Homeside/NAB practical completion valuation timeframe

[ps0104]

Hi all (especially the brokers!)

My new build house (in Sth East QLD) has reached practical completion stage and I have sent all required paperwork to Homeside/NAB for them to release the final payment.

I understand that they will be sending a valuer out to make sure that there is a house where there should be a house and it is finished etc.

How long does this valuation process take? How long should I be expecting to wait between submitting the paperwork (via the broker) and being able to pick up a bank cheque in a branch? And is there any way to speed this up?

Any advice greatly appreciated.

p.s- as a slight aside, I've always been curious how closely the valuers look when they do these inspections. Are they going to do a full walk through to check that the house has been 100% completed or is it more of a drive by/cursory glance through a few windows before they race off to the next job?

 

[Peter_Tersteeg]

The broker logs into the NAB Broker website, enters property and contact details and the valuation is ordered. It takes about 3 minutes.

The valuer then organises a time with the agent to inspect the property. The timeframe depends on how quickly the valuer and agent can get themselves organised. The valuer usually has the report completed and back to the bank within 48 hours after the inspection.

After this, the loan gets approved. The bank then generates the formal loan offer documents which they send to you, and you need to sign and return. Once this is all done and verified the bank can book settlement with your solicitor.

This entire process will likely take at least a week, probably closer to 2 weeks.

At the settlement cheques, titles and other documentation are exchanged between the various legal representatives. You never get a cheque from the bank, you just get to pick up the keys.


Valuers generally go through the property taking notes on what they see. They generally don't care if it's a bit messy, they're more interest in the property itself. They'll then use these notes to compare the property to other recent sales and generate their report and price estimate from that.

 

[Peter_Tersteeg]

Opps, my previous post was about the process the final stages of purchasing an off the plan property, not the last payment of a constriction scenario.

In a construction scenario, you submit the final invoice to the bank and they order a valuation. Again there's a process where they organise access to the property, presumably through the builder. In this case the valuer is generally there to verify the property matches the building contract and plans. The broker doesn't organise this valuation, the banks progress payments people do it.

Presumably the report comes back verifying the building was built appropriately and the final payment is made directly to the builder. The builder then gives you the keys.

If there's any surplus funds from the loan to be drawn, they can send you a cheque, but it's more common for them to put these funds into the loan redraw or a nominated account.

 

[ps0104]

Opps, my previous post was about the process the final stages of purchasing an off the plan property, not the last payment of a constriction scenario.

In a construction scenario, you submit the final invoice to the bank and they order a valuation. Again there's a process where they organise access to the property, presumably through the builder. In this case the valuer is generally there to verify the property matches the building contract and plans. The broker doesn't organise this valuation, the banks progress payments people do it.

Presumably the report comes back verifying the building was built appropriately and the final payment is made directly to the builder. The builder then gives you the keys.

If there's any surplus funds from the loan to be drawn, they can send you a cheque, but it's more common for them to put these funds into the loan redraw or a nominated account.

Thanks Peter - that's really helpful. Is the timeframe for the construction process any faster than that which applies to an off the plan scenario?

 

[Peter_Tersteeg]

Sorry, the timeframe for the final progress payment is usually about 3-5 days.

 

[Jamie M]

Nab are generally pretty good with this stuff in my opinion. Normally only takes a few days.

Cheers

Jamie

 

[Redom]

Nab are generally pretty good with this stuff in my opinion. Normally only takes a few days.

Cheers

Jamie

Agree, i did this not too long ago for my own H&L, didnt take long for it all to be done. Last val is just to see that its been constructed as per planned.

Cheers,
Redom

 

[Marty McDonald]

I didn't think you could do your own loans with nab broker

 

[Colin Rice]

I didn't think you could do your own loans with nab broker

You cant but wont be long