14. Valuation Criteria

Each Bluestone loan MUST have a fully compliant panel accredited valuation.

Valuation reports must not be older than 90 days at unconditional.

Valuations must be completed on an “As Is” basis. An exception can be made in cases where the occupancy certificate is held and the underwriter deems the security sufficiently near completion to be considered acceptable.

The valuation report must show:

Zoning that is not commercial, rural or industrial.

The internal condition cannot be Poor

Max risk rating of 4 (Risk rating of 5 needs Lending Manager sign off)

Selling period of max 6 months

Minimum of 3 comparable sales no older than 180 days. If 3 sales within 180 days are not provided on the valuation then underwriters can mitigate by providing the additional comparable sales under the following conditions:

  • The valuation meets all other policy requirements. Property is in a metro location.
  • LVR is 70% or less.
    • At least 1 comparable sale on the valuation.
    • Additional sales (to a total of 3) are sourced using market data from RPData and meet the following criteria:
    • Settled within 180 days of the valuation date
    • Within a 3km radius of the subject property
    • Sale value of +/- 20% compared to the subject property

*Exceptions will need sign off by two Lending Managers

Valuers may also recommend further documentation of which Underwriters are expected to use discretion with

Security Ownership

  • Maximum of 4 securities (per borrower and/or application)
  • Any securities owned directly by applicants and guarantors (including Trust or Company borrowers) count towards this threshold.