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.
What we use bank valuations for
When you want to buy a new property, refinance or access the equity in your home, the bank has to make sure we’re not lending you more than the value of the property.
NAB will 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 NAB has 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, NAB will 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 estimate about the market value of your property you can access reports from NAB Property Insights, opens in new window. You can also use a valuation service or ask a real estate agent to give you an estimate. Remember 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.
Ready to purchase your home? Apply online for conditional approval today.
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The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, NAB recommends that you consider whether it is appropriate for your circumstances. NAB recommends that you seek independent legal, financial and taxation advice before acting on any information in this article.