The property valuation process
When you apply for a home loan, the bank requires an independent valuation of the property to confirm its market value as security for the loan. This process ensures the lending amount remains within safe limits. The timeframe for this can vary, as it depends on whether the bank conducts a 'desktop valuation'—which uses digital data to estimate the value—or a full valuation, which requires a physical inspection of the property by a licensed valuer.
Because valuations involve third-party professionals and physical scheduling, they are not immediate. The timeline is influenced by the property location, the valuer’s current workload, and how quickly access to the property can be coordinated with the real estate agent or the current owner. Providing clear contact details for the agent at the start of your application helps keep the process moving efficiently.
| Category | Details |
|---|---|
| Methods | Ordered by bank (via lending specialist) |
| Processing Time | Typically a few business days |
| Eligibility | Home loan applicants |
| Key Requirements | Property access; agent contact details |
Steps in the valuation process
The valuation is managed by the bank’s lending operations team, meaning you do not need to order it yourself. However, you can assist by ensuring all information provided is accurate.
- Lender initiates request: Once your loan application reaches the assessment stage, your lending specialist formally orders the valuation.
- Valuer contact: A professional valuer is assigned to the property. If a physical inspection is required, they will contact the real estate agent or owner to arrange a time.
- Property inspection: If an inspection is needed, the valuer visits the site to assess the condition and quality of the home.
- Report generation: The valuer completes the report and submits it to the bank's assessment team for review.
- Final assessment: The credit team reviews the valuation report as part of the overall loan approval process.
What is the Commonwealth Bank property valuations time?
The property valuation time at the Commonwealth Bank of Australia depends on its type and specific situation but usually does not exceed 7 working days. This is a fairly short period for real estate valuation.
We also recommend checking out Commonwealth Bank's property market value analysis reports. The bank uses information from Australia's leading property data provider, CoreLogic, which makes these reports as informative and up-to-date as possible.
Troubleshooting common issues
- MFA or login issues: If you are trying to track your loan status online and cannot log in, verify that your digital token is synced. If the Multi-Factor Authentication code does not arrive, check your signal strength. If you remain locked out, call the general banking support line to confirm your identity.
- Browser or app errors: If the application tracking page freezes, clear your browser’s cache or switch to a different browser. These technical display issues are usually temporary and do not affect the status of your valuation request.
- Locked account or ID access: If your access is restricted, it is likely a security measure due to failed login attempts. You will need to contact the bank directly to confirm your details and unlock your profile before you can resume checking your application status.
Pro-Tip: If you are purchasing a property, provide the contact details of the real estate agent to your mortgage broker or lender the moment you sign the contract. Valuers rely on agents to gain entry for inspections; ensuring this contact is ready prevents the "phone tag" delays that are the most common cause of valuation hold-ups.
Frequently Asked Questions
Q: Why does a physical inspection take longer than a desktop valuation?
A desktop valuation is performed using digital databases and local sales data, which can be done without visiting the property. A physical inspection requires coordinating a time between the valuer, the real estate agent, and potentially the current tenants. This human element introduces scheduling constraints that extend the timeline. If your lender indicates a physical inspection is required, allow for a few extra business days to account for scheduling.
Q: What should I do if the valuation comes in lower than the purchase price?
If the valuer assesses the property at a lower value than you paid, it affects your Loan-to-Value Ratio (LVR), which could impact your loan approval. In this scenario, contact your lending specialist immediately. You may need to provide a larger deposit to cover the shortfall or, depending on the circumstances, discuss the possibility of obtaining a second valuation or challenging the report if there are clear errors in the data used.
