Westpac has brought in a new property valuation tool for brokers writing loans in a move that the bank says brings in better outcomes for clients.
A broker note sent out on Monday (9 October) saying that the tool will “automatically select the most effective valuation pathway for each loan application process”.
This is hoped to produce a smarter, more efficient and more streamlined outcome for clients by helping brokers determine which valuation strategies may apply to a property in seconds, the bank said.
“Aimed at simplifying and streamlining the valuation process, the Property Hub tool is part of our ongoing program of work to improve experience for brokers and their customers,” Westpac general manager of third party distribution Tony McRae told
Australian Broker.
As well as ensuring brokers receive a fast valuation result, the tool will also reduce duplication of effort as the single valuation will apply for loans with any of the Westpac Group brands, he said.
Loan applications with contract of sale acceptance and existing valuations will be confirmed instantly while those with automated valuation models (AVMs) will be received in minutes. Desktop valuations will be completed within eight business hours while full valuations will take two to three business days.
The new Property Hub will replace the bank’s current valuation management system (VMS) which will be deactivated over the coming four weeks. It will be available for brokers at Westpac as well as St George, BankSA and Bank of Melbourne.
The tool will be launched through a phased rollout period with all brokers expected to be able to access it from November, McRae said.
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