| Automated Valuation Model (AVMs) | Electronic Valuation Reports (EVRs) | Short Form Valuation |
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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.
Where an off the plan purchase (on completion) and the contract is older than 12 months can use valuation instead subject to being capped at 100% of original contract price.
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 80% 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 to be signed off by a Lending Manager.
Valuers may also recommend further documentation of which Underwriters are expected to use discretion.