Desktop valuation?

[Erin Woods]

Are there any lenders who do refi up to 80% based on desktop valuation price only?

I have recently had the experience of a WAY below market valuation and whilst it didn't affect the deal (still < 80) I would like to know in future what lenders I can consider who will refinance based on desktop alone.

In our case Residex, RP data and onthehouse.com agreed it was worth 3-3.5m and valuer came in at 2.5m

 

[Jamie M]

Yep there's a few - I do a lot with Cba in particular.

Anz is another good one.

Cheers

Jamie

 

[Erin Woods]

Does it depend on the loan size though (I.e loans > $1m). Or is it just dependent in the lender as long as below 80%?

We went with ANZ and they ordered a full valuation which came in 20-25% below desktop value.

 

[Peter_Tersteeg]

CBA
ANZ
sometimes Westpac
sometimes St George
a few others I can't think of on Friday night.

 

[Jamie M]

Does it depend on the loan size though (I.e loans > $1m). Or is it just dependent in the lender as long as below 80%?

We went with ANZ and they ordered a full valuation which came in 20-25% below desktop value.

Largely depends on the LVR, loan amount, property type and location.

Cheers

Jamie

 

[Peter_Tersteeg]

Loans over $1M are almost certainly going to require a full valuation. In many cases if the property is worth more than $1M you'll need a full val even for a lower loan amount.

 

[Redom]

Are there any lenders who do refi up to 80% based on desktop valuation price only?

I have recently had the experience of a WAY below market valuation and whilst it didn't affect the deal (still < 80) I would like to know in future what lenders I can consider who will refinance based on desktop alone.

In our case Residex, RP data and onthehouse.com agreed it was worth 3-3.5m and valuer came in at 2.5m

Yes im seeing this more and more, particularly in Sydneys upper market. Desktop vals consistently showing 10%+ over full vals.

Generally the big 4 do desktop vals that can be used at sub 80% LVRs. However, If the security value is over 2m, the assessor may request a full valuation.

Cheers,
Redom

 

[NPB]

Are there any lenders who do refi up to 80% based on desktop valuation price only?

I have recently had the experience of a WAY below market valuation and whilst it didn't affect the deal (still < 80) I would like to know in future what lenders I can consider who will refinance based on desktop alone.

In our case Residex, RP data and onthehouse.com agreed it was worth 3-3.5m and valuer came in at 2.5m

If you could buy and sell houses at the prices estimated on Rp data, residex and onthehouse you would be trading 1000's of houses a year, the profit margins would be enormous.

On a stock Standard 2 bedroom unit in Ryde they would normally be within 10% of reality, if the property has any unique positive or negative features or is a property type or area or price range that is rarely traded then reality can often be 20-30% away from the estimate.