Bank didn't request a property valuation after purchase

Discussion in 'Loans & Mortgage Brokers' started by bobbyj, 12th Jul, 2015.

Join Australia's most dynamic and respected property investment community
  1. bobbyj

    bobbyj Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    350
    Location:
    Sydney
    Hi guys,

    I just went unconditional on a property in the Brisbane area.
    My broker has told me that the Bank (St George) did not request a property valuation and were happy to go ahead and accept the price I paid for the property.
    I haven't been in this situation before. I would have liked to seen what an independent valuer would put the property at!

    Cheers,
    B
     
    bobbyj, 12th Jul, 2015
    #1
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,979
    Location:
    Canberra, Brisbane and Sunshine Coast
    Congrats!

    It's normal practice for some dragon deals. They will go off the contract of sale if the deal meets certain parameters.

    Chances are the valuer would have valued it at purchase priced....and slowed down your approval by a few days.

    Cheers

    Jamie
     
    Jamie Moore, 12th Jul, 2015
    #2
  3. bobbyj

    bobbyj Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    350
    Location:
    Sydney
    Hah, dragon deal!
    Thanks for the information Jamie =)
     
    bobbyj, 12th Jul, 2015
    #3
  4. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,629
    Location:
    Gold Coast (Australia Wide)
    quite a few lenders have a contract value policy if certain criteria are met

    My exp is that STG specifically still run a desky ..........they just dont tell you

    ta
    rolf
     
    Rolf Latham, 12th Jul, 2015
    #4
    EN710 likes this.
  5. 380

    380 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,353
    Location:
    Australia
    Client had deal approved thru westpac...

    Lender advised client that no need for valuation:)
     
    380, 12th Jul, 2015
    #5
  6. Corey Batt

    Corey Batt Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    2,091
    Location:
    Adelaide, SA
    WBC + STG will do contract of sale for many vals at certain LVR's - not enough for us to trust them to do it consistently however.
     
    Corey Batt, 12th Jul, 2015
    #6
  7. 380

    380 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,353
    Location:
    Australia
    This deal was at 88% lvr....

    Good going...
     
    380, 12th Jul, 2015
    #7
  8. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,979
    Location:
    Canberra, Brisbane and Sunshine Coast
    Yeah that's the problem - and I suspect what Rolf said is correct. They prob carry out a desktop and if it doesn't come back at purchase or higher they order a full val.

    Cheers

    Jamie
     
    Jamie Moore, 13th Jul, 2015
    #8
  9. Steven Ryan

    Steven Ryan Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,656
    If you are very curious, no harm paying for one :)
     
    Steven Ryan, 13th Jul, 2015
    #9
  10. Watson1

    Watson1 Well-Known Member

    Joined:
    23rd Jun, 2015
    Posts:
    197
    Location:
    Melbourne
    Just request the broker to order one if they have access to upfront vals with STG.
     
    Watson1, 13th Jul, 2015
    #10
Financial Advice – Do you need help

Do you need help with investment strategies, don’t want to buy the wrong stocks, or you just need a regular income stream? We provide the research to ensure your investment selections achieve the goals. This is the value of advice.