Property val without loan process... yet

Hi,

Is there a way to have a valuation completed (either desktop or physical) prior to actually refinancing with a lender? I'm eager to ascertain its position in the market before kicking off with a lender and having to sign dozens of app forms etc.

I notice a few comparable sales to mine and am curious whether now is the time to pull the trigger on leveraging its equity with a sub loan. i tried the original valuer at Herron Todd White and they were very reluctant to provide a formal valuation if they had not received instructions directly from a lender.

Curious on your thoughts, cheers

 

For refinances - yes, but your lender will need to allow upfront valuations. Most larger banks allow this. In terms of the type of valuation - that will also depend on the loan parameters and lender of choice. You could potentially order a few desktop valuations from lenders that will allow them as a starting point for comparison.

Desktop vals:
- CBA at 80% for <$1mill, St G/Westpac (usually <80%, but sometimes allowed higher)
- ANZ usually, NAB usually (both system dependent)
Etc etc.

Plenty of lenders offer free upfront full valuations too. Then there's the majority of smaller lenders that charge for a val & require the paperwork first.

 

currently with nab - do you suggest i just contact my banker and enquire? equally i want to keep them on their toes and don't want them to assume just because i'm getting a val done, they'll be getting the business.

 

Yep - they should be able to run desktop vals for you & advise you of your options.

 

You can also chat to your broker to get a desktop done just to get a feel for what's likely - if you think you're around the 80% or under mark, your broker can order some desktop vals and you're likely good to go unless the property is a bit quirky/regional/too new etc.

 

I just did 4 for a client for 1 property. They varied by about 10% in value too.

 

thanks all - approached the bank, taking long than i anticipated but they claim i'll have some numbers by close of business Monday...