Glossary

Valuation

A report giving a professional opinion on the value of property. A valuation obtained for one Lender is NOT suitable for another Lender, as each valuation has an indemnity clause that protects the specific Lender. Valuations can take several days, as the Valuer may need access to the dwelling, so appointments with current owners/renters are necessary. This can slow the process. Some Lenders may not require formal valuations, subject to certain conditions.

Variable Interest Rate

An interest rate that varies during the term of the loan, in accordance with market forces.