AMP introduces upfront property valuation
AMP Bank has introduced upfront property valuations for mortgage brokers and financial planners submitting loan applications on behalf of their customers in an attempt to accelerate the drawn-out home loan process.
Valuations are typically conducted after a loan application being submitted to AMP, but accredited parties will now be able to order a property valuation online before submitting a home loan application.
AMP head of sales and marketing Steve Craig says the new process willprovide the bank and customer with greater certainty.
"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."
The valuations will still be undertaken by AMP's property valuation providers.