All Topics / Finance / Wanting to switch lenders but possible issues with property evaluation figure.

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  • Profile photo of joelcjoelc
    Join Date: 2005
    Post Count: 14

    Would there be any major reason as to why a lender (whom works within one of the big 4's) would suggest over the phone that my Residential Valuation and Security Assessment for Mortgage Purposes market value figure (which was completed 3 days ago) through Market Line with the ability to switch it into a format, which is acceptable by the bank I'm looking at re-mortgaging through, might possibly only take the Market Line figure on board and that they (the bank) then might have to do their own re-eval?

    Now I have a meeting with the lender on Friday, he could just be possbly thinking that I've had the eval drawn up in the wrong lending format or something like that, but on the other hand I can't help to assume another possibility would be to under value my PPOR, limit their risk of their exposure, but still selling a 95% lend with LMI etc..

    Just to clairify, my assumption was based on the fact that I was looking at re-mortgaging in June, it was through the same lender I'm about to see on Friday, the evaluation back then was way under what I'd expected and so re-mortgaging was put on the back burner till now.
    The difference between the bank eval in June and my market line eval done only a few days ago is 50k and all I've done in capital improvements is weeded the lawn.

    Has anyone had any similar experiences?

    If it's insisted that another eval is needed should I take my business someplace else?

    I've spoken to Market Line and they said the only reason why it wouldn't be accepted is if it wasn't drawn up in the format for the specific lender you were going through. Market Line offer 1 free change in lending format and this wasn't a drama to get it changed.

    Profile photo of v8ghiav8ghia
    Join Date: 2005
    Post Count: 871

    Hi. In most cases, the lender will want to do their own valuation regardless. This is normal. It may even use the same valuer! In each region, a lender has a preferred valuer or more often a panel of valuers to choose from. They are independanr form the bank. Vals have to be ordered and wordd in a specifice way, but if you got your val fro Joe Bloggs Valuer, and the bank uded him too, it should be the same, or close. If they use another valuer and it is way out, you of course have grounds for appeal based on the fulll valuation you have. Hope that helps.

    Profile photo of joelcjoelc
    Join Date: 2005
    Post Count: 14

    Update; Evaluation was accepted and the loan approved :)

    Profile photo of MortgagemanMortgageman
    Join Date: 2004
    Post Count: 164

    Hi Joel,

    That is good that the val was accepted. Through most lenders (not all) you can re-assign a previously done valuation to the lender and have it accepted provided the valuer is on that particular lender's panel.

    Kind Regards,

    Cameron Perry
    Perry Financial Strategies
    Level 13, 30 Collins St
    Melbourne VIC 3000
    Ph (03) 9662 1999
    Fax (03) 9662 2044

Viewing 4 posts - 1 through 4 (of 4 total)

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