Ordering property valuations

Why we need valuations?

We request a valuation to calculate the Loan to Value Ratio (LVR) for your client’s home loan application. Valuations are completed through PropertyHub.

Accredited brokers are provided with a link to register for PropertyHub which will give you access to order valuations with Macquarie. When your access has been approved and set up, you'll receive a confirmation email. You'll then be able to start ordering upfront valuations¹ via PropertyHub.

For new loan applications submitted to Macquarie, we provide you with this access at no cost. Ordering upfront valuations¹ through PropertyHub will help speed up the time to approval for Macquarie applications.

Our valuations service on PropertyHub is designed to be used only for applications that you place with Macquarie, and we expect this service to be used with accurate data and in good faith. Inappropriate use of PropertyHub may result in your access being suspended.

1. Excludes long form valuations which require an application to complete.

Valuation types

The valuation type is determined by the information input into PropertyHub at the time of ordering.

Acceptable valuation types can include:

Instant valuations, i.e. Contract of sale (COS) and Automated Valuation Model (AVM)
Desktop
Short-form and long-form valuations which are completed by independent panel valuers accredited by Macquarie.

The PropertyHub system will select the valuation based on the security, lending purpose and application data you enter. This includes using an accurate ‘estimated market value’ and ‘loan amount’, and only completing the ‘Do any of these apply?’ section where appropriate for purchase valuation requests.

Please note, if you provide any inaccurate information, your valuation will be slowed down.

Types of valuations	Description
Contract of sale (COS) valuation	A contract of sale (COS) valuation uses the purchase price as a market-negotiated property transaction between an independent buyer and seller. Information provided in the valuation report includes the property address and purchase price amount.  The valuation amount is the purchase price and evidenced by the contract of sale.   A COS valuation is limited to: for metropolitan (category 1) location, maximum property value limit of $3 million up to a maximum LVR of 80% LVR for non-metropolitan (category 2 & 3) location, maximum property value limit of $1 million up to a maximum LVR of 80% LVR. A PDF is generated known as a COS Valuation which confirms the purchase price as the valuation amount, and this is to be provided as a supporting document for the application. The valuation report should be received within minutes.
Automated valuation model (AVM) valuation	An AVM valuation is the fastest valuation type, with an AVM report generally received instantly upon order in PropertyHub. An AVM valuation uses statistically driven valuation estimates based on a range of sources to provide a real time valuation estimate. We use an AVM proprietary model with broad data coverage across a wide range of property types. This provides you with more instant valuations that can help you obtain a faster time to formal approval for you and your client.
Desktop or estimated valuation report (EVR) valuation	A desktop or estimate valuation report (EVR) valuation is conducted by a licensed valuer knowledgeable in the local area, assessing the value by considering photos and data including comparable sales of similar properties. The property does not get inspected. Information provided in the valuation report includes property address, property details, score-based risk analysis, photos, map and valuation amount. Generally, the report is receivd within one business day.
Short-form valuation	Short-form valuation is conducted by a licensed valuer physically inspecting a property and assessing the value. Information provided in the valuation report includes property address, property details, market and property risk analysis, comparable sales, market commentary, property commentary, photos, rental estimate, insurance estimate and valuation amount. Short-form valuation time frames vary subject to the valuer and the availability of the access contact, but we expect the valuer to attempt to book an appointment for inspection with the access contact within four hours of the valuation being ordered. As an average total timeframe from order, short form valuations generally take up to five business days.
Long-form valuation	A long-form valuation is conducted by a licensed valuer knowledgeable in a particular area and/or property type, physically inspecting a property and assessing the value. This valuation is used for more complex, unique, or high value properties. Information provided in the valuation report includes property address, property details, comparable sales, market commentary, property commentary, photos, rental estimate, insurance estimate and valuation amount. Long form valuations require an application to be in progress before the order is finalised in PropertyHub. Timeframes of long form valuations vary, subject to the valuer and the availability of the access contact. They take longer than short form valuations, where the average total timeframe from order can be greater than five business days.

Requests to change AVM or desktop valuation type to a short-form valuation type will only be considered where there have been recent enhancements or upgrades to property. To request this change, please contact us via live chat in Broker Portal.

