time stamps on the photo's) on a very regular basis. Most banks also use RP data backed desk top valuation tools that infact can give two different answers on the same day as they are strongly reliant on recent sales activity. I have heard also that NAB has more of a tweaking ability when ordering that can in fact effect the valuation dramatically.

One example would be a 45sqm apartment in a prestige suburb can be compared against 6 or more 100sqm apartments in the same suburb giving a very inflated figure.

I would comment on more though I do have to get some work done.

Mr Mtg

 

[kennyboi]

Tough decision.

NAB is 0.09% lower than ANZ
ANZ seemingly more flexible. (NAB seem to require full application for every non-critical changes such as splitting where total remain unchanged)

How would you choose?

 

[Peter_Tersteeg]

ANZ is not more flexible. They tell you they are, and occasionally it's true, but usually they also require a full application.

 

[Redom]

Tough decision.

NAB is 0.09% lower than ANZ
ANZ seemingly more flexible. (NAB seem to require full application for every non-critical changes such as splitting where total remain unchanged)

How would you choose?

Could be worth considering beyond rate and look at your goals and whether having NAB up your sleeve will benefit you in 3-5 years. In terms of flexibility, pretty similar. I do find ANZ more flexible for cash outs + valuation models though, but both of which may be unnecessary (depending on your plans).

Cheers,
Redom

 

[Redom]

Tough decision.

NAB is 0.09% lower than ANZ
ANZ seemingly more flexible. (NAB seem to require full application for every non-critical changes such as splitting where total remain unchanged)

How would you choose?

Also have you gone back to ANZ with the NAB offer? What price are you getting for each (rate), LVR and loan amount?

Over the past 2 months, ANZ have matched all my NAB offers for bigger deals, sub 80%.

Cheers,
Redom

 

[Rolf Latham]

Tough decision.

NAB is 0.09% lower than ANZ
ANZ seemingly more flexible. (NAB seem to require full application for every non-critical changes such as splitting where total remain unchanged)

How would you choose?

Neither : )

The choice between ANZ and NAB is as disparate as Proton to Lexus

If you fit ANZ servicing and arent self employed, id usually suggest WBC or CBA.

Despite all the feel good stuff from some about ANZ ( including me) the reality for our business and afew years experience is that WBC is king of the castle for IO period renewals, loan rebalances etc, thats followed close by CBA, with ANZ a moderate way behind, and NAB being 10 years behind.

Each still has their merits, but a portfolio builder would not sensibly choose NAB over the others if not needing the serviceability.

ta
rolf

 

[kennyboi]

Neither : )

The choice between ANZ and NAB is as disparate as Proton to Lexus

If you fit ANZ servicing and arent self employed, id usually suggest WBC or CBA.

ta
rolf

You mean NAB is better being a Lexus?

Cba offered 4.73% before RBA announcement this week and will not go lower to match.
Wbc % is highest advertised, so I didn't bother asking them.
Suncorp is too tight in lending to worth considering. I imagine all other minor banks are in the same boat.

 

[kennyboi]

Also have you gone back to ANZ with the NAB offer? What price are you getting for each (rate), LVR and loan amount?

Over the past 2 months, ANZ have matched all my NAB offers for bigger deals, sub 80%.

Cheers,
Redom

Check PM on fine details
LVR is under 80%
ANZ won't match NAB retention rate.
Loan amount is $2+

 

[albanga]

What is the best rate you would expect with ANZ at 80% LVR on a variable $500,000 loan?