Commonwealth Bank Retention
- Thread starter Jake D
- Start date
The CBA also allows the client (through brokers) to order a valuation prior to lodging an application at a cost of $99 (currently). In this scenario, the client will get a copy of the valuation.
Quite a few other lenders also allow brokers to order valuations (for free, CBA is the only one that charges extra). Lenders are fully aware that the clients will get a copy of the valuation.
The CBA also allows the client (through brokers) to order a valuation prior to lodging an application at a cost of $99 (currently). In this scenario, the client will get a copy of the valuation.
QUOTE]
Can be done by anyone through CBA website. http://www.commbank.com.au/personal/home-loans/property-valuation.aspx
CBA is going to be updating its valuation systems similar to few other major lenders, allowing immidate valuations (about time)
You need the special code, which is 'quality'.
You also need a broker ID number. Happy to order valuations for others, but this isn't info I'd be willing to give out.
As brady mentioned they're in the process of revamping their val side. Timely with their roadshows... something good to pound their chest about.
Case in hand you have two properties cross secured with the CBA family equity product - really all the incoming or existing lender needs to do is just repay the loan and value the remaining security and then tack on the LMI.
With this, on the CBA discharge form I'm fairly sure there is a section where the guarantors also have to sign to get the release effected. So here I'm wondering if this was done to begin with which has led to the delays.
Case in hand you have two properties cross secured with the CBA family equity product - really all the incoming or existing lender needs to do is just repay the loan and value the remaining security and then tack on the LMI.
With this, on the CBA discharge form I'm fairly sure there is a section where the guarantors also have to sign to get the release effected. So here I'm wondering if this was done to begin with which has led to the delays.
Yeah, this was one of the first things we did.
Sounds like the usual Big 4 banks experience!
Jake, for what it's worth, they are all as bad as each other.
Concentrate on getting a person you are comfortable dealing with at the bank. (Maybe a reference from someone, etc)
They make all the difference!
Regarding refinance, understand they stuffed up, but why spend all the effort/time for no benefit? Try your hardest to get them to give you a better deal than the other bank.
If it works, you win, otherwise you are no worse off.
Take it as experience and keep it in mind for the next IP.
Good luck! (And congrats on the purchase!)
Got the same issue with a refinance to St George.....apparently our CBA friends have lost the paperwork for discharge....
Sounds familiar......might have to order more bananas....and perhaps watch re-runs from the Planet of the Apes for tips on how to engage them better....
The banks seem to lose the paperwork for refinancing discharges a large percentage of the time. It doesn't happen as often if the property is being sold.
I wonder why?
It did take a while....but at least they do something about.
CBA.....they think that they are gods gift...what a bunch of t0ss p0ts.
CBA.....they think that they are gods gift...what a bunch of t0ss p0ts.
Refinance TO St George? Oh so you finally got it approved after waiting 3 months?
