Valuation

A bank valuation is a conservative estimate of the value of the property you are planning to buy. It allows the bank to determine if they could recover the losses associated with the loan, should you be unable to make your repayments. 

Lenders can sometimes charge to cover the cost of having your property valued by a third party. The fee can vary depending on the location of the property but typically costs between $100 and $300. Some lenders offer a free valuation. 

A printable brochure containing advice from Consumer and Business Services (CBS) about buying or selling a home is available from the CBS website.