What we use bank valuations for
When you want to buy a new property, refinance or access the equity in your home, we have to make sure we’re not lending you more than the value of the property.
We use it to determine the value of your property that will act as security against your home loan. It means that if you have difficulties with the loan and you’re no longer able to make the repayments, we may have to sell the property to pay back the loan.
We’ll only sell your home if you’re having serious trouble with the loan or you’re really behind with your mortgage repayments. If we have to sell your home quickly, it may be for a lower amount than what you’d ask for.
What we look for in a bank valuation
Sometimes, we may need to get access inside the property and at other times we can do a valuation from the street. Generally, we work out the value by looking at the home for details such as:
- general location and council zoning
- overall size and number of rooms
- vehicle access to the property
- building structure and condition.
Finding out the market value of your home
If you’re interested in getting an idea about the market value of your property you can access reports from NAB Property Insights. You can also use a valuation service or ask a real estate agent to give you an estimate. Remember though – it’s not an exact science and the market value is just a guide of what your property may be worth.
We know that the home loan process can be daunting. When the time comes, don’t feel like you have to do it on your own. Call us on 13 78 79, visit your local branch, make an appointment with a mobile banker or, if you’re ready, feel free to apply online.