When applying for a loan, has an agent EVER provided you with a realistic rental estimate?

Discussion in 'Loans & Mortgage Brokers' started by jaybean, 27th Mar, 2016.

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  1. Heinz57

    Heinz57 Well-Known Member

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    Paradise
    Never bought anything that wasn't already tenanted. So never had to ask
     
  2. fols

    fols Well-Known Member

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    Yes. I've only had one miss out of 15.
     
  3. dabbler

    dabbler Well-Known Member

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    Yes, often under estimated...only one I can think that was probably over, but never went ahead with that one.

    PS I wonder if those inflating may be the kind many wont buy from, i.e they probably obviously BS about everything ? of course if the deal was still ok......but it shows you have to do all checks.
     
    Last edited: 28th Mar, 2016
  4. Delfredo

    Delfredo Member

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    Sydney
    I have been told that ANZ has an internal rental valuation tool that they use. I have seen situations where, for properties in Sydney inner suburbs, rental appraisal from a real estate agent of $800/week were discounted by ANZ by over 25%, and another appraisal of $550/week were discounted by ANZ by over 20%. Both real estate agent appraisals are fairly accurate to me and is also reflected in realestate.com.au and domain websites for comparable properties.

    However, property valuations have not yet been conducted for these two properties. Would anyone know if a favourable rental valuation by the valuer conducting the site valuation can still be used later to request ANZ to reconsider using a higher rental income figure?
     
  5. Andrew H

    Andrew H Well-Known Member

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    Cairns, QLD
    Umm i only ever look at the market myself. I go to realestate.com.au click on 'rent' and select my type of house/ unit. Shows how much thy are asking. Gives me a true, accurate idea of price, how many on market and features to expect. If you are in a small town there may not be that many on the net.