l_b29265Participant@l_b29265Join Date: 2003Post Count: 26
Just wondering if anyone out there knows which banks would refinance using a rent appraisal(instead of asking for a signed rental contract)? I have heard some banks will be happy to refinance with the appraisal only. Thank-youRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 11,992
A rental assessment from a real estate agent or valuer is not uncommon so you should have a plenty of choice.
Yours in Financel_b29265Participant@l_b29265Join Date: 2003Post Count: 26
Thanks very much Richard. I checked with the NAB and they seem to need a rental contract in place, so I thought it might be an uncommon thing to use an appraisal.Ethan TimorParticipant@ethantimorJoin Date: 2016Post Count: 282
Depending on the scenario (for example: is this your PPOR that you’re moving out from or an existing investment property? Why is it vacant?), many lenders (including NAB!) will accept rental appraisal instead of a contract.
Are you happy to share more details? This way we could help more 👍😎Jamie MooreParticipant@jamie-mJoin Date: 2010Post Count: 5,065Corey BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
For purchases just about every lender will rely on an appraisal (or if a valuer goes out, their rental estiamte).
For refinances such as your scenario there are still a number of lenders which will look at either an appraisal, use their own internal rental estimate tool OR look at your tax returns to see previous rental income on the property. The best lender to use for the situation would depend on all the other factors of your financial picture – the rental verification portion is fairly small in the overall scenario so you wouldnt want to pick a lender solely on that one policy attribute.
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