All Topics / Finance / Desktop Valuation

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of PropertyPaulPropertyPaul
    Member
    @propertypaul
    Join Date: 2009
    Post Count: 25
    July 16, 2012 - 4:24 am

    Hi,

    Just wondering if the Brokers on the forum could advise which Financial Institutions only do desktop valuations (as opposed to full internal vals) for properties under $300k in VIC?

    Thanks in advance!

    PP

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    July 16, 2012 - 5:50 am

    Purchase?
    Is there a real estate agent involved?
    LVR?

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 16, 2012 - 6:10 am

    Is it a purchase and do you reside in Vic as well ?

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of PropertyPaulPropertyPaul
    Member
    @propertypaul
    Join Date: 2009
    Post Count: 25
    July 16, 2012 - 6:19 am

    Investment Property Refinance in VIC and can be inclusive or exclusive of LMI… depends on the Val!

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    July 16, 2012 - 6:59 am

    if it is a refinance then i am not aware of any lender that will definately do a desktop valuation.

    Most would do either a driveby or full valuation depending on the lvr (you mention LMI which usually means FULL).

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    July 16, 2012 - 8:53 am

    I'm with Richard – if it's a refi involving LMI than a full val is the norm.

    If it's below 80% LVR and doesn't involve LMI – it can depend on whether it's an internal refi with your existing lender or an external refi with another. I wrote two loans today for an existing ANZ client where a modelled desktop val has been used on both – LVR is only at 60% though.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of WhatIfWeFinanceWhatIfWeFinance
    Participant
    @whatifwefinance
    Join Date: 2009
    Post Count: 58
    July 16, 2012 - 11:43 am

    For non LMI deals ANZ have done desktop vals’ or what they call modelled vals. But it really depends on the property, suburb and also do they have sufficient price history

    Profile photo of PropertyPaulPropertyPaul
    Member
    @propertypaul
    Join Date: 2009
    Post Count: 25
    July 18, 2012 - 11:23 am

    Thanks guys

    Profile photo of Matt KenworthyMatt Kenworthy
    Member
    @matt-kenworthy
    Join Date: 2011
    Post Count: 5
    July 19, 2012 - 1:27 am

    Have had a situation occur recently where a full valuation was done on a property (not VIC) with one lender which killed the deal.  Managed to get a modelled estimate with ANZ which ended up being $100k more than the valuers report.  I'd add that whilst generally a refinance involving LMI generally involves a full valuation I've had a few at the low range <85% where they've only done a kerbside – although the results are no where near as generous as what a modeled estimate sometimes produces.

Viewing 9 posts - 1 through 9 (of 9 total)

You must be logged in to reply to this topic. If you don't have an account, you can register here.