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Free property valuation – which lenders don’t charge?

A property valuation can cost hundreds of dollars: Here's how you can get one for free.

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A property valuation report is one of many things you need to get when buying a home and applying for a home loan. A qualified valuer will assess the property and determine a likely idea of its worth as part of the home loan application process.

This assessment of a house valuation costs money, but the good news is – some lenders offer free property valuations.

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.

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

  • Upside.com.au
  • OpenAgent
  • 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.

  1. 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.
  2. 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.
  3. 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.

Getting 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.

What is the difference between a property valuation and market appraisal?

A property valuation is performed on behalf of the lender by a professional valuer. It will usually be conservative, meaning it may be lower than the actual price the property could sell for if listed on the market.

This is because the valuation is used to determine the minimum price the house could be sold for. The lender requires a valuation to measure their risk - they want to know that if you stop making repayments for any reason, they can sell the property and recover their loan amount. This is why valuations are usually quite conservative.

On the other hand, 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 they are looking to get the highest possible price for a property.

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.

1 - 8 of 8
$
years
Name Product Interest Rate (p.a.) Comp. Rate p.a. Fees Monthly Payment

Nano Variable Home Loans P&IHome≥ 20% Deposit

Nano Variable Home Loans
2.74%
2.74%
  • App: $0
  • Ongoing: $0 p.a.
$613
Competitive rate with zero fees, fast approval and a 100% free offset account. Available for refinancers and existing buyers purchasing their next home. 20% deposit required.

HSBC Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
2.52%
2.53%
  • App: $0
  • Ongoing: $0 p.a.
$596
$3,288 refinance cashback offer
This competitive variable rate loan is available for borrowers with 30% deposits. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.

homeloans.com.au Low Rate Home Loan with Offset P&IHome≥ 40% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.64%
2.64%
  • App: $0
  • Ongoing: $0 p.a.
$605
A competitive rate with no application or ongoing fees. This loan is not available for construction.

Newcastle Permanent Building Society Premium Plus Package Home Loan P&IHome≥ 20% Deposit

Newcastle Permanent Building Society Premium Plus Package Home Loan
3.44%
3.83%
  • App: $0
  • Ongoing: $395 p.a.
$670
Get up to $3,000 refinance cashback when your LVR is 90% or lower ($2,000 cashback for loan amounts of $250K+ and above, $3,000 for $500K+). Other conditions apply. New borrowers or refinancers can get a discounted rate with this package loan.

homeloans.com.au Low Rate Home Loan with Offset P&IHome≥ 20% Deposit

homeloans.com.au Low Rate Home Loan with Offset
2.74%
2.74%
  • App: $0
  • Ongoing: $0 p.a.
$613
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.

Speak to a broker about your options

Greater Bank Great Rate Discount Variable with Family Pledge Home Loan P&IHome≥ -10% Deposit

Greater Bank Great Rate Discount Variable with Family Pledge Home Loan
2.79%
2.80%
  • App: $0
  • Ongoing: $0 p.a.
$617
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, QLD and ACT only.

IMB Budget Home Loan P&IHome≥ 20% Deposit

IMB Budget Home Loan
2.84%
2.85%
  • App: $449
  • Ongoing: $0 p.a.
$621
A low-rate, no-frills home loan for borrowers with a good deposit and unrestricted repayments. $0 application fee for eligible borrowers with principal-and-interest repayments and deposits of at least 20%.

Ubank Neat Variable Home Loan P&IHome≥ 40% Deposit

Ubank Neat Variable Home Loan
2.64%
2.65%
  • App: $0
  • Ongoing: $0 p.a.
$605
Get flexibility and the option to make unlimited extra repayments with this variable rate loan.
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8 Responses

  1. Default Gravatar
    LessaAugust 22, 2019

    Wondering how I’m able to get a bank valuation report on a property.

    • Avatarfinder Customer Care
      JeniAugust 22, 2019Staff

      Hi Lessa,

      Thank you for getting in touch with Finder.

      Kindly contact your chosen bank for your property valuation report needs. Some banks that offer free property valuation reports are AMP, ANZ, Macquarie Bank, NAB, Suncorp, St. George, and Westpac. You may also seek help from a mortgage broker on this matter.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    KymJuly 11, 2017

    Hi, we need an accurate valuation on a property that has no mortgage & have had two real estate agents come thru with wildly varying figures. We don’t know which one to believe and would prefer a precise and accurate value. Any suggestions?

    • Default Gravatar
      LiezlJuly 11, 2017

      Hi Kym,

      Thanks for reaching out.

      While we are unable to recommend a particular real estate agent, you may want to compare real estate agent proposals. Read this guide to learn how to choose the right agent and other important details.

      I hope this has helped.

      Cheers,
      Liezl

  3. Default Gravatar
    MartinMay 17, 2017

    I just want to get a valuation on a flat we own back in 1993. How do I get this information?

    • Avatarfinder Customer Care
      DeeMay 17, 2017Staff

      Hi Martin,

      Thanks for your question.

      You may want to get in touch with the Valuation Office in your state to get that information.

      Cheers,
      Anndy

  4. Default Gravatar
    CameronFebruary 27, 2014

    Hello. When a bank gets a valuation done as part of the loan process is the purchaser/customer entitled to receive a copy of the valuation report? I know the bank tells you the valuation is for bank internal purposes only but can they legally withhold this information. I am particularly interested because the customer might need a copy of the valuation for tax purposes when they want to sell an investment property.
    Cheers,
    Cam.

    • Avatarfinder Customer Care
      ShirleyFebruary 27, 2014Staff

      Hi Cameron,

      Thanks for your comment.

      This depends on the lender but they usually do provide you a copy of the valuation, you’ll just need to request a copy directly with them.

      Cheers,
      Shirley

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