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What are Valuation Fees?

Valuation fees are payable by the borrower to the lender so that the property you want to purchase can be valued. This is neceassary in order to determine that the security is sufficient to cover the debt position. The lender will use this information to decide that the property is worth that the borrower says it is worth and that it is suitable security on a mortgage.

You may find that your chosen lender agrees to waive the valuation fee in order to get your business, during times of tough competition. Some lenders have internal valuation staff, whilst others use external valuation companies. Regardless of this, whoever the valuer is, should be a recognised member of the main trade body - the Royal Institute of Chartered Surveyors. Valuation fees do range accordingly but you can typically expect to be charged between $150 and $300 for a valuation.

This mortgage valuation does not check the condition of the property (for a more detailed property condition check you should organise a more detailed survey yourself) but it does allow an opportunity for all parties to check on the general condition and the value of the property, and may highlight any major issues with the property.

The results of the valuation are a big factor in the lender organising a loan amount, not higher than the value of the property, as they will not wish to lend you more money than the property is really worth.

What are Valuation Fees?

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