Upfront valuations

[BillyGoat]

I am looking to refinance our PPOR then release equity to buy an IP.

I would like to get a couple of valuations up front and go with the bank that values it the highest.

I have heard CBA and Macquarie do upfront valuations. Which other banks do upfront valuations without first having to submit an application and taking a hit on the credit record? I'm preferably looking to use a bank on the lower end of the serviceability spectrum.

 

[Aaron_C]

All the big 4 do, as do Macquarie, AMP and some mortgage managers if you pay for it. Get a broker to do it for you.

 

[jonmardell]

I am looking to refinance our PPOR then release equity to buy an IP.

I would like to get a couple of valuations up front and go with the bank that values it the highest.

I have heard CBA and Macquarie do upfront valuations. Which other banks do upfront valuations without first having to submit an application and taking a hit on the credit record? I'm preferably looking to use a bank on the lower end of the serviceability spectrum.

Homeside/ANZ/St George/CBA/AMP and a few others. It is best to speak to a broker first, assess your situation to see which banks will suit then go for valuations.

 

[Rolf Latham]

Hi BG

To expand a little.

Suitability of lender may not just be a factor of product features, ok serviceability and rates /costs.

Some things that may determine what lender to use are.

1. Have you previously paid LMI - Moving may be counter productive and expensive

2. If you are using a structured lending approach because you want to build a portfolio, not "any" lender will do.

3. Be mindful that while there are quite a few lenders that do Upfront valsthrough brokers, many of these same lenders dont yet offer the same service through the branch network ( and vica versa I guess).

4. The choice of valuers isnt actually as large as the choice of lenders, because many lenders use the same intermediary valuations agency. As an example, ANZ, AMP, WBC and others use VMS............... CBA, Homeside, Choicelend and others use Valex. Its highly likely that if you request a val via CBA, thence via Homeside, that the valex system may use the same valuer OR block the new val from happening.


As suggested by others, you will get more traction from this type of request from brokers generally, than lender direct, simply because the lenders have had to compete more in the broker space ( and provide upfront vals to match others) AND lenders felt they had to offer the upfront vals service to brokers more so than branch lender because in general brokers may have looked to refinance stuff where the val just isnt there more so than a branch lender. It costs a lender well over 1000 to get a file to conditional, so spending 160 to 250 ( average) to prevent low val withdrawals is obviously working for them.


ta

rolf

 

[BillyGoat]

Thanks for the great insight and feedback.

Is there a fee to get the upfront valuation?

 

[Rolf Latham]

Thanks for the great insight and feedback.

Is there a fee to get the upfront valuation?

Generally no.

Some brokers need to pay 99 bucks for a CBA val, some 49

ta
rolf

 

[Corey Batt]

I am finding ANZ val's are coming in significantly higher than expected with the upfront desktop vals. They're free, also.

 

[Rolf Latham]

I am finding ANZ val's are coming in significantly higher than expected with the upfront desktop vals. They're free, also.

You obviously dont have the white picket fence client that some of us get sometimes

ta
rolf

 

[jonmardell]

If you are looking at CBA you can get upfront AVM's for free through myself or any other broker on the forum. The AVM is returned within 2 minutes so you know exactly where you stand.
thanks
jon

I am looking to refinance our PPOR then release equity to buy an IP.

I would like to get a couple of valuations up front and go with the bank that values it the highest.

I have heard CBA and Macquarie do upfront valuations. Which other banks do upfront valuations without first having to submit an application and taking a hit on the credit record? I'm preferably looking to use a bank on the lower end of the serviceability spectrum.

 

[Corey Batt]

You obviously dont have the white picket fence client that some of us get sometimes

ta
rolf

More of the burned out bomb rusting in the front yard, variety.

 

[country homes]

Hi BG

To expand a little.

Suitability of lender may not just be a factor of product features, ok serviceability and rates /costs.

Some things that may determine what lender to use are.



4. The choice of valuers isnt actually as large as the choice of lenders, because many lenders use the same intermediary valuations agency. As an example, ANZ, AMP, WBC and others use VMS............... CBA, Homeside, Choicelend and others use Valex. Its highly likely that if you request a val via CBA, thence via Homeside, that the valex system may use the same valuer OR block the new val from happening.


ta

rolf

The VMS and Valex are just systems, the approved valuers have access to both so provided the bank has approved that valuer you might find that AMP will send a request through VMS which will go to Herron Todd White and then CBA will send a request through Valex and that will still go to Herron Todd White (just as an example). Its kinda the luck of the draw which valuer is used.. particularly in regional areas where the valuers are fewer and farther between.

 

[8fold]

Hi all,
How often can you request an upfront val? Obviously the banks don't want people hammering them until they get a number they like so there must be a "cooling off" period?

 

[Aaron_C]

Hi all,
How often can you request an upfront val? Obviously the banks don't want people hammering them until they get a number they like so there must be a "cooling off" period?

3 months usually.

 

[jonmardell]

Hi all,
How often can you request an upfront val? Obviously the banks don't want people hammering them until they get a number they like so there must be a "cooling off" period?

depending on the bank it could be three or six months. If you go through a broker you could get them more frequently if there was reasonable grounds that the property price had increased in value.

 

[Shahin_Afarin]

As a common statement - if you have done a renovation please keep receipts and provide the valuer with an itemised invoice that specs out all the work done to the property. We are doing this with all revaluations (where a renovation is involved) and finding that this really helps maximise the valuation amount (not in all cases but in most).