When you borrow money from a bank, do you need to use the bank panel valuers?
Generally you need to use the bank’s panel valuers to get your finance through the bank. The best strategy is to ask the bank if you can use someone else, and if they will accept someone else’s valuation, before you organise it.
Bank panel valuers are ones that are acceptable to the banks, and will generally be conservative in their valuations. When the bank values a property it looks at what price it can sell a property at, in order to sell it quickly.
The bank’s intention is to give itself the greatest security for the loan and therefore it will tend to be conservative.
Warm Regards,
Hans Jakobi - Australia's Wealth Coach