hi all,
my problem is this. After 6 months of a very slow home loan the mortgage insurers have finally come back with an assessment that my new investment house could only achieve $230 a week rent in Truganina, Melbourne bare in mind this is a 24 square 4 bedroom home with double lock up garage and ensuite, and all the mod cons. When i applied for the loan i put $280 a week would be the rent. I based this on several quotes from real estate agents in the area and by watching the rental market in this area myself. When i discussed this today with the real estate agent I am going through he told me i would have people lining up in the street for weeks to rent it at $230 a week.
I hit the roof when i heard this absurd assessment and now want to know do i have appeal rights or is there anywhere or way i can change this assessment. Has anyone here been through this before and can give me any tips. I am in between talks on the phones and would really appreciate any help.
cheers
melHI. You will find it is likely the figure the valuer has used I think. Did you submit a written rental quote from a (or a couple maybe?) real estate agent in the area? That is usually the proceedure if the property is not currently tennanted. Has it ever had a tennant? I think if you get those thinks in order you should have a great shot of getting that all fixed up – I'm sure the lender will be keen to help sort hti out for you. All the best.
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