In the housing market, every home is different and property valuations can change over time. Here’s why we ask for a property valuation when you’re buying a home or refinancing.
What we’re looking for
We often use property valuations to measure the value of the property you’re using as security. Whether it’s for a home loan or for refinancing, we need to ensure it’s enough to cover the amount of your loan. It also helps us check that we’re always lending money responsibly.
Depending on your home loan application, we may ask a qualified valuer to inspect your property. This can be done either internally or externally from the street to determine your property’s market value. They’ll be looking at things like:
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general location
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council zoning
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overall size and number of rooms
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vehicle access to the property
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building structure and condition.
Put simply, it’s the amount of money your property could be sold for without too much hassle. This valuation will then help to determine your borrowing capacity for a home loan.
How to find the market value of your home at any time
If you’re interested, you can get a free property report from NAB Property Insights to generate an estimated market value of your property. Remember though – it’s not an exact science and the market value is just a guide of what your property may be worth. There are lots of other online tools – including a loan repayment calculator and stamp duty calculator – to help you figure out your next move.
Do you know where you want to buy? Here is a library of monthly property updates, for each of the major Australian property markets. View our library of insights to gain unique insights into your chosen property market.
We’re here to help along the way
From understanding your borrowing capacity, to helping you make your property goals a reality, we’re here when you need us.
Ready to purchase your home? Call us on (02) 8277 4605 today.
Source: NAB
Reproduced with permission of National Australia Bank (‘NAB’). This article was originally published at https://www.nab.com.au/personal/life-moments/home-property/buy-next-home/ask-for-valuation
National Australia Bank Limited. ABN 12 004 044 937 AFSL and Australian Credit Licence 230686. The information contained in this article is intended to be of a general nature only. Any advice contained in this article has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice on this website, NAB recommends that you consider whether it is appropriate for your circumstances.
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