Lenders that offer free property valuations
A property valuation helps lenders, buyers and sellers determine what a property is really worth. Here's how you can get one for free.
You need a property valuation when selling a property or when buying one and applying for a home loan. A qualified valuer will assess the property and determine a likely idea of its worth. This assessment costs money, but some lenders offer free property valuations.
There are certain factors which are used to help valuers determine the monetary value of a property, including location, building condition, fixtures/fittings and the market in the area.
How much does a property valuation cost?
A property valuation from an independent valuer can cost between $200 and $600. Lenders often charge this to you as a valuation fee. But many lenders offer free property valuations.
Compare loans from lenders with no valuation fees
The loans in this table have no valuation fee or offer free valuation up to a certain limit. Always confirm all fees and charges with the lender when applying.
What about free online property valuations?
There are many property sites offering free online price estimates. To get one, all you need is a few details like the property address and your email address. These estimates can be very helpful when researching property prices but they are not a replacement for an in-person valuation by a professional valuer.
Sites that offer free valuations
- ANZ Property Profile Report
- REALas (includes an algorithmic price prediction)
Why do you need a property valuation?
There are a few reasons why you may need a property valuation.
- Buying a home. If you are looking at purchasing a property then you may source an independent valuer to determine the value of the property. The report they provide you can give an insight into the good and bad aspects of the property and help you decide how much you should offer the sellers of the property.
- Selling a home. When you are selling your home it is important to understand what your property is worth. The value will help you determine the right listing price to attract potential buyers and help you to maximise your profits.
- Obtaining a loan. When you are trying to obtain or refinance a loan for a property your lender will organise a property valuation so they can determine the value of a loan.
What you should know about free valuations
When obtaining a loan a bank prefers to use their own valuer to ensure their strict guidelines are met. If you choose to obtain your own property valuation from an independent valuer then the bank can still choose to perform their own valuation.
More than one valuation
While many loans offer free valuations, this usually only covers the first valuation. If you need to get another valuation within the same loan for any reason, this often won't be covered.
Also, bear in mind that homes in regional areas might cost more to value as they may be more difficult for valuers to get to. In some cases, these homes may attract a valuation charge even if valuations are usually free to other borrowers.
Property valuation vs market appraisal
A property valuation is performed on behalf of the lender and will usually be below market value, because it is used to determine the minimum price the house could be sold for in order to protect the lender. A market appraisal is performed by a real estate agent who is acting on behalf of the vendor. The estate agent is using the same factors to determine value but is looking to get the highest possible price for a property.
Read More: Market valuation vs bank valuation
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