If the valuation of my come back lower than my purchase price, how will it affect my home loan approval?

The home loan won't be approved and you'll need to switch banks to obtain a higher valuation. Easier for a mortgage broker to do this on your behalf.

The Lender will always use the lower of the two figures in LVR figures. If LVR is tight it maybe best to try another lender and do a upfront valuation.

If the valuation of your home comes back lower than your purchase price, it could have an effect on your home loan approval. The valuation of your home is used to determine the loan-to-value ratio (LVR) which is the ratio of the loan amount to the value of the property. If the LVR is too high, it could make it difficult to get approval for a home loan. In addition, if the valuation of your home is lower than the purchase price, it could mean that you are borrowing more than the property is worth, which could make it difficult to get approval for a home loan. It is important to speak to your lender or a mortgage broker to discuss the options available to you. It is also important to shop around to find the best home loan rate and features to suit your needs. You can check out Goodrate on https://goodrate.com.au/home-loan to see current interest rate offers.