A new valuation ordering system could soon be rolled out by the major banks. It is aimed at eliminating the risk of third parties influencing property valuations.
But valuers are not entirely convinced the move will be good for the industry and home buyers.
The system is being set up by Property IQ, which is owned by QV, a Government agency, and RP Data of Australia.
Property IQ marketing general manager Steve Langridge says it's been developing the system with all the major banks, who are trying to reduce the risks associated with mortgage lending and valuations.
He says New Zealand is one of the last countries in the OECD where borrowers are left to organise the valuations themselves and return them to the bank.
Mr Langridge says the new system will make the process much easier and quicker for customers.
The system is being piloted by one bank at the moment and could be rolled out nationwide later this year.
The New Zealand Institute of Valuers says the industry would have liked more input into the system's development. It represents 1250 valuers.
President Nicki Bilbrough says there are fears the ordering system is too similar to the one in Australia which has already forced valuers out of work.
The Commerce Commission says it's already had complaints from valuers about the proposed system and is considering whether it raises competition issues.
