AMP provides upfront property valuations online
In an effort to reduce the drawn-out home loan process, AMP Bank has introduced upfront property valuations for mortgage brokers and financial planners submitting loan applications on behalf of their customers.
Accredited brokers and financial planners will now be able to order a property valuation online before submitting an application for an AMP home loan. Prior to this new system, valuations were conducted after a loan application was submitted to AMP, resulting in a complex process if the property valuation was different to that on the application, AMP stated.
AMP head of sales and marketing Steve Craig said the new online process will provide the distributor and customer with greater certainty, and the accelerated loan process will allow AMP distributors to set clearer expectations for borrowers.
"The new process means brokers and planners will now be able to submit the loan application and property valuation together," Craig said.
"The benefits to distributors and borrowers are significant - quicker speed to formal approval, less reworking of applications, and more certainty around the outcome of the application."
AMP stated upfront valuations will be available to all accredited mortgage brokers and financial planners for new business and simple loan increases but will exclude complex loan variations and constructions loans. The company also stated that valuations will still be undertaken by AMP's property valuation providers.
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