Property valuation is an essential part of the Home Loan application process. In order to help, we’re going to tell you what factors are taken into account when valuing your property.
Valuations are used to determine the security value of a property being offered to secure a Home Loan. A valuation needs to be carried out when you borrow to buy a new property, when refinancing, or when you want to access the equity in your home.
We will consider a number of factors to determine the type of property valuation required. In some cases, a licensed property valuer will be brought in to complete a valuation on our behalf.
To assess a property’s value, a valuer will measure the property, record details on the number and type of rooms, along with fixtures, fittings and any improvements. A property’s unique attributes will also be taken into account, such as:
The valuer combines these attributes together with recent comparable sales in the surrounding area and prevailing market conditions to produce a valuation report.
Valuations should not be confused with appraisals carried out by real estate agents. A licensed valuer must base their opinion on hard evidence and take legal responsibility for any information they provide. Estate agents are acting for the vendor and are rewarded for getting the highest price for a property.
Also keep in mind that the cost to build a property or the asking price doesn’t necessarily equate to value. It is easy to over-capitalise in real estate or be drawn in by a seller who is pitching their property above the market price.
As part of the application process, we will advise you if your property requires a valuation.
Estimate Property Values around Australia
Our Property Value Guide is a free, up-to-date guide to property values in suburbs throughout Australia.
Customer Ordered Valuation
What is the security value of your property?
What if you could find out the financial value of your home or the home you wish to purchase before you meet with a Commonwealth Bank Home Loan Representative or accredited Broker.
Now you can.
By following the link below to the Bank’s preferred valuation panel manager Valuation Exchange, you can order a valuation on your home or the home you wish to purchase.
You can also work out how much you may be able to borrow by using the related 'how much can I borrow' calculator located on this site before you visit your Commonwealth Bank Home Loan Representative or accredited Broker.
Obtaining a valuation directly could make the approval process easier and faster. The valuation will be yours to keep and can be acceptable to the Bank in the event we need a valuation to provide approval on your application.
Please note that provision of a valuation by Valuation Exchange does not imply that the Commonwealth Bank will approve your loan application nor necessarily accept the valuation or the subject property as security.
Important information. Customer ordered valuations are available on eligible properties in selected areas only. Provision of a valuation by Valuation Exchange does not imply that the Commonwealth Bank will approve your loan application nor necessarily accept the valuation or the subject property as security. Fees apply. Full terms and conditions are available on the Valuation Exchange website.
View the Valuation Exchange website.