"Outsmarting" rpdata desktop valuation.

[dubrex]

Thanks Rolf and Aaron for your replies.

So I ordered a credit check from Veda today and sure enough I've got two hits on there from playing with CBA's AVM in the past 6 months. The first had wanted a full val so I had cancelled straight away, the second was just to check LMI implications but it went all the way through without me realising and it said they'd come back in 24 hours, so I cancelled it to go through my broker instead.

So it's not a toy to be messed with!

With those two plus a credit card app from ANZ in the past year (and in light of your comments Aaron re >80% apps) I suppose I'd better leave it alone and just go through my broker, not sure it's ideal to potentially get rejected via the AVM then have a 5th hit when I go back to the broker (although 4 of those 5 are all with CBA).

 

[jonmardell]

Did the t&c's on the avm state they were doing a credit check?

Thanks Rolf and Aaron for your replies.

So I ordered a credit check from Veda today and sure enough I've got two hits on there from playing with CBA's AVM in the past 6 months. The first had wanted a full val so I had cancelled straight away, the second was just to check LMI implications but it went all the way through without me realising and it said they'd come back in 24 hours, so I cancelled it to go through my broker instead.

So it's not a toy to be messed with!

With those two plus a credit card app from ANZ in the past year (and in light of your comments Aaron re >80% apps) I suppose I'd better leave it alone and just go through my broker, not sure it's ideal to potentially get rejected via the AVM then have a 5th hit when I go back to the broker (although 4 of those 5 are all with CBA).

 

[SYD]

In a few months I'll be requesting a desktop valuation from my lender (CBA) in order to extract equity after making a $10k lump sum repayment. I did this recently, but was conservative in my value estimation and am confident there's more untapped equity ($15-$25k, not including the $10k lump to be paid).

Excuse my ignorance, why would you make a $10k repayment when you are planning to get a top up? No offset or redraw maybe?

SYD

 

[Richard Feynman]

Excuse my ignorance, why would you make a $10k repayment when you are planning to get a top up? No offset or redraw maybe?

SYD

Yeah, fixed loan. No redraw.

 

[Rolf Latham]

Thanks Rolf and Aaron for your replies.

So I ordered a credit check from Veda today and sure enough I've got two hits on there from playing with CBA's AVM in the past 6 months. The first had wanted a full val so I had cancelled straight away, the second was just to check LMI implications but it went all the way through without me realising and it said they'd come back in 24 hours, so I cancelled it to go through my broker instead.

So it's not a toy to be messed with!
.

the issue isnt the AVM,the issue is the banker or broker NOT ordering the vals independent and BEFORE of the application,Iknowmany bankers are reluctant to do soperhaps due to system considerations, but many brokers will go the upfront val EVERY TIME.

I wont do reval deals where we cant get upfronts....... asy ou say, there is danger in the "lets see" approach

ta
rolf


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