What is a Westpac property valuation?
A Westpac property valuation is an assessment carried out on a property offered as security for a Westpac home loan.
Importantly, this valuation is completed according to Westpac’s internal lending and risk policies. Westpac will determine whether a visit to the property by a licensed valuer is required. There are many lending scenarios where Westpac relies on an online valuation estimate.
A Westpac property valuation isn’t the same as a valuation you’d pay for privately, or get from a real estate agent—they’re done for different purposes.
You’ll need to be an existing or prospective Westpac borrower or guarantor.
In this article, I’ll explain when you might need a Westpac property valuation, the benefits it can provide—and where it can sometimes be a hurdle.
Westpac property valuation vs Westpac property report
A Westpac property valuation is formally prepared for Westpac for its lending purposes. Westpac staff or brokers can order a Westpac property valuation to help Westpac decide how much it’s comfortable lending you.
By contrast, a Westpac property report is an automatically generated estimate of value, available to anyone. These reports pull data from recent comparable sales and other market insights, usually shown as a range.
The key difference?
- Westpac property valuation: Formal, broker or lender-ordered, used for home loan decisions.
- Westpac property report: Informal, for general guidance only.
Benefits of a Westpac property valuation
Applying for a home loan is a partnership—you propose the loan, and the bank assesses its risk. A Westpac property valuation is central to this process.
A favourable valuation can help in several ways:
Common reasons borrowers request equity using a Westpac property valuation include home renovations, investing in property or shares, funding a business, or covering large expenses.
Special Westpac valuation scenarios
Here are some situations where a Westpac property valuation often comes into play:
Construction loans
When building, valuers provide an “as-if-complete” valuation based on your construction contract and plans. This helps Westpac calculate the amount available to fund your build.
Subdividing property
If you’re subdividing land that secures your Westpac loan, the bank must consent—and will usually need a valuation of the new lots.
Releasing security
Selling or refinancing part of your property portfolio? Westpac will often require updated valuations on the remaining properties to ensure they’re comfortable with their ongoing exposure.
Loan portability
If you’re moving and want to keep your existing Westpac loan (a process called “substitution” or “portability”), a valuation confirms the new property’s value and acceptability.
Transferring ownership
Changing the title due to marriage, separation or asset protection? Westpac typically requires a fresh valuation to reassess risk.
Releasing a guarantor
If your home loan started with a family guarantee, a valuation can show that you now have enough equity to release the guarantor.
How to get your Westpac property valuation?
Typically, your mortgage broker or a Westpac lending specialist will arrange the valuation as part of your loan application.
For most borrowers, there’s no cost—the bank often covers it.
Westpac also offers free online property reports and insights, which can help you understand your property’s estimated value before starting.
Keep in mind
While valuations open doors, they can also highlight risks:
- Low valuation = Less equity
This can mean a higher cash contribution or reduced borrowing power. - Property risk
A home in poor condition, unfinished or with zoning issues might not be accepted—even if it has a market value. - Higher LVR
A low valuation pushes up your LVR, which can lead to higher rates or require lenders mortgage insurance (LMI).
PRO TIP
Engage a mortgage broker early in your home loan journey. They can explore policies at multiple lenders and find something to suit your situation.
FAQs
When do need a Westpac property valuation?
Almost any new Westpac home loan application, loan top-up, or significant change to your loan or property title.
How long does it take for a bank to value a house?
Desktop or automated valuations can be instant. Physical inspections usually take a few days to a week.
How much does a valuation cost?
Standard valuations are usually paid by Westpac—but check your situation.
How long are valuations valid for?
Typically 90 days, though this can vary.
Final word on Westpac property valuations
A Westpac property valuation isn’t just a formality—it’s a critical part of your home loan journey.
Done early, it can highlight opportunities and help you make better borrowing decisions.
As a mortgage broker, I’ve helped many clients use valuations strategically: to access equity, secure better rates, or restructure loans. If you’d like to discuss how a Westpac property valuation could fit your plans, enquire below.
