Bank/Mortgage Property Valuation
If you are after a mortgage security valuation in Melbourne, a certified valuer from Valuations VIC can provide an accurate report of your property’s value. This value determines if the bank approves of your loan and how much they will be willing to lend.
Before a bank or lender will even consider approving your home loan, they will request a mortgage security valuation. This valuation informs them of the current market value of the property, which gives them an idea of how much they can receive from the sale of your property if you fail to pay your loan and the loan defaults.
A bank property valuation that is from one of Australia’s big four banks (ANZ, CommBank, NAB and Westpac) will be conducted by their own in-house or contracted valuer. This means that the bank valuation report will be written with the bank’s interests in mind and not your own. Even if you were to have your own independent valuation for mortgage security, these banks will always favour the report of their own valuer.
If you have chosen to seek a mortgage through a smaller bank or financial institution, you may use an independent mortgage property valuation. This independent mortgage valuation is conducted in a similar manner to a pre-sale/pre-purchase valuation. For both valuations, a valuer may use two methods, which are:
- Cost Summation Method This involves a valuer collecting all relevant information about the subject property, valuing each variable, and using the sum to determine the value of the property.
- Direct Sales Comparison Method A valuer will research at least 3-6 comparable properties in your local area and use their sales price or listed value to calculate the value of your property.
Both valuation methods can also be used for an internal accounting valuation, which values the property and assets of an individual or business. If you have had a recent valuation that has taken place within the last 6 months, it may be used in lieu of a mortgage valuation.
Bank/Mortgage Security Property Valuation in Melbourne
Both bank valuations and independent mortgage security valuations must be conducted by a Certified Practising Valuer (CPV) accredited by the Australian Property Institute (API). At Valuations VIC, our valuers hold this essential certification and are also registered members of the Royal Institution of Chartered Surveyors (RICS), with many additionally holding AVI qualifications. This robust accreditation ensures an extra layer of professionalism and guarantees that our mortgage valuations are performed to the highest standards of accuracy and quality.
As we are independent valuers, we can prioritise the needs of our clients. We are not influenced by the motivations or interests of any financial institutions or real estate agencies, so our mortgage security valuations can be more reliable. As a part of prioritising our clients, we provide fast turnarounds. We value your time, and we understand that you want to get the best mortgage approved as soon as possible.
If you are interested in our mortgage security valuations, contact our office for a free instant quote. You can reach us by calling (03) 9021 2009 or filling out our online contact form.