Join Australia's most dynamic and respected property investment community

Valuations with Pepper & Liberty

Discussion in 'Property Finance' started by opal3259, 26th Dec, 2015.

  1. opal3259

    opal3259 Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    127
    Location:
    Melbourne
    Hi Folks,

    Anyone know what the valuation policies are at Pepper & Liberty?

    Trying to work out whether they will look at a deal using contract of sale + desktop valuation... or whether they put everything through the Valex roulette wheel.
     
    Elives likes this.
  2. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    Opel, I've noticed you have created a few threads now regarding this valuation problem you are having. There is nothing wrong with asking questions and trying to find a solution. I don't mean to be blunt. But, Tobe asked if you had a broker already to which you replied yes. Do you think maybe your broker should be looking into these issues? If they already are then perhaps they are struggling to find an answer. If it's not too late depending on where you are with it, maybe you should contact a broker from this forum. Most of them are well versed with this sort of thing. Perhaps your broker is stuck?
     
  3. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    Its full valuations with both lenders.
     
    Elives and Jess Peletier like this.
  4. kr11

    kr11 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    81
    Location:
    sydney
    Sorry to steal the thread but r both pepper and liberty available to expats
    Thanks
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,104
    Location:
    Melbourne, Nationwide
    Liberty definitely not, they want you employed in Australia.

    Not sure about Pepper, but probably not.

    Both these lenders come from the 'non-conforming' space, they've traditionally dealt with people who might have defaults or other challenges. Hence they have very specific risk profiles (good for some, but not for others) and ex-pats are likely to be outside of those risk profiles.
     
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,170
    Location:
    Gold Coast
    AFTER application too................ not before app.

    A double roll of the dice :)

    ta
    rolf
     
  7. opal3259

    opal3259 Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    127
    Location:
    Melbourne
    Hi York,

    You're absolutely right - and I probably should have done a better job of explaining myself.

    I am currently dealing with a broker who is quite experienced. Having said that, it is a tricky one.

    I don't know whether my existing broker has access to the full spectrum of products, but will ask next time we catch up.

    If my existing broker can't get the deal over the line - I'd be looking to switch to a forum broker.

    I would however like to give them the adequate timeframe to exhaust their options.

    For others following the thread, if you haven't already engaged someone - I'd definitely recommend speaking to one of the PC brokers.

    From my discussions, they are a notch (or two) above a 'general public broker'.
     
    Taku Ekanayake and Elives like this.
  8. opal3259

    opal3259 Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    127
    Location:
    Melbourne
    Ouch.
     
  9. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    That's a fair thing to do. Your broker deserves a chance to do their job.
    Also you are definately right about the brokers here. A notch or two above the average is an understatement though. :)
     
  10. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,104
    Location:
    Melbourne, Nationwide
    It's been a while since I've submitted a deal with Pepper, but the last time I did they allowed up front valuations. The catch is they charge the full cost to the borrower up front as well. It goes through Valex.

    Liberty order the valuation on conditional approval of the loan application, no upfronts there, but they might be a little more room for flexibility in this case.
     
  11. jim1964

    jim1964 Well-Known Member Premium Member

    Joined:
    18th Jun, 2015
    Posts:
    674
    Location:
    At tha beach
    This is correct.My current deal is through Liberty.I refinanced a few deals as well at the same time.Great interest rate and easier to deal with than most i have in the past.
     
  12. opal3259

    opal3259 Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    127
    Location:
    Melbourne
    Agreed. Let's say four of five notches ;)
     
  13. Corey Batt

    Corey Batt Finance Strategist Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,173
    Location:
    Adelaide, SA
    To expedite the processing (they're taking upwards of 10 days to pick up an application) you can pay the ~$330 fee to get the val ordered whilst waiting in the queue - which is waived should the file reach conditional approval.
     
    opal3259 and Taku Ekanayake like this.
  14. opal3259

    opal3259 Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    127
    Location:
    Melbourne
    Update on this thread - have sent through COS to both Pepper and Liberty to evaluate. From the conversations I've had with both.... Pepper seem stricter on the LVR above the 1 million dollar mark.
     
  15. imbi3

    imbi3 Well-Known Member

    Joined:
    27th Jun, 2015
    Posts:
    69
    Location:
    VIC
    What property are you talking about?
     
  16. opal3259

    opal3259 Well-Known Member

    Joined:
    13th Jul, 2015
    Posts:
    127
    Location:
    Melbourne
    It's a residential home.... but has plans and permits attached for apartments.