I'm a first home buyer. I have my eye on one property in Ingleburn, NSW. It's a duplex.
I have ANZ as my lender, they declined my loan because the property is direct opposite to train line and have high tension power line which is insecure.
From property to train track, they are separated by driveway, a two way road, a piece of land 2 cars length then city rail fence, another gap then the track.
I assume all property across Australia which is direct opposite to train line doesn't use ANZ as their lender.
When they said high tension power line I assumed it is a big frame with multiple cables, but it is a pole I think around 132V or 66V which according to council it is okay as long it is 15m away from property.
Strangely, the next door property has been approved by Westpac.
Have a chat with mortgage broker and he said that the valuation had been done by Google Map **shocked**
I'm ordering second valuation right now and they said it can takes 5-10 working days. Pretty much is a long cooling off period.
Reason I'm still going with the property coz I think it's a good investment.
Is this how the process go with ANZ or should I go with another lender?
You will find that all lenders have a strange valuations from time to time. I had one knocked back from STG (not good enough for mortgage purposes) due to the fact their was rust on the under-side bearers ($5000 to repair). Stick with ANZ, but get your broker to process this with another lender at the same time. I often put loans in with two lenders when faced with a situation such as this (time is of the essence).
thanks for the reply.
I do agree that time is essential.I'm a new player and stupidly put 0.0025% as deposit before valuation.
It is under $1000 but still it's a huge amount for me.Had a talk with ANZ's mortgage division, they said it is normal to use Google Map search as their base of valuation.
For me it is weird.
if LVR is 90% they should do Full Valuation or at least drive-by, I guess they just want to save money.
Reason to go with ANZ because they give more loan than other banks.Haven't heard back from ANZ yet.
Fingers crossed.
The money you put down is called a holding deposit and is not unusual to put this down. It shows good faith that you are serious about the purchase and the agent should not sell the property to someone else without your consent (although they legally can). If the 10 days expires, which it will, before you get formal approval. You may ask for an extension on your cooling off. This is generally accepted, as finance is often not formally approved.
Hi there,
I don't know how ANZ does their vals, but your commentary is interesting.
The bank I am with (BOQ) engages independant valuers for each valuation, and they physically do it (photographs provided on valuation). I wouldn't say they are more or less user friendly, but they will generally let you know quickly if the property isn't going to be suitable for mortgage purposes.
And as you said, when the LVR is 90%, the mortgage insurers also require a full valuation unless the bank has a specific agreement stating otherwise.
Cheers
Sam
I think valuations across the board are hit and miss at the moment. I think it is best to hang in there or see if another lender comes in higher. They all have different methods and requirements of what level of valuation they will conduct. I have had a couple of properties come back as follows both in the same suburb:
Property 1: ANZ Higher NAB Lower by 40K
Property 2: ANZ Lower NAB Higher by 20K
I had NAB tell me that 40K isn't much…….. It may not be. But to me at this point in time and what I want to do it is!!!
ANZ does their vals with three different formats, computer, kerbside and full valuation- you can basically upgrade the val at the brokers discretion….
The problem is not the banks, remember the variance in vals is from the valuation company. Your broker will often give you a solution to beating the valuation problem…..
Could you explain me about the solution to beat valuation problem?
My broker said "just find another property"…errr <_<….NO!
Makes me think again why I use him in the first place **sigh**Because I'm doing second valuation, ANZ takes forever to process my application. I don't know how much longer I can extend cooling off period.
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