Property valuers launch contactless inspection tool

Herron Todd White, Australia’s largest independent property valuation and advisory firm, have launched a world-leading program that will help in lenders’ efforts to release urgently-needed funds to financially-stressed Australian households.

Herron Todd White chief executive officer Gary Brinkworth said that their Contactless Inspection Tool means financiers and customers could be secure in terms of both health and financial processes when looking to access equity from property assets.
“The property sector contains a huge store of untapped wealth in the form of equity that could be used right now to help save our economy during the COVID-19 crisis.
“Our discussions with financier clients, the Australian Property Institute and our valuation teams revealed an eagerness to get the process of equity release under way, but it can’t be achieved without the support of government and regulatory bodies such as the Australian Prudential Regulation Authority.”
Drew Hendrey, executive director of valuations and advisory at Herron Todd White, said the Contactless Inspection Tool, which has already been used by our clients, has meant that the business could continue to provide comprehensive assessments for finance purposes despite the need to isolate homeowners and valuers preserving the integrity of the lending and valuation process.
“HTW has conducted well over a million residential valuations over the past three years and as the country’s largest independent valuer we needed to find a way for our valuers to safely complete a comprehensive inspection without endangering the health of themselves or the home occupant.
“This approach to the practice of property valuation is world-leading as it allows our financial markets to receive the most accurate information possible under current guidelines and ensures the system can maintain full integrity while still providing a safety-net service for Australians struggling under COVID-19 isolation rules.”