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brokers - New Lending or Valuers policy?

Discussion in 'Property Finance' started by Lisa Parker- Buyers Agent, 28th Jun, 2016.

  1. Lisa Parker- Buyers Agent

    Lisa Parker- Buyers Agent Well-Known Member Business Member

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    Hi friends,

    has anyone ever experienced a bank making their finance approval conditional upon the vendor or purchaser installing smoke detectors prior to settlement? (Vic property).
    Has there been a recent change in banks policy to force this upon purchases?

    Having to run out to a clients new purchase tomorrow to install smoke detectors so they can obtain finance. A first for me in 15 years of doing this job.
     
  2. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    In WA the detectors have to be up to date and compliant for the house to be sold, but I've never had a bank take the slightest bit of interest in it.

    Which bank?
     
  3. Lisa Parker- Buyers Agent

    Lisa Parker- Buyers Agent Well-Known Member Business Member

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    Same here!!

    Me Bank.
    The broker is saying that it is the banks standard policy as it is a rental property.
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Right!

    Probably just a ME quirk then, definitely not the usual thing!
     
  5. tobe

    tobe Well-Known Member

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    ME haven't communicated that change to my knowledge.

    Id say it was more a case of the valuer noting the lack of detectors in their report and the assessor picking it up and requesting it from the client/broker.

    Had similar cases with pool fences etc with pedantic/bored valuers/assessors commenting on things and making mountains out of molehills.
     
  6. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    I don't think I've ever seen any policy like that anywhere. I have found that if something a bit odd is noted in the valuation, the assessor tends to request it be rectified and they won't back down until it is.
     
  7. Lisa Parker- Buyers Agent

    Lisa Parker- Buyers Agent Well-Known Member Business Member

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    That is precisely what happened @Peter_Tersteeg & @tobe!
    Valuer noted it on valuation and wouldn't remove it because apparently it is the valuers firm policy to include it.
     
  8. Lisa Parker- Buyers Agent

    Lisa Parker- Buyers Agent Well-Known Member Business Member

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    CBRE in case anyone needs to be aware of a potential new policy change within the valuers firm and can plan ahead to avoid last minute stress.
     
  9. TaylorChang

    TaylorChang Well-Known Member

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    I think it's the valuer putting thing (ie, smoker detector missing not inhabitable) in the valuation report.

    Hence, the assessor pick up this item and made it as one of the conditions for loan approval.
     
  10. TaylorChang

    TaylorChang Well-Known Member

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    Oops, Peter posted while I was typing