Version 2.2.1 (effective from 1 October 2019)

The Residential Valuation Industry Group (RVI) has revised Version 2.2 of the ABFI Residential Valuation Standing Instructions and subsequently released Version 2.2.1 which came into effect on 1 October 2019.

A copy of V2.2.1 is available in the resources below, as is a highlighted version showing changes made between V2.1 and V2.2.1.

The previously notified version, V2.2, has been withdrawn prior to its effective release date, and replaced by V2.2.1.

The new version (ABFI RVSI V2.2.1) includes a number of changes throughout the document to provide clarity and guidance to Instructing Parties and API Valuer Members.

Items of note include further guidance with regard to:

  • Professional expectations of Members
  • Property inspections
  • General reporting requirements
  • Photo requirements
  • Situations where a rental assessment is to be provided
  • Reviewing and commenting on documents provided by the instructing party
  • Commenting on documents recommended by the Valuer for the client to sight
  • Date of amendment to be included in amendment comments

In addition, clarification has been provided with regard to key terms, including:

  • Existing Property (‘As Is’)
  • ‘As If Complete’
  • Not suitable for rent
  • Restrictions relating to re-sale of the property
  • Restrictions relating to construction on vacant sites

There has also been further refinement to the instructions for Split Contracts for Multiple Dwelling Residential Developments.

Members are encouraged to review the entire document to ensure they are aware of all changes that have been made to the Standing Instructions.

 

Resources

 

Previous Versions of the ABFI Residential Valuation Standing Instructions

The Residential Valuation Standing Instructions were originally developed in 2012 to provide operational clarity for the valuation community and were a significant step forward in providing further guidance, clarity and consistency in the requirements of the lending institutions.

The list below gives access to previous editions of the Residential Valuation Standing Instructions:

TitleDate Released
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.2Withdrawn prior to release
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.11 September 2018
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions Version 2.02 October 2017
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.4October 2016
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.3September 2015
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.2June 2015
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1.1August 2014
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.1July 2014
Australian Banking and Finance Industry (ABFI) Residential Valuation Standing Instructions 1.0October 2012

Please note that these Residential Valuation Standing Instructions have been superseded and are no longer current.