Hi Guys,
I read some forum threads here and decided to become a member and hoping someone can give me some good advise. I'm a first home buyer and liked a unit in Toongabbie area. I got a very good deal with NAB but they devalued the property a lot and we disagree with it. There are about another 30 units all got sold out in the last few months and the price range was similar to mine. The NAB lender told me they can't give me loan based on the security of the property but did not tell me why or what the valuation came out to be.
I am feeling really weird now as my wife really liked the property and I might just lose my 0.25% deposit on it. I have engaged CommBank to do valuation and if they can match up my purchase price can I approach NAB ?
The lender I'm dealing with seems not to care much as I always have to keep chasing him up.Also note 3 bedroom units in that region is new and there wasn't others similar to that property. Also the valuer did not even call the realestate agent to access the building.
Please give me some advise guys…
I had a similar issue with NAB recently and was able to order my own valuation with a valuer on their panel and then had it reassigned to them. My valuation come in higher and they based the loan on that.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Hi Terryw …. mate can you show me some light at the end of the tunnel and pass me the contact details of the person who can do the valuation for me who also is on their panel. I got an extension of a week now and need to sort out the loan by this time or else someone else will grab is property from me.
CommBank is in the process of getting it valued (starts tomorrow) but I got a good deal with package with NAB and every penny matter when I pay the interest rates.You will have to ring a few valuers in the area that the property is in and ask them if they are on NAB's panel. Then you need to contact your loan person at NAB and tell them what you are going to do and confirm they will accept it. If they won't remind them it is NAB policy.
Just realised you may be applying for more than 80% loan and would therefore have the LMI people to deal with. If that is the case it may be harder.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
if CommBank comes up with the same valuation of my property can I call NAB and let them know why the NAB valuer did a crap job ? Will they match up ? My financial advisor is incompetent and any suggestions how I can switch advisors hoping I get another valuer in place ?
My NAB advisor told me that even if I have my own valuer the outcome won't change. It's very demoralising.Are they calling themselves advisors now? They are just bank staff and you shouldn't expect too much out of them. Also it is not really their fault, the valuations are done by valuers.
Sounds like its best to change banks maybe.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
i do banking with CommBank but they couldn't offer me something good. NAB on the other hand offered a deal from my company which is too good. Only cause of the slack valuer I got screwed bad. I'll wait for the CommBank valuer to comeback and if I get a good value then its good or else I need to just let go off that property.
What's a good deal? A lower rate from a bank that won't do the deal or a marginally higher rate from a bank what will?
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Sweethome why dont you suggest get your mortgage broker to order a new valuation for you.
NAB Broker use internal valuers unless they have a valuation done by a panel valuer which normally comes at a cost to you.
Your Broker should be able to order one for nothing for you through his lending contacts.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
my broker has ordered CommBank valuer to go in and do a valuation tomorrow. The staff member who is looking after my case at NAB refuse to listen that if I get someone else to do a valuation he will not accept this and their valuer is spot on.
I challeged him and he said he will ask him valuer again and will let me know ( I am sure he will forget).Is there a NAB valuer or someone in the panel I can contact ? Googling this for hours and no luck. At NAB I am getting 6.49% interest none of the banks can come close to this. PLus I get all the app fees, package costs waived.
This is so pissing me off that NAB staff member can't really help me or even show any interest.
Yes your local Mortgage Broker should be able to tell you who is on the NAB panel if the Banker cant do so.
Cheers''
Yours in Finance
Richard Taylor | Australia's leading private lender
how do I find a local NAB broker in my area ? I know I can just google it but I'm not sure if they are going to be reliable. I contacted a NAB mobile lender who did loan for my inlaws but that guy told me he doesn't want to cross any protocol and step into the NAB staff looking at my case.
Thanks again guys for all the info and help. Joining this forum at least gave me some morale boost as my NAB advisor is just hopeless. Everytime I talk with that person it makes me feel miserable. I did all the research myself and just got him all the paper work.
I wouldn't be using a NAB broker but a normal broker. But since you have already applied it won't be easy to switch. Maybe talk to the NAB manager
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Finally NAB told me how much the property value was and it came to be 50,000 less than my price.
Now I'm just waiting for CommBank valuer to come back with his result.Is this very usual ? I don't want to sound desperate to buy this property and go through SunCorp, GE money and those people.
$50,000 is a lot of money. It would be unusual to come in this low – unless you are looking at $1mil + properties. Wait for the CBA to come back to you – if this comes in low then there must be something wrong with the price you are paying.
If you really want to buy it, maybe ring a few local valuers and ask which banks panels are on and then order your own. If it comes in good then apply with that bank.
Nothing wrong with suncorp either.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
sweethome wrote:At NAB I am getting 6.49% interest none of the banks can come close to this. PLus I get all the app fees, package costs waived.This is so pissing me off that NAB staff member can't really help me or even show any interest.
Just goes to show that the lowest rate isn't always the best deal. Your small saving on the rate doesn't seem worth the stress, hassle and poor service you've mentioned…..not to mention the poor valuation
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Terryw thanks mate for the comments and all others.
I will wait for CBA to come back with the valuation of the property. The property price was only $375 and back said they will loan me $310 on 95% that means they are valuaing it at $328k.
Is it the reason the property is off the plan is that the reason the property is coming at that value ?I was right abt the NAB consultant who was taking care of my case. I had to ring a friend who works in NAB to talk with him and then he managed to send a valuer to the site and called me in to get me some clarity.
With Suncorp I might not get the benefits like the banks for eg ATM fees etc waived
When you say off the plan, do you mean the construction has finished?
If not how far off is it?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The contruction is going to take another 2-3 months. There's no electricity in the building but the structure is there.
I'll be very specific and paste you the add from domain.Let me know mate what you think. I've offered around $375k for this
http://www.domain.com.au/Property/For-Sale/Apartment/NSW/Toongabbie/?adid=2008611495
I can't comment on the price, because I don't know, but the low valuation could be because it wasn't finished – even though they may have assessed it on a completion basis. Best to wait for the CBA val and see. If it comes in low then best not to proceed or to use that to negoitate a lower price.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
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