Bardwell Park is a small, leafy suburb of fewer than nine hundred homes, and more than eight in ten are separate houses.
Cover the gap from savings, ask for a second valuation backed by recent comparable sales, borrow a higher share with mortgage insurance, or renegotiate the price if you have not exchanged.
On a refinance, a low valuation can also mean a smaller cash-out or mortgage insurance on the new loan.
Just under nine in ten homes in Bardwell Park are separate houses on their own block. A house on its own title is the simplest security a lender takes, and the land carries most of the value.
Only one in five homes in Bardwell Park are rented, well under the NSW share of 32.6%. Fewer rentals also means less investor competition at auction than in apartment suburbs nearby. Bardwell Park is small, at 865 private dwellings, so comparable sales are thin and a valuation can be harder to predict.
Separate housesTownhouses and semisApartments
apartments NSW 21.7%
separate houses NSW 65.6%
terraces and semis NSW 11.7%
rented NSW 32.6%
with a mortgage NSW 32.5%
private dwellings
Source: ABS Census 2021, Suburbs and Localities (SAL10196).
Home equity calculator
For upgraders and investors, how much of your home could work as a deposit.
That usable equity could work as a deposit on an investment property or renovation, structured so your properties aren’t tied together unnecessarily.
Usable equity assumes lending to 80% of your home’s value against your current loan. Lender policy and serviceability decide the real figure.
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As a first home buyer, I was pretty overwhelmed at the start, but Charles made everything much easier. He explained the process step by step and helped me understand my borrowing options. His professionalism and responsiveness were excellent.
Paperwork and finances were never my strong suit. He has made this process as simple and dummy proof for me as humanly possible. This is not the first time I use a mortgage broker, however it was the easiest and most pleasant.
Had a great experience with Charles at Links Property Finance. He made the whole home loan process straightforward and easy to understand, kept me updated throughout and was always quick to answer any questions.
A lender’s valuation is an independent estimate of what the property would sell for, based mainly on recent sales of comparable homes.
The lender uses the lower of the valuation and the purchase price to work out the LVR. In a small suburb with few sales, the valuer may rely on sales in neighbouring suburbs, adjusted for differences.
If the valuation comes in low, you can ask for a review, supplying recent comparable sales the valuer may have missed. Different lenders use different valuers, so another lender may value the same home differently.
For a purchase, you can also add to your deposit, accept a higher LVR or renegotiate. Low bank valuations in detail
Charles Touma, Mortgage Broker.
Bardwell Park lies about twelve kilometres south-west of the city in the Bayside Council area and is part of the St George district, with Bardwell Valley as a separate suburb to the east.
It borders the bushland of the Wolli Creek Valley, the only bushland of any size left in the inner south-west. A community campaign helped keep the South Western Motorway out of the valley, and it was built in a tunnel beneath it instead.
The suburb is named after free settler Thomas Hill Bardwell, whose land was bounded by Wolli Creek, Dowling Street and Wollongong Road. In 1881 the land was auctioned and subdivided, and the railway station, which opened in 1931, opened the area to home sites.
The small shopping centre and the Bardwell Park-Earlwood RSL sit beside the station. Today separate houses make up more than eight in ten homes.
When a Bardwell Park owner is dealing with a valuation, Links compares a panel that includes ANZ, ING, Macquarie, Westpac and Resimac.
Example scenario (illustrative, not a real client): a Bardwell Park couple want to refinance and release equity for a renovation, but the first lender’s desktop valuation comes in below their expectation.
They gather recent sales of similar houses nearby, request a full inspection valuation, and compare the result with another lender’s valuation before choosing.
For refinances, some lenders start with a desktop valuation based on data rather than an inspection. It is quick, but it may not capture renovations or features that set a home apart.
A full valuation with an inspection can reflect those details better. Asking which type will be used, and whether a full valuation is possible, can help. Low bank valuations.
If you believe a valuation is too low, you can ask the lender to review it. Providing recent sales of comparable homes, and details of improvements, gives the review something to work with.
Reviews do not always change the figure, but they sometimes do. Another lender’s valuer may also reach a different view. Refinancing explained.
If a purchase is valued below the price, the lender lends against the valuation. You can cover the difference from savings, accept a higher LVR with mortgage insurance, or renegotiate if the contract allows.
A finance clause or cooling-off period gives you time to respond. At auction there is none, so a pre-auction valuation can be worth considering. Questions before you offer.
Three responses to a low valuation.
Preparation that helps the valuer see the full picture.
Valuations rely on recent comparable sales. In a small suburb with few sales, the valuer may use sales nearby, and a desktop valuation may miss improvements.
You can ask the lender to review it, providing recent comparable sales and details of improvements. Reviews do not always change the figure.
Possibly. Lenders use different valuers and methods, so another valuation may reach a different figure.
A desktop valuation is a valuation based on data rather than an inspection: it is quick, but it may not capture renovations or unusual features.
The lender lends against the lower figure, so you need to cover the gap, accept a higher LVR with mortgage insurance, or renegotiate.
Sometimes: some lenders will value a property before auction, which helps you set your limit, but not every lender offers it.
One free call covers what you could borrow in Bardwell Park, the lenders that suit the property you want and the order to do things in.
Prefer a callback?Charles calls back within one business day. No documents needed yet.
General information only, not credit or financial advice. Lender policies and government scheme criteria differ and change over time. All lending is subject to individual assessment and approval.
