House Valuation by On the list of Large four Financial institutions in Australia

How confidential may be the marriage from your financial institution along with consumer?
We just lately acted to acquire a youthful family for getting their first property in Sydney NSW who were borrowing applying their financial institution to invest in their purchase.
Nevertheless their loan application was for beneath 80% in the order selling price (exceeding $one,000,000), our customers' lender (one in the large four financial institutions in Australia) considered we'd conduct a valuation.
We commenced our negotiations Together with the promoting agent and after few times, it appeared our offer you was currently being favourably regarded as.
Inside of 24 hrs within the valuation getting finished plus the unconditional acceptance obtaining issued by the lending enterprise towards the purchasers, we experienced arrived suggested from the selling agent which our present-day supply was not acceptable any longer. When we requested "why", we were instructed the selling price tag was now $,$$$,$$$ - exactly the quantity of bank loan our clientele sent applications for.
As well quite a lot of coincidence, you may check with? Perfectly we thought so way too.
Whenever we enquired through the providing agent "why" this turned now their marketing price, the answer was "your lender's valuer informed us This is certainly precisely what your clientele have asked for for"!
Our consumers needed to make a decision whether to spend "extra" in comparison with the reasonable amount resulting in added stamp duty and desire Every time they ended up to move forward with each of the acquire, or instruct us to re-start the complete challenge.
We think, we recognize and now we Consider a marriage from the lender/law firm/Accountant/Physician or for that subject any company here or vendor of products in addition to their customer/consumer is "private" and "non-public" and "private". We truly feel strongly associated with this scenario and conclude the fiscal establishment and its workers/contractors broke the pointers (could possibly be their fiduciary obligations) by disclosing this private information and facts over the housing home selling agent As a result weakening our negotiating position on the Component of our clientele.
We contacted many authorities departments (Condition and Federal) and had been recommended this matter can be addressed at equally numbers of Govt:
NSW Fair Trading
Clause 19 - product c AND Clause 38 - merchandise 1 in its entirety
and/or
Place of work within the Australian Information and facts Commissioner

but provided that the lending firm failed to reply to a published grievance inclusive of restitution, inside four weeks.
Most unprofessional. The financial institution's house loan mortgage officer admitted penned their valuer informed the housing offering agent about our customers' bank loan amount of money Which he will probably be escalating this internally in order that it does not transpire once more.
OH! What a aid for customers!