Forums / Getting Technical / Finance / Which banks refinance with rent appraisal

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  • Profile photo of l_b29265l_b29265
    Participant
    @l_b29265
    Join Date: 2003
    Post Count: 26

    Hi,
    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-you

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 11,992

    Hi there

    A rental assessment from a real estate agent or valuer is not uncommon so you should have a plenty of choice.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
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    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of l_b29265l_b29265
    Participant
    @l_b29265
    Join Date: 2003
    Post 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.

    Profile photo of Ethan TimorEthan Timor
    Participant
    @ethantimor
    Join Date: 2016
    Post 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 👍😎

    Ethan Timor | Aligned Finance Pty Ltd
    http://www.alignedfinance.com.au/
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    Active Investor & Broker; Based in Northern NSW, servicing Australia wide; Author of '34 Proven Ways to Maximise Your Borrowing Power' (download free from our website)

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,065

    Agree with Richard – using an appraisal from an REA isn’t that uncommon.

    All comes down to the lender/scenario.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
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    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post 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.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
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    Investment Focused Finance Strategist - servicing Australia-wide

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