Property Valuations
Depending on the Lender, you may have the ability to order upfront property valuations prior to submitting a new home loan application or ordering a valuation as part of the application.
Refer to the Lender’s Valuation Policy or broker portal for your specific Lender and follow the steps on ordering a valuation. For any specific valuation enquiries, please contact your Lender BDM.
Things to consider when ordering or requesting a Valuation
Requesting a property valuation typically involves a few steps, which can vary depending on the specific lender. Here's a general guide to help you through the process:
Contact the Lender: Start by reaching out to your lender BDM to understand their valuation policy and requirements.
Provide Necessary Information: You’ll need to provide details about the property, such as the address, type of property (e.g., house, apartment), and any recent renovations or changes that might affect its value.
Purpose of the Valuation: Clarify why you need the valuation. Common reasons include refinancing, selling, buying a property, or determining equity for a loan.
Lender’s Valuation Process: The lender will have a panel of approved valuers they work with. Completing a valuation is a requirement to ensure the lender can verify the value of the security against the loan amount. Lenders can use different methods of valuation to determine the value of security. The data that is imputed into the Lender’s valuation tools will determine the valuation type required based on Lender policy. Some valuation types that Lenders may use are:
• Contract of sale
• Desktop valuation
• Automated valuation (AVM)
• Full valuation
Cost of Valuation: Check if there are any costs involved. Some lenders cover the cost of the valuation as part of a loan application fees; other Lender will have specific valuations fees that are payable.
Valuation Report: Once the valuation is completed, the lender will receive a report detailing the property's market value. You can request a copy but note that some lenders may not provide it directly to you as the valuation was prepared for the Lender.
Time frame: The valuation process can take anywhere from a few days to weeks, depending on the property’s location, type, and current market conditions.
Follow-Up: If the valuation affects the proposed loan application, discuss the outcomes with your lender to understand your options.
Remember that the process will differ between lenders, so it’s always important to check the specific valuation process and requirements of your Lender.
Requesting a Property Valuation
Requesting a Valuation, depends on the Lender with which you are working. Doing upfront valuations where possible, helps to speed up the loan approval application process.
CoreLogic RP Data Valuations within ApplyOnline (AOL) – currently available for some Lenders that subscribe to this feature within AOL. If your Lender is using this feature, you will see the option within the securities tab to request the valuation.
With other Lenders, you may be able to directly use tools like Property Hub, you would have specific logon details to use these tools, to be able to request valuations for your selected Lender.
This tutorial video is designed to give you a quick overview of the tools and features available in Property Hub - https://auhelpcentre.corelogic.com.au/hc/enau/articles/7286793522447-Tutorial-Videos-Property-Hub-RP-Data-Integration
Additional links for your viewing.
How do I order a valuation in Property Hub?
RP Data desktop tutorials: https://auhelpcentre.corelogic.com.au/hc/enau/categories/360000679156-RP-Data
RP Data mobile tutorials: https://auhelpcentre.corelogic.com.au/hc/enau/categories/360000123656-RP-Data-Mobile
Title Documents tutorial: https://auhelpcentre.corelogic.com.au/hc/enau/categories/360000651936-Title-Documents
If you don’t do any upfront valuations, the Lender will automatically do a valuation as part of their loan submission process. It is important that you understand the Lenders valuation requirements to ensure a more efficient loan application process with the Lender.
If you are unsure how best to work with valuations for your selected Lender, reach out to the Lender BDM for their guidance.
Disclaimer: This information is current as at the time of each QRG publication. It is a general information guide only.