Banks will use 80% of the rental amount you nominate as income.
So how will they do this as you have not moved out and rented the property prior to recieveing the funds for the new place?
I will explain...
The bank when conducting a valuation on your current address...will also ask the valuer for an estimated rental retun for the property if its not already rented.
For this reason, be sure u do some work...go and get 2 or 3 rental appraisals for the bank yourself and make sure you submit these with your application, obviously the higher the rent the better.
Also you MUST tell the abnk you want an inside inspection of your current property, they (larger banks) often now do what they call drive by or desktop valuations without going inside your house.
You want the valkuer to go inside your house, so that u can prsonally hand him the 2-3 rental appraisals.....dont rely on the bank to hand them to him/her....they wont.
These are some of the things u learn by using a broker....so although commission driven we dont get paid by you, but by the bank....
Also, considering your loan amount... this would allow for a heavy discount on the interest rate. if your paying more than 4.5% your paying too much imo.
So ring ANZ and ask to speak to the mortgage account managers area or client services for the high net worth cleints or high net loan borrowers, have a chat with them from ANZ and perhaps a coupla other lenders, or seek a broker with good access to these people.
Cheers
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