When you’re buying a home or refinancing your loan, we’ll often need to get a bank valuation. We need to know that we’re lending you the money responsibly.
Give me the main points
- A bank valuation of your property allows us to use the property as security against the money we can loan you.
- It’s the price a bank thinks it could get for your house if you defaulted on your loan and we had to sell your property to recover our losses.
- Bank valuations protect both you and us. A bank valuation may not be the same as a real estate agent's appraisal.
- Market value is an estimate of the price you might get if you or a real estate agent sold the house yourself, without any time limitations and or expenses spared with marketing.