Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Valuation fee, revaluation fee
The valuation fee is a fee charged for the inspection of a property to determine its value, or more specifically, the surveyor or lender's opinion of its value to be used as security for the loan. It may or may not coincide with the purchase price. Valuation is not required in all home loans, but may be required for added security in special or non-conforming loans. A reverse mortgage usually needs revaluation to determine the property's value upon drawdown. The valuation fee is paid to the surveyor through the lender, and is usually charged during the loan application.
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