Resi Select Updates

26th Mar, 2024 | Broker News, Select Product

25th March 2024

Check out the latest updates from Resi Select below, including:

  • Validating a Contract of Sale in PropertyHub just got easier: From 3 April you’ll see an on-screen validation in PropertyHub to confirm when the COS is supported.
  • Expanded valuation criteria for applications with LMI: We’re updating our valuation requirements effective as of today and will now accept more valuations when LMI is applicable.

Validating a Contract of Sale on PropertyHub just got easier

From Wednesday 3 April, you’ll now see an on-screen validation in PropertyHub which you can use to confirm when the Contract of Sale is supported.

When ordering a valuation where the request relates to a Contract of Sale, you will simply need to click the Validate button (for onscreen validation) and a green tick will appear to say that the order has been confirmed. You will no longer need to complete the inspection contact details or upload documents.

An AVM will run in the background which you need to submit with your application. This can be downloaded from the My Orders screen and attached to the application.

Important: If application details change (such as the LVR) then further validation may be required.

Click here for a guide on how to use the on-screen validation function.

We’ve expanded the valuation criteria for applications with LMI

Effective as of today
, we’re updating our valuation requirements to accept more valuations when Lenders Mortgage Insurance (LMI) is applicable.

For AVM we now accept:

  • Both purchase and refinance
  • A maximum property value of $2,000,000 (previously $1,500,000)

For Desktop valuations we now accept:

  • Both metro locations and properties classified as regional.
  • A maximum property value of $4,000,000 (previously $3,000,000).

Note: The maximum LVR for these valuation types remains at 90%.

These changes reflect changes made by our LMI underwriter QBE and will help ensure greater consistency and quicker turnaround times.

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