Property Valuation

What are the advantages of an upfront property valuation?

You’ll keep your clear credit file: Every time that you apply for a loan, it leaves an enquiry on your credit file. Too many enquiries look bad and can affect your credit score. You’ll know if the property will be accepted by your bank: If your property doesn’t meet the bank’s lending criteria, we can apply with a different bank. Your home application will be approved faster: We can order an upfront valuation before submitting your application which means the bank can approve your loan immediately.

What do banks require to value a property?

If you’re buying a property, we’ll 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’re refinancing a current home loan then we’ll 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, 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 purpose of the valuation is to protect you and the banks from any potential losses in case the property needs to be sold. What happens after a valuation comes in short depends on your situation. If you’re planning to purchase a property and the valuation comes in short then it isn’t really a bad thing. It just means that the purchase price you’ve 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’re looking to refinance and the property value comes in short then you’re limited in your options. You’re able to challenge a banks valuation, however, the success rate is low. A good solution for this 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 complete our free assessment form.

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