ME bank q
- Thread starter CHAOS
- Start date
A building and pest inspection is for your piece of mind. You should not give a copy to the bank.
The bank relies on the valuation and the comments within that report.
This applies to all lenders, not just ME Bank.
It sounds like your application is about to be approved...
The bank relies on the valuation and the comments within that report.
This applies to all lenders, not just ME Bank.
It sounds like your application is about to be approved...
No idea. Never had a lender ask for one. 
Its late at night and I'm probably wrong but I will take a stab as to what has happened.
It is not uncommon for valuers to note in their valuation report a need for a building report or engineer's report if they feel there may be structural issues with the building. As such the lender will request this in order to validate this point. This report would need to be paid for and ascertained by you and provided to bank.
It is not uncommon for valuers to note in their valuation report a need for a building report or engineer's report if they feel there may be structural issues with the building. As such the lender will request this in order to validate this point. This report would need to be paid for and ascertained by you and provided to bank.
Did the lender pay for it? I'd just take it to another lender, no time for that kind of BS.
I've had two loan applications similar to this:
1. AMP - the property was tenanted but needed around $5k worth of repairs. Valuer stated our valuation was subject to providing a B&P report to the bank.
2. Macquarie Bank - The valuer wanted to site the council approvals for additions. I quote 'To correctly verify we would require full documents/plans/applications and wording which clearly states that the flat is council approved.' The flat the valuer was referring to the downstairs portion of a highset in the Logan area.
Luckily we got this across the line (thank you Sarah from ASAP Financial)
1. AMP - the property was tenanted but needed around $5k worth of repairs. Valuer stated our valuation was subject to providing a B&P report to the bank.
2. Macquarie Bank - The valuer wanted to site the council approvals for additions. I quote 'To correctly verify we would require full documents/plans/applications and wording which clearly states that the flat is council approved.' The flat the valuer was referring to the downstairs portion of a highset in the Logan area.
Luckily we got this across the line (thank you Sarah from ASAP Financial
)
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Ive had it quite a few times with Rams, drives me crazy. The last one was where the valuer noted some missing render from the outside. This prompted the assessor to ask for a building inspection and quotes to fix the render. The client told them to jump, and LMI (98.5% loan) waived it through.
Common sense.......
Common sense.......
No idea. Never had a lender ask for one.
We've had it happen to clients of ours VERY occassionally. This was, as others have said, where the valuer has made a comment on his val, about the property needing some kind of work to be done. (we buy quite a few renovator type properties for clients, so I'm surprised we don't see it more often).
But we always commission a P&B prior to purchase, so we just fwd that onto the broker/lender as requested. We've never had a property knocked back following on from that.
