ING Direct Refinance

[Jamie M]

Hiya

An upfront valuation means a valuation can be carried out on your property before an application is lodged.

That way, the borrower will know how much equity is available to them before proceeding with the application.

If the valuation comes back lower than expected - then you don't proceed with the application and save your credit file a hit.

Cheers

Jamie

 

[tobe]

purpose is to get an idea of the equity limits to borrowing, as banks only lend a percentage of their valuation.

Some banks will do a valuation upfront. most wont.

 

[tobe]

on the subject of ING, has anyone had any luck getting them to apply their most recent discount reserved for new orange advantage customers to their existing customers? its .5%, but I just had a customer ask, so I banged off an email to the BDM. I dont do enough work with ING anymore to be able to judge our chances. Im actually pretty surprised ING is going down the road of seperating new and existing customers like that actually. They are usually pretty straight up.

 

[rabidz]

Hiya

An upfront valuation means a valuation can be carried out on your property before an application is lodged.

That way, the borrower will know how much equity is available to them before proceeding with the application.

If the valuation comes back lower than expected - then you don't proceed with the application and save your credit file a hit.

Cheers

Jamie

purpose is to get an idea of the equity limits to borrowing, as banks only lend a percentage of their valuation.

Some banks will do a valuation upfront. most wont.

Thanks Jamie & tobe...

To get an upfront valuation, can we ask ING ourself (without a mortgage broker), provided that our mortgage is with ING ? Or it's only exclusive to certain mortgage brokers?

And also, is there any fees associated normally (for full valuation, etc)?

It would be very handy to know the property-value before the apply the cash-out.
Again, thanks.

 

[tobe]

I dont think so. Have you tried ringing them and asking?

 

[Peter_Tersteeg]

I doubt you could get the valuation done via the normal phone banking interface. I normally send my ING business development manager a request via email and they get it done but the borrowers don't have access to these guys.

It doesn't cost to get it done and as suggested it makes the application for the increase much easier if you know the value up front.

Realistically your broker should be happy to do this for you, ongoing assistance should be part of what we do.

 

[rabidz]

I doubt you could get the valuation done via the normal phone banking interface. I normally send my ING business development manager a request via email and they get it done but the borrowers don't have access to these guys.

It doesn't cost to get it done and as suggested it makes the application for the increase much easier if you know the value up front.

Realistically your broker should be happy to do this for you, ongoing assistance should be part of what we do.

Thanks Peter..
So, if the "upfront valuation" didn't cost me anything, does it mean they are not doing the full valuation (so they are doing desktop valuation)?

If they are end-up doing the full valuation, who is going to pay for the valuation?

Thanks..

 

[Aaron_C]

Usually ING will charge for the valuation which is about $200.

 

[Mick C]

Thanks Peter..
So, if the "upfront valuation" didn't cost me anything, does it mean they are not doing the full valuation (so they are doing desktop valuation)?

If they are end-up doing the full valuation, who is going to pay for the valuation?

Thanks..

Full val most of the time...and bank pays.
P.s ING you pay.


But another banks- NAB/macq/amp etc... bank pays.

 

[Peter_Tersteeg]

Thanks Peter..
So, if the "upfront valuation" didn't cost me anything, does it mean they are not doing the full valuation (so they are doing desktop valuation)?

If they are end-up doing the full valuation, who is going to pay for the valuation?

Thanks..

To the best of my recollection, ING has never charged myself or a client for any residential valuation.

The last time I did this, they performed a full valuation, but in some cases they may just do a drive-by. In most cases, when the application is lodged they will honor the valuation result.

 

[Mick C]

ING will waive the ing charge if it's a new loan/refin or new purchase currently...but for top up on existing loans they will charge from my recent exp anyway.

 

[Peter_Tersteeg]

Hi Mick, my experience has been they do the val for free, but they charge their 'variation' fee when the application is lodged.