Valuation without application

[jakaim]

We want to refinance in a few months but I would really like to get a valuation before we do the application. We have made substantial improvements to the house, funded with personal loans, and need to know the value before we go ahead so we know how much of it we will be able to refinance into the mortgage.

We are currently with CBA and I was told at the branch they don't do upfront valuations.

I have contacted the company that did the original valuation for a quote to get it done privately but it was very expensive.

Is there a way around this somehow?

Thanks

 

[Bigtone]

We want to refinance in a few months but I would really like to get a valuation before we do the application. We have made substantial improvements to the house, funded with personal loans, and need to know the value before we go ahead so we know how much of it we will be able to refinance into the mortgage.

We are currently with CBA and I was told at the branch they don't do upfront valuations.

I have contacted the company that did the original valuation for a quote to get it done privately but it was very expensive.

Is there a way around this somehow?

Thanks

most brokers can get them done with CBA upfront for free, contact a few on here and ask if they get them for free

 

[RetireRich101]

is it this reason people should go third party banking, ie a broker? having your broker generate a desktop val shouldn't much of an ask really...

 

[Bigtone]

is it this reason people should go third party banking, ie a broker? having your broker generate a desktop val shouldn't much of an ask really...

desktop won't work as he has renovated the property, he needs a full val

 

[jakaim]

Yes I definitely need a full valuation.

 

[RightValue]

CBA has customer direct orders as far as I know. This is up front valuations orered by their customers.

I just spent 2 minutes on their site and came up with this. (Branch staff often know very little)



Customer Ordered Valuation

What is the security value of your property?

What if you could find out the financial value of your home or the home you wish to purchase before you meet with a Commonwealth Bank Home Loan Representative or accredited Broker.

Now you can.

By following the link below to the Bank?s preferred valuation panel manager Valuation Exchange, you can order a valuation on your home or the home you wish to purchase.

You can also work out how much you may be able to borrow by using the related 'how much can I borrow' calculator located on this site before you visit your Commonwealth Bank Home Loan Representative or accredited Broker.


https://www.commbank.com.au/personal/home-loans/property-valuation.html

Best to order either that way or through a broker otherwise they will not accept the valuation you have obtained privately and when the loan application goes in you may well get a different valuer.

 

[Corey Batt]

We want to refinance in a few months but I would really like to get a valuation before we do the application. We have made substantial improvements to the house, funded with personal loans, and need to know the value before we go ahead so we know how much of it we will be able to refinance into the mortgage.

We are currently with CBA and I was told at the branch they don't do upfront valuations.

I have contacted the company that did the original valuation for a quote to get it done privately but it was very expensive.

Is there a way around this somehow?

Thanks

CBA will do upfront full valuation if you pay $49.

Question is, are you look to refinance to another lender, or stay with CBA?

 

[jakaim]

Thanks for that, I will check it out. Probably happy to stay with CBA at this stage. Due to the type of property we can only use certain lenders and I can't really be bothered shopping around.

The quote I got privately is from the same company that has been sent out for three valuations in the last two years, from 3 different banks (they weren't all me)

 

[Peter_Tersteeg]

Unfortunately CBA are only promoting their desktop valuations up front these days, they're pretty much useless in this scenario, an application would need to be lodged if you want it for free.

The ValEx website Bigtone has mentioned used to be what was used, I've actually been told that it's no longer available (good to know it's still there, it could come in handy). The biggest problem is that you'll need to pay full price for the valuation (about $250 in most cases).

There are some circumstances where it's possible to get a $49 full valuation from the CBA, but it depends on what their system allows and they may charge more than $49 for it.

 

[jakaim]

I wouldn't mind even paying $250, the quote I got was $660

 

[RightValue]

I wouldn't mind even paying $250, the quote I got was $660

Where is the property and what is the approx value?

 

[jakaim]

I followed the link and our postcode is one of the accepted postcodes. I also called and asked if it is a full valuation and it is but I can't find any reference to the cost at all.

 

[jakaim]

The property is in central Victoria and the value would most likely be somewhere between $300K-$400K

 

[Bigtone]

I wouldn't mind even paying $250, the quote I got was $660

a diamond CBA broker will get it a full upfront val for free so you shouldn't have to pay anything, I would have thought all brokers doing decent volumes would get free vals with pretty much every lender

 

[RightValue]

The property is in central Victoria and the value would most likely be somewhere between $300K-$400K

Sounds about right for a quote for a private job.

Way cheaper to go through a broker.

 

[Aaron_C]

Just get a broker to do it for you.

 

[jakaim]

I don't want to go ahead with an application through a broker though, would that matter?

 

[Aaron_C]

I don't want to go ahead with an application through a broker though, would that matter?

No it wouldn't as long as the broker understands that.

 

[Brady]

Unfortunately CBA are only promoting their desktop valuations up front these days, they're pretty much useless in this scenario, an application would need to be lodged if you want it for free.

There are some circumstances where it's possible to get a $49 full valuation from the CBA, but it depends on what their system allows and they may charge more than $49 for it.

We are currently with CBA and I was told at the branch they don't do upfront valuations.

This information isn't correct.

I can provide you an AVM desktop valuation for free - but would be useless for your improvements.

But I can also provide you an upfront full valuation for $49 as mentioned previously, which can also be waived if used in a CBA Home Loan application within a time period.

Shoot me a PM if you would like to me to assist.

 

[jakaim]

Thanks, we are still a little while off needing it yet. Still finishing off a few jobs before the house will be at what I deem to be a satisfactory state for a valuation.