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Do banks use RP Data for desktop Vals?

Discussion in 'Property Finance' started by beachgurl, 28th Mar, 2016.

  1. beachgurl

    beachgurl Well-Known Member

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    One of my cousins wants to do a top up for renovations. I looked on RP Data and it values her property based on the 2012 purchase price, even though the suburb has had over 50pc growth in two years (as per RP Data info on the Val report).

    Do lenders use RP Data for their desktop Vals? FYI the property is in the lower blue mountains. Very low turnover there so Val is based on 2014 sales comparables.
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    In a round about way, yes. The source of the data most lenders use is usually the same.

    Don't assume that it will give you the same result though, I've seen plenty of instances when the lenders desktop was quite different from an RP Data report.
     
    legallyblonde likes this.
  3. legallyblonde

    legallyblonde Well-Known Member

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    My limited experience has been that the RP Data value is VERY similar to the bank value... Banks just seem to round down a little.
     
  4. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

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    Quite a few lenders use a tweaked version of RP Data, others use APM or Residex. I wouldn't rely on them coming up with the same figures at all as there can be large variances, especially if there isn't strong active market activity.
     
  5. Steven Ryan

    Steven Ryan Mortgage Broker Business Plus Member

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  6. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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  7. beachgurl

    beachgurl Well-Known Member

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    Thanks everyone. Looks like she'll need to go down the full val path.
     
  8. Leewei

    Leewei Well-Known Member

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    Have you tried checking on the nsw globe?