NAB tightens valuations

Does this mean mortgage brokers need to work harder?

NAB uses internal valuers for residential property

 

Why would it mean that?? The article just says that NAB will do its own vals internally.

 

This isn't tightening, this is cost cutting. The NAB (and other lenders) has been using internal valuations to some degree for years. In many cases, the internal valuations are more generous.

I'm not sure why this means more work for brokers. We still have access to upfront valuations with NAB and every other lender that offers them. It only takes a few minutes to order the valuation.

You really can't read anything into this.

 

If i was owner seeking highest valuation... does this change thing?

 

Sure he can. Have you read his post history? It's all doom and gloom.

 

Very optimistic fellow.

 

Thanking you, i try and be balance actually!

 

I like to hear the doom and gloom as well so I can make a more balanced and informed decision.

 

It depends on how it is presented and whether it is honest. If not, then your decision won't be balanced and informed.

 

fake news?

 

Certain posters spam fake news!

 

If a tree falls in the forest and nobody is there to hear it, does it make a sound?

 

brokers can't change the valuations, but brokers can order valuations from different lenders.

 

The actual article is "National Australia Bank is using internal valuers to assess residential properties as it tightens credit to borrowers for new apartments."
You just cut some out of the headline hence misleading information in my view?
Anyway to be a bit productive....what I do is my own research on what just sold within say last 3 months, even sooner, then I prepare my own report, then I ask to speak with the nominated bank valuator so I can meet or email my report prior.
IMO, valuations are very subjective and favour lenders, especially if there criteria is fire sale within 3 months, and most are mainly deriving their payroll from lenders.
Sometimes we need to be more proactive rather than reactive and just wait for the valuations to come?????

 

Hmmmmm

I guess there will be even less chance to appeal a valuation even if it is lower valuation.

 

While some get caught up in very small things....

Reality is there is pressure on valuation to be lower... as brokers on here said

 

What has been your experience from this so far- any push back from the bank or valuer from this request??