Renting out my PPR. Advice needed.

Can anyone help me here please?

My situation is as follows. My wife is sick and we need to move closer to her family pretty quickly.

I want to rent out my home. It is positively geared. I will be renting near my wife's family.

Do I have to tell my lender? I have had to quit my job to care for my wife and we are living on one income. Once I get near her family I'll be able to return to work. I am worried that our lender has the power to say no to me renting our place out forcing me to sell.

Will I have to change to an investor loan? Which I feel I won't be able to do now as we are now only on one income.

Any advice greatly appreciated.

 

Sorry to hear you are in a very stressful situation.

Your lender won’t stop you renting, nor force you to sell.

Just go. Whether you tell your lender or not us up to you. Basically just keep up your payments which will mean you don’t bring attention to yourself.

Hope things go well for you.
Marg

 

Sorry to hear you are going through some tough and stressful times.

It sounds like you will be better off once you move to near your wife’s family and you would get a job in due course.

No need to tell the bank as long as you can continue to meet your repayments.

 

Family situation is more important then notifying the lender (something that can be dealt with later)...

However, once things are under control, will be good to get valuation done on it for CGT but again that's super low priority. Family first ..

Good luck and hope things go back to normal soon!!..

Cheers,

 

Get an Aus Post mail redirection.
Doesn't cost much, and the bank wont know any different
(Aka, you won't have to notify them of change of mailing address)

 

It might be a breach of contract not to inform them. But that doesn't mean you should.

Also a valuation may not be necessary if you use the 6 year rule

 

Thank you everyone for your great advice and good wishes. It is much appreciated.