Checking the status of your valuation

Through PropertyHub: You’ll receive an email to let you know that your valuation request has been received and will include your ValEx ID (valuation reference number). You can check the status by visiting the recently ordered section of the PropertyHub dashboard.

To cancel a valuation, navigate to the property within the 'My Orders' section of the PropertyHub dashboard. Select the edit option, and then cancel valuation. 

When ordered by Macquarie: You’ll receive a back channel message letting you know that the valuation has been ordered and will include your ValEx ID (valuation reference number). 

You can check the status online. You’ll be prompted to input information about the valuation, including the valuation reference, your client’s name and how you are related to the valuation before the status will be displayed.

To cancel a valuation, contact us via live chat in Broker Portal with the property address, valuation ID and reason for cancellation.

When a valuation is complete, you can view the following information in the Macquarie Broker Portal:

Valuation date
Expiry date
Valuation amount
Type of valuation (e.g contract of sale)
Purchasing price.

The time it takes for a valuation to be added to a file once completed differs based on the status of the application:

Where the valuation is ordered upfront and completed prior to loan submission, the valuation report is usually added to the file within an hour.
Where the valuation is ordered or completed after loan submission, the valuation report is usually added to the file within four hours of conditional approval status.

In some cases, it may take up to 24 hours for the completed valuation to be added to the file.

The valuation completion date must be no older than 90 days at the time of application submission. Macquarie recommends ordering the valuation upfront to avoid unnecessary delays. At settlement the valuation should be no older than 180 days.

Requests for additional valuations

A valuation is a standard component of conditional approval. If you’ve already provided us with the valuation but have received a BCM asking for a new one, you don’t need to provide this. Our Broker Support team will be notified of this and will arrange the reordering of the valuation.

In some circumstances the valuation type supplied also isn't supported against the credit parameters of the submission and our team is required to order a new valuation. You will be provided with the new ValEx reference number if this occurs.

If a valuation has already been obtained by Macquarie for the same property, we’re unable to request another valuation be conducted from a certain valuation firm which completed a report for another lender.

Can the valuer be chosen?

You can’t choose the valuer for a valuation but you can request that a specific valuation firm isn’t used. To organise this, please contact us via live chat in Broker Portal including the valuation reference number and reason for the request.

Individual valuation reports are unable to be reassigned from other lenders. A new valuation is required. To proceed with using the same valuer, the firm must be on our panel of valuers in that postcode. Please contact us via live chat in Broker Portal, who will order the valuation, with the following information:

Security address
Client name
Contact name and number for access
Loan amount
LVR
Estimated valuation
Loan purpose (if purchase, attached COS and if construction attach the building documents)
Broker name
Broker email address
Valuer (attach valuation).

Making changes to valuations

Fix error in completed valuation

If there is an error in the completed valuation, lodge your non-value query through PropertyHub:

Log in to PropertyHub
Go to My Orders, select Completed and locate the relevant valuation in the list
Click on Edit
Select Valuation Status in the dropdown menu
Select Lodge Query
Complete your details ensuring your email address is correct
Select Non-value Query
Using the Type dropdown menu, select the relevant query type
Provide details on the nature of your query and include evidence to support your request. For example, provide a copy of a council rates notice where the incorrect Lot and DP number have been stated
Click Submit.

Value related query on completed valuation

You can lodge a value related query on a completed valuation on PropertyHub:

Log in to PropertyHub
Go to My Orders, select Completed and locate the relevant valuation in the list
Click on Edit
Select Valuation Status in the dropdown menu
Select Lodge Query
Complete your details ensuring your email address is correct
Select Value Query
Provide details on the nature of your query, and ensure you include details on at least three recently settled comparable sales to support your request
Click Submit.

AVM does not reflect all property attributes

If you’ve received an AVM valuation and believe it does not reflect all the relevant property attributes for your client, this can be raised in PropertyHub by navigating to the ’My Orders’ section of the dashboard and selecting ‘Escalation’ on the AVM order.

Once all request details are completed, PropertyHub will select an alternative valuation and create the order.

Please note, that if another valuation is ordered, the outcome is final (regardless if it is higher or lower than the AVM).

We expect this service to be used with accurate data and in good faith. Providing inaccurate information can slow down your valuation.

Track your applications, view our processing times and easily access your existing client loan details, all within our Macquarie Broker Portal.

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