If you are thinking about refinancing and you need to have your investment property assessed, there are some important things to remember about this process.

The first is that if you are arranging a bank valuation, then it would be amazing if you inform our office that this will be coming up.  That way, when the valuer calls our office to make an appointment, you have saved us a phone call to you, to confirm that you have approved this, or started this process.  We do not want to add to the time delay in gaining access, by not being able to approve an appointment.

Secondly, your tenant will need to be given notice.  If the valuer calls the office and wants access tomorrow, we are not able to do this.  The residential tenancy laws in NSW state that a tenant must be provided with 7 days notice that a valuer wants to attend (clause 24.9 of the lease that you have with your tenant).  This clause also states that you are allowed to have just 1 valuation in a 12 month period.  You will need to keep this in mind if you are trying to go through multiple banks.  This is NSW law – we are not just saying it for fun!  However, you can ask your tenant to agree to the access and if they are happy to provide this, then clause 24.11 says that you can have access, using the above requirements, on the condition that the tenant agrees.  If they do not agree and you have already completed a valuation in the current 12 months, then you will not be able to have another valuer go through the property.

If you have questions about the valuation process, or would like to discuss this with me, then please reach out to me in the office on 63525125 or via email at tina.case@professionals.com.au