Essentially unlimited, free desktop valuations.

[The Fence]

I also follow vals of 3 properties on MyWealth and yes they do fluctuate, wildly.

Not something to rely on at all.

However, we will find out soon just what CBA does when releasing an excolled IP upon sale.
At this stage the one selling val is stacking up to the market, the one left over better hurry along or we will be required to top up our selves.

Right at the same time the 5 yr int only period ends too...!

 

[Greg Reid]

Some lenders will use desktops and kerb-sides because they are cheaper than a full valuation. Many of the smaller lenders and mortgage managers are required to do full valuations every time.

Different rules apply for a purchase than to a refinance and then it will depend on the LVR which type of valuation may apply.

The choice of lender and LVR may sometimes be determined by what shape the property is in, an extensive internal renovation may well benefit from a full valuation, an external makeover (but crap inside still or part completed internal reno) may benefit from a kerbside.

Different property reporting companies can come out with widely different valuations. I tend to use AMP and Residex and can get wide variations for the same property.

 

[strongy1986]

We just did an external renno on a place we have a loc on with bank of queensland. How would I go about getting a kerbside valuation done to potentially increase this loc

 

[turk]

Just tried the desktop on 4 properties, the 4 were all up on my estimates,
1 +47%
2 +26%
3 +25%
4 +10%

Hope the desktop thingy is a better judge than I am.

 

[neK]

So how do i do the desktop valuations?
I've logged in and don't see it anywhere.
(Note: I've only got a credit card and bank account with CBA, no loans, is that why?)

 

[Richard Feynman]

So how do i do the desktop valuations?
I've logged in and don't see it anywhere.
(Note: I've only got a credit card and bank account with CBA, no loans, is that why?)

I discovered a while ago that you need to have a loan with CBA, and then search for a property under "Portfolio". You add the property, link it to a loan, then you're able to see the valuation. I think it said you could only do this on 3 properties (which would all need separate loans). The workaround, of course, is simply to remove a property and start again.

 

[D.T.]

I discovered a while ago that you need to have a loan with CBA, and then search for a property under "Portfolio". You add the property, link it to a loan, then you're able to see the valuation. I think it said you could only do this on 3 properties (which would all need separate loans). The workaround, of course, is simply to remove a property and start again.

I have a newly created and still empty savings account and I can use the feature. You need to sign up for the mywealth facility (free) and then from click on property portfolio.

 

[reenie]

I discovered a while ago that you need to have a loan with CBA, and then search for a property under "Portfolio". You add the property, link it to a loan, then you're able to see the valuation. I think it said you could only do this on 3 properties (which would all need separate loans). The workaround, of course, is simply to remove a property and start again.

Works well for me.

I am a lil confused though.

My valuation came back within about $150 of what the bank valued my property at 12 months ago. I am not sure if in my case the bank has just used their own valuation rather than the RP data valuation or if they just happen to be almost exactly the same.

FWIW my area is up a lil over 20% from 12 months ago. I brought at about 10% below what the bank valuation came back at, and my generated valuation is still coming back at bank valuation from 12 months ago. I get the feeling the bank must substitute their own valuation if it has been done within, say, the last 12 months (or whatever time frame they specify).

 

[Bhp19]

Richard, when accessing equity in this way have you used a broker or simply approached the bank yourself?
I've just been speaking to a mobile lending manager for CBA and he has advised me that they only keep the results of the full Val's they had done las time for 90 days, so looks like I could be good to go again!

Do any of the brokers on here know if CBA use the same software for the mywealth valuation product as they do for their 'automated valuation models'? I ask as the CBA guy also said they accept the automated valuation model if the loan-to-value ratio (LVR) is <80%. Anything beyond 80% LVR the system will either require us a Desktop Valuation or a Short-Form Valuation.

 

[Rolf Latham]

Do any of the brokers on here know if CBA use the same software for the mywealth valuation product as they do for their 'automated valuation models'?

I dont know if they do, but the outcomes look very similar on the tests we have applied.

ta

rolf

 

[Colin Rice]

CBA Policy is desktop acceptable to 80% (at banks discretion) and full val over 80%.

Have got a few desktops through at 88% + cap lmi but never above but not through lack of trying.

With refi generally desktops are higher from experience.

 

[Richard Feynman]

Richard, when accessing equity in this way have you used a broker or simply approached the bank yourself?
I've just been speaking to a mobile lending manager for CBA and he has advised me that they only keep the results of the full Val's they had done las time for 90 days, so looks like I could be good to go again!

Do any of the brokers on here know if CBA use the same software for the mywealth valuation product as they do for their 'automated valuation models'? I ask as the CBA guy also said they accept the automated valuation model if the loan-to-value ratio (LVR) is <80%. Anything beyond 80% LVR the system will either require us a Desktop Valuation or a Short-Form Valuation.

Went myself.

 

[Jamie_]

Had one valuation which I felt was around about right, but one that was around 200-300k off? and i'm talking 600-900k region.

 

[Bhp19]

So has anyone had 'Not Available' come back when getting an AVM valuation through CBA and if so any guesses as to what causes it?

 

[Singo]

So has anyone had 'Not Available' come back when getting an AVM valuation through CBA and if so any guesses as to what causes it?

I have had 'not available' come back once in a while. No idea what causes it. But I was able to get a valuation when I tried later.

 

[Bhp19]

How much later are we talking Singo?

 

[dubrex]

So has anyone had 'Not Available' come back when getting an AVM valuation through CBA and if so any guesses as to what causes it?

Does it have a valuation on the MyWealth site? One of my mine was doing this on MyWealth, so I asked support about it and RP Data had to change the classification from vacant land to a house, works fine now.

 

[Bhp19]

Dubrex,

There is a valuation on mywealth but for some reason when the broker looked it up on CBA's automated valuation model it came back with 'not available'. I also asked a CBA employee and was simply told it could be for several reasons.
I'm beginning to think it could be because I subdivided this property into two lots, retaining the existing house and built on the rear so could be little to compare it to.

 

[tobe]

lots of reasons, limited sales evidence in the area, unique property etc etc.

 

[bobby85]

MyWealth is not accurate.
A house I have recently got valued at $860,000. They went into the property and inspected everything.

MyWealth values it at $1.1mil.

The house is in Lilyfield and I assume it's because the going average for a 3bedder is $1.2mil or so and most that hit the market are already renovated to the hilt.