The PropertyPRO product was created by the API many years ago to assist Members to meet the changing needs of lenders/clients and financial institutions. These clients were seeking the same high level of valuation advice from API Members but in a more concise template style format. The PropertyPRO product and related Supporting Memorandum were the result.
The PropertyPRO Supporting Memorandum provides the basis upon which Valuers Members of the API provide valuations of residential properties for first mortgage purposes using the Residential Valuation and Security Assessment Pro-Forma Report. It is also the basis on which their lender-clients and any applicable approved lenders mortgage insurers accept(s) and use(s) such reports.
The API has chosen Sydney based IT company, PropertyPRO Technology Pty Ltd as their preferred provider for a platform-based solution to produce PropertyPRO reports. PropertyPRO Technology have created the PropertyPRO Plus application and provide subscription access to API Members to this application. PropertyPRO Technology are hosting PropertyPRO Plus under an agreement with the API. They are responsible for the hosting, support and maintenance of the application and all future development and enhancement of the application.
Further information about the PropertyPRO Online product can be obtained by emailing [email protected] or [email protected].
Over the past few years the API has undertaken a full review of the API PropertyPRO Residential Valuation & Security Assessment Supporting Memorandum. The new PropertyPRO Supporting Memorandum and associated reports came into effect on Sunday 10 May 2020.
For more information or to read the full article, visit our PropertyPRO 2020 page.
Previous Editions of the PropertyPRO Supporting Memorandum
Originally created and released by the API in September 1998, there have been multiple revisions and updates to the Supporting Memorandum as a result of changes in the residential mortgage valuation and lending industry in Australia.
For more information and to access previous resources, visit our Previous Editions of the PropertyPRO Supporting Memorandum page.
ABFI Residential Valuation Standing Instructions
Many banks/lenders instructions to Valuers request a PropertyPRO valuation to be undertaken in accordance with the current version of the ABFI Residential Valuation Stranding Instructions (ABFI RVSI).
For further information in relation to the ABFI RVSI, visit the ABFI Residential Valuation Standing Instructions webpage.