If bank orders a valuation. . ?

[investor2009]

So we're going for a property loan and I just called my broker who said to me
'ANZ have just ordered a val and you should know by next week'

I'm wondering if the bank goes to the trouble of ordering a val, does this mean we're likely to be granted unconditional finance if the deal stacks up okay? We're just so over thinking and worrying about it not going though.. it's a 95% loan by the way and our broker tells us that the figures aren't really tight or anything.

 

[MC1]

With ANZ you're broker is able to order the val even prior to submitting the loan app. So it's hard to say

 

[investor2009]

thanks. Our broker lodged the app late last week. He's very good, just very short on the phone is all.

 

[Peter_Tersteeg]

It's likely your broker ordered the val with ANZ. This is often done separate to the actual approval, so I don't think I'd read anything into this from ANZs side.

ANZ usually sends the broker a fax telling them when to expect them to assess the application. My experience is it takes another 24 hours beyond what ANZ say. At that time you'll have an accurate indication of ANZs assessment.

 

[Rolf Latham]

its likely the broker used the vals system which might have said NO val required.

Then when the file went to LMI they could work out it needed a full val

Your broker should be able to supply you with the AST letter that ANZ have sent them which = conditional approval, requesting the full val


ta
rolf

 

[Ausprop]

bear in mind that the valuation is for the bank not you. It is of absolutely no interest to you what the valuation is and you cannot sue the valuer should they err. If you require a valuation you need to get your own

 

[investor2009]

Thanks Oz. I've never even been told what a bank val came in at by the way, I don't know why I've never got to see, I guess this is standard policy.

I do know that the val is for the bank. And as long as they pass it, that's all I care about. It's more the uncertainty of not knowing 100% if we will get unconditional finance and it's keeping us awake at night.

 

[investor2009]

Thanks y'all.

The val was done this morning and our broker tells us they are happy with it. Will be interesting to see what it came back in at. Should find out early next week if we were successful.

 

[Bradsdad]

Val done this morning should equate to your broker receiving it late today or by tomorrow. He forwards to ANZ as soon as he gets it and you'd expect an answer in say 48-72 hours. There's still plenty of hope for an answer this week.

The valuation is for the banks purposes only so you won't get to see it unless your broker was clumsy and left a copy sitting on the table by mistake



Regards
Steve

 

[investor2009]

Thanks Steve.

He said he will tell us what it came in at, thats nice of him

ANZ now want the last 3 months worth of rental statements, will get that to them tomorrow morning. It's dragging on but I hope it comes through before our cutoff date (23/06) Thursday.

 

[Dazz]

It's dragging on but I hope it comes through before our cutoff date (23/06) Thursday.

Sounds very efficient. You wuz lucky !!

My Bankers / valuers, when they've been given 90 days to look at the situation, usually start looking about 2 weeks after the cut-off date.

They start by asking questions like "what was the name of the Purchaser again ??"...to which I usually moan "look, we couldn't wait for you guys to wake up, so went unconditional about 2 weeks ago....the name is Barry, Barry Bendover".

 

[Bradsdad]

Thanks Steve.

He said he will tell us what it came in at, thats nice of him

ANZ now want the last 3 months worth of rental statements, will get that to them tomorrow morning. It's dragging on but I hope it comes through before our cutoff date (23/06) Thursday.

If the rental statements relate to this property then ANZ can just take what's on the valuation (assuming this doesn't adversely impact on servicing for you.

 

[investor2009]

Thanx Steve, the statements are linked to our other rentals though.

 

[Bradsdad]

Well that's a bugger. Do you have current agreements on hand? That should be sufficient.

 

[Rolf Latham]

IV

u ist lucky, often they want 12 mths : )

ta
rolf

 

[investor2009]

Ok so we're now on last day of finance approval and we did not make it..

Hopefully the vendors will accept until Monday, ANZ say we should know by Friday afternoon or Monday. The wait is killing us!

 

[investor2009]

UPDATE** ANZ have declined the loan, saying that they require my wife's last TWO years payslips.. They want proof that her weekly bonus is permanent (which it is, and she banks with the same bank so they can SEE that it is..) anyhow.

We are providing a letter from employer stating that yes, it is permanent and last two group certs.
Is the loan likely to be approved now?

Also, how long might this take because were already two days over the finance clause on the contract and vendor can pull out at any time.
Thank you.

 

[Rolf Latham]

Hi IV

OUCH

Much depends on the lenders willingness to take hussle instructions from the brokers BDM, and if we are clutching at straws, or if the request is from a decision maker.

ANZ is possibly not great in this area, but I cant really comment, we only use them where we must, your experience of their LMI's position is a typical but not only reason.............I know other brokers luv em, so it must be just me: )

ANZ typically has silly responses like declined, we want more pays, rather than deferred, we want more pays..........which scares the broker and borrower

Id say 3 days or so should see you right, either way, if that data has been requested.

Bonus, much depends on what it is, and what sort of industry

Do you hold a copy of any fax communication from ANZ at all ?

Ta
Rolf

 

[investor2009]

Hi Rolf.

No, the broker has only told us that the loan is likely to be approved if we provide this information, which we still don't feel too confident about the situation.

He only used them because it's a 95% loan and LMI is (wait for it..$23,000!!)

3 days is a long time.. But it doesn't suprise me. this broker told us we would have had an answer from ANZ almost 2 weeks ago and it came yesterday. He says we should know within a 'couple of days' now.

 

[luckyone]

If you have enough money to pay LMI of $23,000, can you put a bit more towards the LMI and pay less LMI? It might get you over the line. I know once you borrow over $500,000 the lmi goes up substantially.