As-if-complete valuations: what to send the valuer before they start
An as-if-complete valuation — also called to-be-erected, TBE, or a GRV construction valuation — values a building that does not exist yet. The valuer can only do that against documents describing precisely what will be built and at what cost. Without them there is nothing to value, which is why these reports frequently cannot even be quoted, let alone finalised.
The single most common cause of a stalled development valuation is a missing building contract.
The pack
- Planning permit and endorsed or approved plans.
- Signed building contract with a confirmed tender price. This is the hard gate.
- Specification or inclusions list. Plans and permit alone are repeatedly not enough — valuers have stalled post-inspection waiting for exactly this.
- Structural and civil drawings.
- Feasibility study and area schedule for multi-unit schemes.
- QS cost report, where one exists.
- Signed letter of instruction, returned before or on the day of inspection. Some firms treat this as a hard professional-standards gate.
- GST margin-scheme confirmation letter from the accountant, on margin-scheme projects. Along with the QS report, this is the item most commonly still outstanding when everything else is ready.
What happens when the contract is missing
The valuer values the site as is, and only as is.
On a three-dwelling site with an as-if-complete estimate of roughly $5.1m, the absence of a building contract and specifications meant the valuer could only value the existing improvements — three villa units under contract at about $2.07m. That is less than half the security value the development facility needed. Once draft plans, permits and a draft building contract were supplied, the as-if-complete report proceeded.
If you have not selected a builder yet, instruct an as-is valuation deliberately. Paying for a TBE report that cannot be completed buys nothing, even where a construction budget or cost plan already exists on file.
Two limitations that surprise people
Sometimes there is no “as is” component at all
Where a multi-unit scheme is awaiting an amended development approval or a registration on land, some valuers cannot provide an as-is component for that scheme — only the as-if-complete figure. That is a professional-standards constraint, not an omission.
Flag it to the lender’s credit team before the report lands. A report arriving without an expected as-is figure looks like an error and triggers a round of questions you can avoid entirely with one email.
Changing the builder can kill the report
If the builder changes after a TBE report has been obtained, check upfront whether the original valuer and lender will accept a change-of-builder addendum against the existing report. If they will not, a brand-new TBE valuation is required — which reprices and re-times the whole facility, and on a refinance can put the exit date at risk.
Ask that question before you change builder, not after.
Cost and turnaround
Indicative, observed 2024–2026:
- Single completed dwelling, as-if-complete: roughly $2,750 inc GST, 5–7 working days.
- Small residential development: roughly $1,400–$2,500 plus GST, 2–3 business days.
- Multi-unit scheme with feasibility, market value, GRV and cash-flow model: roughly $8,000–$8,800 inc GST, 10–12 working days from receipt of the complete pack.
That last qualifier is the one that catches people. The clock starts when the pack is complete, not when you place the order. A fee and turnaround quoted on a 16-unit scheme could not even be confirmed until specifications, feasibility, the construction contract with area schedule, and the planning permit were all in hand.
Renovations follow the same logic
To borrow against a completed renovation value rather than the current value, assemble the equivalent pack: town planning approval for the works, architectural plans and layout, the signed building contract or a formal quote, and independent supporting evidence of the completed value such as market appraisals.
Where part of the works was designed and built informally with the builder rather than under formal drawings, say so explicitly and provide a cost breakdown across each area of works. Leaving the valuer to work out which elements have plans and which do not depresses the figure.
The sequencing rule
Order the valuation when the pack is complete, not when the deal is agreed. Every day the valuer spends chasing a specification list is a day out of your finance clause, and the fee is the same either way.
General information only. It is not credit assistance, financial product advice, or an offer of finance, and it does not take account of your objectives, financial situation or needs. Fees and turnaround times are indicative observations over 2024–2026 and change without notice.