How long is valuation valid for?

Looking to refinance our loans (3 properties) and the most recent val (last week with current lender) for a particular property came in $40k less than a val done in September (different/new lender). Is it possible the September valuation could still be valid with the new lender?

Also, is it possible if we were to change brokers - can the new broker access valuations requested by the previous broker?

 

Usually they last for 3 months so you may be in luck with the previous val still but will have to go with the old lender as the new one will always want to do their own.

In regard to using the old val if you change brokers - I have been able to do this previously. It depends on the lender and the brokers relationship to a certain degree as well.

 

1. Can be anywhere between 3 months to a year (possibly longer with some). Just depends on the lender.

2. Sometimes - again it depends on the lender. If it was ANZ for instance - the valuation will be accessible to the new broker (assuming they're accredited with them)

Cheers

Jamie

 

Was the recent val done with the same lender as the September val? If so, the new one will supersede it with all lenders (ie the lender can't take the old one if they have a more recent one on file).

Re valuations - some are 3 months (CBA desktops for example), others longer (ANZ usually accept older ones on file).

Brokers can usually find older valuations on system - depends on the lender.