Westpac and its subsidiaries have launched a new property valuation tool that aims to give mortgage brokers a “smarter outcome on upfront valuation types that will be required for lending requests”.
Westpac, St. George, Bank of Melbourne and Bank SA unveiled to brokers a new Property Hub system that aligns with the banks’ credit policies and can “automatically select the most effective valuation pathway for each loan application process”.
The hub — utilising RP Data property values and available through the broker portal — was developed to give brokers, and their clients, a more streamlined outcome by calculating the loan-to-value ratio (LVR) and telling brokers which valuation strategy applies.
According to the group, Property Hub will determine the “most effective solution” for a loan application from the following valuation types:
- Contract of sale acceptance - confirmed instantly
- Existing valuations - delivered instantly
- AVM - received within minutes
- Desktop valuations - completed within eight business hours (can be upgraded to full valuation if customer estimate not supported)
- Full valuations - completed within two to three business days
However, brokers cannot choose a specific type of valuation. For example, a full valuation can only be ordered if the hub indicates that this is “the most appropriate valuation strategy to use”.
Property Hub replaces the current VMS system used for upfront valuation requests, which will be phased out over the next month.
[Related: Westpac investing $26.5m in mortgage fintech]