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.

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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. 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.

$
years
Name Product Interest Rate (p.a.) Comp. Rate (p.a.) Fees Monthly Payment

ME Flexible Home Loan Fixed with Members Package P&IHome 2Y Fixed≥ 20% Deposit

ME Flexible Home Loan Fixed with Members Package
1.89%
3.17%
  • App: $0
  • Ongoing: $395 p.a.
$548
$3,000 cashback when refinancing a loan of $250,000 or more. Other conditions apply. Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.

Well Home Loans Balanced Fixed Home Loan P&IHome 1Y Fixed≥ 10% Deposit

Well Home Loans Balanced Fixed Home Loan
1.84%
2.01%
  • App: $250
  • Ongoing: $0 p.a.
$544
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.

Newcastle Permanent Building Society Fixed Rate Home Loan P&IHome 2Y Fixed≥ 5% Deposit

Newcastle Permanent Building Society Fixed Rate Home Loan
2.29%
3.94%
  • App: $0
  • Ongoing: $0 p.a.
$578
Enjoy a low interest rate home loan. Borrow up to 80% (with mortgage insurance) of your home loan value.

IMB Budget Home Loan P&IHome≥ 5% Deposit

IMB Budget Home Loan
2.68%
2.74%
  • App: $449
  • Ongoing: $0 p.a.
$608
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.

Well Home Loans Balanced Variable P&IHome≥ 20% Deposit

Well Home Loans Balanced Variable
1.99%
2.02%
  • App: $250
  • Ongoing: $0 p.a.
$555
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee.

HSBC Home Value Loan P&IHome≥ 30% Deposit

HSBC Home Value Loan
2.19%
2.20%
  • App: $0
  • Ongoing: $0 p.a.
$570
$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.
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Compare up to 4 providers

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.

Read More: Market valuation vs bank valuation

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8 Responses

    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

    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

    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

    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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