Browse Forums Home Finance 1 Apr 06, 2009 11:53 pm Hi All, This will be our first loan and we are not so sure of the process. Our broker advised us last week a valaution has been ordered on our loan and today has advised us that the file has gone to Credit. Could anyone please advise what that means? DH believes that it should have gone to credit first and we are afraid a valuation may not have been ordered yet. Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: Question : Valuation first or goes to "credit" first? 2Apr 07, 2009 12:34 am Hi jessica, Did you have a pre-approval? Application usually goes to Credit first then valuation, so if you already got pre-approved then it's just pending valuation & income verification once you've submited contract of sale... unless it was originally approved by system then valuation ordered then comes back low or there's a warning in val report that requires credit approval, such as environmental issues (of land) or property in certain zones etc... Broker should be able to tell you why it needs to go to credit.... hope that helps Re: Question : Valuation first or goes to "credit" first? 3Apr 07, 2009 12:39 am jessica Hi All, This will be our first loan and we are not so sure of the process. Our broker advised us last week a valaution has been ordered on our loan and today has advised us that the file has gone to Credit. Could anyone please advise what that means? DH believes that it should have gone to credit first and we are afraid a valuation may not have been ordered yet. jessica, there is a big variation amongst lenders and there is no one rule. For a pre approved loan, some lenders will order the valuation immediately to save time, while that's being done your file moves to the credit queue. CBA, for instance, will take your file to credit first even if it was pre approved before (Home Seeker) and then order the valuation once it comes out of credit. Re: Question : Valuation first or goes to "credit" first? 4Apr 07, 2009 8:49 am Thanks aimez & thlo, We had preapproval so why should file go to credit following valuation ? Sounds ******* to me. Need to call the broker ...yet again ! Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: Question : Valuation first or goes to "credit" first? 5Apr 07, 2009 11:17 am jessica Thanks aimez & thlo, We had preapproval so why should file go to credit following valuation ? As I wrote above, as in the CBA example, file goes to credit regardless of pre approval or not. Also the pre approval of many lenders at the moment is not worth the paper it's written on. Because of high pre approval volumes, they only do a CRAA and issue the pre approval letter and do not thoroughly go through the documents you supply. Re: Question : Valuation first or goes to "credit" first? 6Apr 07, 2009 11:37 am Thanks Thlo, I understand. However you said that Quote: CBA, for instance, will take your file to credit first even if it was pre approved before (Home Seeker) and then order the valuation once it comes out of credit. Our broker is saying valuation is done and now they will go to credit. i know it can vary .. but have very little faith in the authenticity of the information the broker is giving us. Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: Question : Valuation first or goes to "credit" first? 7Apr 07, 2009 11:55 am Which bank are you applying to? Re: Question : Valuation first or goes to "credit" first? 8Apr 07, 2009 12:34 pm My loan went to credit again and they asked for newer pay slips, it then went to valuation and now it's back with credit for the final stage - I'm assuming credit put all the bits n pieces together from the different area's and then come up with the final answer 'A bottle of wine contains more philosophy than all the books in the world.' Louis Pasteur Vegie garden: viewtopic.php?f=19&t=27637&start=0 My Backyard Adventure Re: Question : Valuation first or goes to "credit" first? 9Apr 07, 2009 4:44 pm Quote: Which bank are you applying to? CBA Thanks Lisanne, our case seems similar. Called the bank directly. They are telling me that the file has been preapproved, sent to credit, a valuation has been ordered and the valuation has come back. It has now been escalated to verification depatrment and then we should have unconditional approval. How long approx could that take in the current scenario? Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: Question : Valuation first or goes to "credit" first? 10Apr 07, 2009 10:42 pm jessica It has now been escalated to verification depatrment and then we should have unconditional approval. How long approx could that take in the current scenario? Max 2-3 days normally. jessica Our broker advised us last week a valaution has been ordered on our loan and today has advised us that the file has gone to Credit. DH believes that it should have gone to credit first and we are afraid a valuation may not have been ordered yet. Revisiting your original question, that was irregular for CBA. DH was right. Re: Question : Valuation first or goes to "credit" first? 11Apr 08, 2009 2:43 pm Thanks thlo! Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Re: Question : Valuation first or goes to "credit" first? 12Apr 08, 2009 11:30 pm jessica Thanks thlo! I am glad I could help. Re: Question : Valuation first or goes to "credit" first? 13Apr 09, 2009 12:43 pm Thought I wud just update you guys .. u have all been so kind and generous with advise .. i have this on my building thread : Quote: Hi People, Still waiting for unconditional approval .... However we have some action. Let me fill you guys in on whats happened so far this week. Our second extension on land deposit expired on friday and we hadnt heard anything from CBA (no surprise there) Have been following up with the broker meanwhile DH had put in loan application with the bank directly. Our conveyancer requested extension from the developer (yet again) and we were scared it wudnt be granted. However the developer has been very considerate so far and did grant the extension. Meanwhile in the bank our file has been tossing between credit pre approval, valuation, verification, and Credit again !sigh! Multiple escalations later we finally got a valuation and guess what .... 5k under. We are so frustrated with the whole process that we dont even feel like disputing the valuation. We said Ok just send us the unconditional aaproval. But ... it cant be that easy can it ? The file has to go to Credit again as that changes the loan amount Whatever! So here we are at the end of the day ... looking at managing the 5k out of pocket expense with no unconditional approval yet and fingers crossed for what tomorrow has in store for us. Quote: We are thinking wether we should pay the deposit on the land, considering the valuation has come in and we had pre approval Tuesday is our Final deposit date ... and I dont want to risk requesting another extension. Land Settled 27/04/09. Site Started 30/4/09. Slab poured 21/5/09. Frame up 27/5/09. Building thread : viewtopic.php?f=31&t=15699 Blacktown Home Loan Centre 15Apr 22, 2009 6:16 pm maison09 On behalf of all members who contributed to this thread, You are welcome. You can really use anything you want the main consideration would be how it looks once painted/finished - or the look you want. Cabinetmakers use MDF because its cheap… 2 9959 I would say both styles you have pictured are steel. 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