The API is focused on the future of the profession and is systematically reviewing its robust standards to respond to changing market conditions, property values, data set changes and capacity challenges. 

As one of the many products in the hierarchy of valuation products, the API Residential Standards Committee has completed its review of the Residential Desktop Assessment Supporting Memorandum – For First Mortgage Purposes (Residential Desktop Guidance).  This standard provides guidance on what is a Residential Desktop Assessment and the basis upon which API Valuer Members undertake Residential Desktop Assessments.  

The extensive review has culminated in a number of changes to evolve this Residential Desktop Guidance for the residential mortgage valuation industry, including, but not limited to: 

  • increasing the existing $1.5 million valuation threshold to $2 million 
  • clarifying the Suitable and Unsuitable Property Types that are applicable
  • refining the instructions about the essential information to be provided by the lender/third party platform in relation to the subject property and market evidence to facilitate the Valuer’s ability to complete the request
  • re-evaluating the references to high percentage lending and mortgage insurance purposes. 

Members and stakeholders are encouraged to provide comments on the exposure draft paper using the link provided here by no later than Friday 12 August 2022. 

Any queries, please contact the standards team at [email protected]