Sign up for our FREE 8-week course to get on the property ladder.
Free property valuation – which lenders don’t charge?
A property valuation helps lenders, buyers and sellers work out what a property is really worth. Here's how you can get one for free.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
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. There are certain factors that are used to help valuers determine the monetary value of a property, including location, building condition, fixtures/fittings and the market in the area.
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.
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
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.
Read More: Market valuation vs bank valuation
More guides on Finder
Lowest home loan rates
Learn how to look for the cheapest home loans and how to pick them out from a broad selection on offer.
First Home Buyer’s e-Course Module 6
As a first homebuyer, you have to get a lot of ducks in a row before you can begin property shopping. This is where the fun really begins!
10 costs you don’t even know about until you buy a home
When I bought my first house, I cried, because I didn't know about stamp duty, one of many costs you don't learn about until you buy a home.
First Home Buyer’s e-Course Module 5: Compare loans
How to get your finance sorted BEFORE you start property shopping, so you know exactly how much you have to spend and what your budget is.
First homebuyer’s secret to buying in Sydney’s booming property market
If buying your first home seems like an impossible dream, these tips from first homebuyer Francesca Guerrera should shoot to the top of your "must read".
First home buyer’s e-course Module 2: Get your free money
As a first home buyer, what grants, incentives and discounts are available to you? How much can you save – and how do you get your free money?
First home buyer’s e-course Module 3: Set your property goals
To really move the needle on your dream to buy a property, you have to set some really specific goals, timelines and criteria.
Working from home: What can I claim on tax?
Working from home due to coronavirus and want to know what you can claim on tax? Here's how to claim your home office and other household expenses as a tax deduction this year.
Investment property tax deductions
Investment property tax deductions can be worth thousands of dollars – don't pay tax when you don't need to! Brush up on all the claims you're eligible for.
Adding value to a house
Add big value to your house without a major investment with these top tips.
Home Loan OffersImportant Information*
Find the right home loan now
Ask an Expert