Property Valuation Report: Free Bank Valuations

Upfront Property Valuation Report

A valuation report is an assessment of the property you wish to purchase to determine its value.

The report helps you, as well as the banks, assess the value of the property.

Whenever you apply for home loan the lender will always make an assessment of the property to see what its value is.

With most of our lenders we are able to order this valuation before you apply for a home loan!

Due to our close relationships with the banks, we are able to get free valuations with some banks and lenders before you submit a loan application.

What are the advantages of an upfront property valuation?

There are a number of advantages to getting a valuation before you apply for a loan:

  • It doesn’t damage your credit file. Every time that you apply for a loan it leaves an enquiry on your credit file. Too many enquiries looks bad and can affect your credit score.
  • Allows us to determine whether a property will be accepted by your bank. If your property may not meet the bank’s lending criteria then we can apply with a different bank.
  • Speeds up the mortgage application process. We can order an upfront valuation before submitting your application, which means the bank can approve your loan immediately.
  • The valuation won’t get lost or delayed. We can track your valuation request and quickly follow up with the valuer if there are delays.

Which banks allow us to order valuations?

We are able to get upfront valuations with a number of our banks and lenders:

  • AMP – Free.
  • ANZ – Free.
  • Bankwest – Free.
  • Commonwealth Bank (CBA) – Free.
  • Gateway Credit Union – Free.
  • Homeside – Free.
  • Macquarie Bank – $50.
  • National Australia Bank (NAB) – Free.
  • Pepper Home Loans – At cost between $300 and $500.
  • St George – Free.
  • Suncorp – Free.

A number of our other lenders are also able to do upfront valuations on a case-by-case basis. Contact one of our expert mortgage brokers to see which banks will give the best value for your property. Call us on 1300 889 743 or enquire online to find out more.

What do banks require to value a property?

If you are buying a property we will need your full name and a copy of the contract of sale. The selling agent will allow the valuer to gain access to the property.

If you are refinancing a current home loan, then we will need a copy of a recent council rates notice to check the title and ownership details of your property.

Once we have all of this information then we can order your valuation through the preferred valuer for your bank. In many cases the banks use ValEx or VMS.

Do the banks always complete a full valuation?

In some cases the banks may assess your property and loan to be a low risk and so may choose to complete an automated desktop valuation, AVM or drive by valuation.

In these cases the bank will only inspect your property if your application is audited or is later deemed to be a high risk.

If the automated valuation comes in below value then some banks will allow us to order a full valuation to check the result.

What happens if my valuation comes in short?

The valuation is there to protect you and the banks from any potential losses if the property needs to be sold. What happens after a valuation comes in short depends on your situation.

If you are planning to purchase a property and the valuation comes in short, then it is not really a bad thing. It just means that the purchase price you have agreed on is above the value of the property.

If the valuation comes in low it gives you a chance to re-negotiate with the seller.

If you are looking to refinance and the property value comes in short then you are limited in your options. You are able to challenge a banks valuation however the success rate is low.

The best solution is to order a valuation with another bank and see if it comes in higher.

Our mortgage brokers are able to find the best home loan for your circumstances. Contact us today on 1300 889 743 or enquire online.

What can affect the value of my property?

The job of a valuer is to compare the value of other similar properties that have sold in the area in the last three months. By comparing these properties, the valuer is able to determine the value of the property you want to buy.

If there have not been any sales in the last three months in your area then the valuation will come in low. This is because the valuer uses the past sales history of the area to determine the value of the property. They can’t guess what the property would be worth, they have to rely on factual information.

Alternatively, if there have been a lot of sales in the area and the market is booming then you are likely to get a higher valuation.

How long does it take to value my property?

The average time frame to get the value of a property is between three to four working days.

The valuation can sometimes take longer to get returned. Often the seller’s agent needs to let the valuer access the property and this can sometimes cause delays.

Can I provide my own valuation?

No. Most banks and lenders will not use a buyer’s own valuation. If they do, it is under exceptional circumstances.

Most banks require that the valuation be ordered through them. This is due to issues that banks have had in the past with fraud.

How many valuations can I order?

Our brokers will assess your situation and determine whether or not we can order an upfront valuation for you.

We will order up to a maximum of two or three valuations with banks and lenders that we think you will qualify with for a mortgage.

We will only order an upfront valuation if the customer is serious and lodging a loan application.

How can I apply for a free bank valuation?

Our mortgage brokers have a strong relationship with many of the banks and lenders. We can order a free valuation up front with one of our lenders that is suitable for your situation.

Call us on 1300 889 743 or enquire online and we can determine the right bank for you.