Suggest seeking an independent rent appraisal on your property, this way you are not relying on one property managers opinion, educated or not…

Hope this helps.

Cheers,
GeoffB

I would question Commonwealth Bank.

I apply over the internet for a homeloan last week, 48 hours later I receive phone call advising loan was approved and my local branch would contact me re paperwork signing. Two hours latter I received another phone call from the Commonwealth advising the loan application was rejected. Ten minutes latter I receive another call from the local branch requesting meeting to sign the papers.

Every bank is disorganised and full of bureaucracy. If one bank can’t help you move on to the next, remember you are the client and if you are not respected as a client find someone who will….

Cheers
GeoffB

I’ve recently had a bad experience with a valuation.

Just had a valuation done on my PPOR which was $50k less than 12 months prior. I fell off my chair when told. Within that 12 month period I had $30k worth of renos done to 3 rooms.

I asked the bank if I could speak to the valuers to found out there method on valuation. Seems the valuer who did the inspection was from out of town, spent 5 minutes looking through the house, and rang a local RE to find out the property values in the area.

I proceeded to do my own valuation research by visiting every open inspection in a half km, ring every RE for there spin, payed $40.00 for an online valuation (came in what I expected), got comparative sold properties from the last 2 months and presented it to the valuers. To cut the story short I embarrassed them to a point they refused to talk to me, so I forward all the evidence to the bank, and told them to act.

In the mean time the bank got another valuation done from another valuer, all payed by the bank…….

My recommendation, do your own research and present it to the bank, make them fight the issue or change banks. Remember, the bank wants your business, your the client…

Good luck.

Cheers
GeoffB