Assets Valuation by One of the Huge 4 Financial institutions in Australia

How confidential will be the marriage concerning a financial institution and its shopper?
We lately acted to get a young relatives to get their initially household in Sydney NSW are actually borrowing off their bank to speculate in their obtain.
Although your finance application was for beneath 80% with the remaining Value (exceeding $1,000,000), our purchasers' lender (a single with the huge 4 financial institutions in Australia) made a decision to carry out a valuation.
We commenced our negotiations utilizing the marketing agent and immediately after couple times, it appeared our provide was being favourably regarded.
Inside at some point Using the valuation becoming completed in addition to the unconditional acceptance having issued by the lender to shoppers, I had been encouraged Along with the offering agent which our existing give was not suitable any more. After we asked "why", we had arrived advised the price was now $,$$$,$$$ - the level of loan our clientele asked for for.
Much too A lot of a coincidence, you can request? Properly we imagined so way too.
Once we enquired from your providing agent "why" it was now their Expense, the answer was "your financial institution's valuer informed us itrrrs this that your consumers have requested"!
Our shoppers was needed to come to a decision whether or not to spend "a lot more" in comparison to reasonable selling cost creating added stamp responsibility and interest When they were to carry on While using the purchase, or instruct us to re-start your entire venture.
We imagine, we realize and that we think a romance from the bank/lawyer/Accountant/Physician and that issue any provider or vendor of solutions in conjunction with their consumer/client is "private" and "personal" and "confidential". We truly feel strongly about this circumstance and conclude the bank and its staff/contractors broke the rules (may very well be their fiduciary obligations) by disclosing this confidential data in the direction of the real estate property marketing agent Therefore weakening our negotiating position on behalf of our customers.
We contacted different govt departments (Condition and Federal) and have been suggested this matter could be tackled at each quantities of Govt:
NSW Truthful Buying and selling
Clause 19 - product c AND Clause 38 - merchandise a single in its entirety
and/or
Business office in the Australian Information and facts Commissioner

but only if the financial institution wouldn't reply to a composed complaint inclusive of restitution, more info within 30 times.
Most unprofessional. The bank's home finance loan broker admitted in crafting their valuer explained to the property house offering agent about our clientele' quantity you borrow AND that he will probably be escalating this internally then it does not occur again.
OH! What a relief to the clientele!