PropertyPRO valuations during COVID-19
The ability to carry out valuations and of valuers to enter properties to complete full internal and external inspections have been affected by COVID-19 restrictions.
QBE LMI has worked with the industry to release an addendum to the Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions (Instructions) allowing valuers to complete a PropertyPRO valuation with limited or no physical inspection. This addendum to the ABFI Instructions came into effect from Monday 30 March and will be in place until further notice.
PropertyPRO valuations completed in accordance with this addendum is an acceptable form of valuation for an LMI application.
The addendum to the ABFI Instructions can be found on the Australian Property Institute website. If you have not done so already, please contact your panel valuer firms and valuation platform provider to discuss this further.