Valuer and Bank not Disclosing Valution of Property

[roe]

Unauthorised access to information in most places could get sacked
When it comes to IT system and information access it is a serious
Offence without proper authorisation

 

[Peter_Tersteeg]

Yeah, but there's always a way, a manager or co-worker or someone will have the right access and be able to read a number off a screen.

For most people in a bank, their manager or co-worker either wouldn't have access, or would also get into hot water. Easy enough (and legit) to do if you know someone in credit assessment, but otherwise more difficult than it sounds.

There's no reason the person writing the loan can't get this information.

 

[Syd Investor]

Go see a broker. A lot of banks these days like Homeside & ANZ allow the broker to order the valuation upfront and they then get sent a copy of the report. Your broker can then show you the valuation and which company inspected it etc

 

[Ausprop]

if the bank knowingly puts you into a product knowing your valuation doesn't stack up they can end up in a world of pain.

 

[Brady]

If you're in LMI territory ask them to explain the LMI figure, that will then show you what the valuation was. If you're not in LMI territory ask how much more you can borrow to be at 80% which will also let you figure what bank has valued the property. For these reason I think it's silly to not just tell the client, they have the right to know both of these so why be coy, easier to keep everyone informed. Again I agree with. It providing the actual valuation unless paid for by the client.

 

[tambourineman]

If you go ahead with the loan then you do pay for the valuation - be it through some sort of establishment fee or amortised in the interest rate.

Given the amount of interested contemplated in a standard loan the borrower has every right to be informed of the valuation.

 

[ramblin]

We've bought 3 houses so far and the bank always says - "great news, the valuation came in at what you paid"
I feel like saying, glad I negotiated some money off each of them then because we'd be ripped off if I had paid a cent more.

 

[XMW]

you can actually get a valuation report from the lender, if you pay a $10 fee and fill out related application form.

 

[Marty McDonald]

you can actually get a valuation report from the lender, if you pay a $10 fee and fill out related application form.

I have to chuckle at your generalisation there. Your lender may do this but don't assume all lenders have the same processes just because yours does. They all find a different way to over engineer a simple process!

 

[Rhinsor]

Well it was offically put in my name on the 10th of this month.

So settment 10/10 and title changed 10/12...two months!

Lodged the complaint on the 26/11 and only got a reply on the 10/12 saying they have sent a letter out. Lets see what the letter says.

Hopefully my next purchase is a simple one.

 

[marks]

I thought under the privacy act, any information that the bank holds on you, it must share with you. Wasn't the case until the privacy act came in. Maybe one of the brokers here can comment on this.

I had a similar issue with Westpac. I reminded them of this little nugget from the privacy act and I had no problems getting the valuation info. (was just after the value and given the price over the phone).

Cheers

 

[see_change]

We go through a broker and have never had a problem finding out the valuation .

Cliff

 

[Peter_Tersteeg]

I thought under the privacy act, any information that the bank holds on you, it must share with you. Wasn't the case until the privacy act came in. Maybe one of the brokers here can comment on this.

I had a similar issue with Westpac. I reminded them of this little nugget from the privacy act and I had no problems getting the valuation info. (was just after the value and given the price over the phone).

Cheers

Westpacs valuation of a property you're purchasing isn't information about you, it's information about the property they're taking as security. It's their due diligence (not yours). The privacy act doesn't apply here.

The fact that you told someone at Westpac this and they gave you the information doesn't mean anything. We ask Westpac all the time (without mentioning privacy or anything else) and they always verbally give us the info. In this case it's probably easier for Westpac to simply tell you a number rather than deal with a complaint. Even though they'd win the complaint it's not worth their time.

Try getting a written copy of the actual valuation though, complete with comparable sales and valuers comments. Westpac is rarely accommodating with this information.