Lenders that offer free property valuations

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.}

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Name	Product	Interest Rate (p.a.)	Comp. Rate^	Application Fee	Ongoing Fees	Max LVR	Monthly Payment
Athena Liberate Home Loan - 70% to 80% LVR Owner Occupier, P&I		2.29%	2.23%	$0	$0 p.a.	80%	$577.55	A competitive variable rate mortgage for owner occupiers $0 application and $0 ongoing fees. This interest rate falls over time as you pay off the loan.	Go to site More Info	Compare	loading Fetching your data...
Greater Bank Ultimate Home Loan - Construction Loan (Owner Occupier, P&I)		3.46%	3.88%	$0	$395 p.a.	90%	$671.29	Build your new home with a variable interest rate and enjoy a 100% offset account. 10% deposit option available.	Go to site More Info	Compare	loading Fetching your data...
HSBC Home Value Loan - Promotional Offer (Owner Occupier P&I)		2.59%	2.6%	$0	$0 p.a.	80%	$600.83	Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online.	Go to site More Info	Compare	loading Fetching your data...
Suncorp Back to Basics Home Loan - Better Together Special Offer $150k+ LVR ≤ 80% (Owner Occupier, P&I)		2.54%	2.55%	$0	$0 p.a.	80%	$596.91	A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.	Go to site More Info	Compare	loading Fetching your data...
Heritage Bank Discount Variable Home Loan - LVR ≤ 80% (Owner Occupier, P&I) New Customers Only		2.68%	2.73%	$600	$0 p.a.	80%	$607.92	Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.	Go to site More Info	Compare	loading Fetching your data...
Heritage Bank Fixed Rate Home Loan - 2 Year Fixed Rate (Owner Occupier, P&I) New Customers Only		2.19%	4.23%	$600	$8 monthly ($96 p.a.)	95%	$569.91	Get a partial offset account and the option to make interest-only repayments.	Go to site More Info	Compare	loading Fetching your data...
UBank UHomeLoan - 3 Year Fixed Rate (Owner Occupier, P&I)		1.95%	2.27%	$0	$0 p.a.	80%	$551.82	Save with UBank's fixed rate home loan with no bank fees.	Go to site More Info	Compare	loading Fetching your data...

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St.George Basic Home Loan - LVR 60% to 80% (Owner Occupier, P&I)

Up to $4,000 refinance cashback. With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get up $4,000 cashback and borrow up to 80% of the property's value. (Terms, conditions & exclusions apply).

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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.

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