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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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Richard Whitten

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Rebecca Pike

Updated

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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 an estimate 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

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 can give 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 property 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.

Learn more about bank valuations vs market valuations.

What factors influence a property value?

Several things can influence how a property is valued. These include:

  • Location
  • Supply and demand
  • Interest rates
  • The economy
  • Property size and features

Learn more about what influences a property valuation.

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To make sure you get accurate and helpful information, this guide has been edited by Rebecca Pike as part of our fact-checking process.
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Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise
Richard has written 529 Finder guides across topics including:
  • Home loans
  • Property
  • Personal finance
  • Money-saving tips
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10 Responses

    Default Gravatar
    AJune 15, 2024

    If I have a property valuation amount from 2 years ago and the market has significantly changed since then, is there any way that I can have the valuation extrapolated or will I need to get a new valuation?
    Realestate agents say that you can expect at least 20% on the prices from 2 years ago – would it therefor be fair to expect a 20% increase in a valuation report?

      AvatarFinder
      SarahJune 17, 2024Finder

      Hi AG,

      There are so many variables that can impact a valuation and because of that, a 2-year-old valuation is generally considered out of date. Most valuations are considered current for 3 months. There can even be variations in value within a suburb – one area of the suburb could perform better or worse than other areas, due to localised factors like ongoing construction and roadworks or adding new amenities. So, it would not be very reliable to add a percentage on to your 2-year-old valuation.

      There are plenty of free sources you can use to generate a relatively reliable property valuation, such as through your bank or lender, or a platform like realestate.com.au. If you need an official valuation (for instance to calculate asset splits), your best bet would be to hire a professional valuer to get an accurate estimate.

      Hope this helps!

    Default Gravatar
    LessaAugust 22, 2019

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

      AvatarFinder
      JeniAugust 22, 2019Finder

      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
      DeeMay 17, 2017Finder

      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
      ShirleyFebruary 27, 2014Finder

      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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