Hi there,
I'm hoping someone on this forum knows a bit about Welcome Home Loans with regards to investment property.
I have a property that I bought 14 months ago with a Welcome Home Loan. I've got about 10% equity in it now.
After living in the house for 9 months, I was offered a years work contract in another city, so I made arrangements to rent my home out privately. I understood that was acceptable under the terms of the Welcome Home Loan, because I originally bought the property for the purposes of living in it (and did, in fact, live in it for 9 months before I got a new job, and may live in it again if I move back to the same city).
However, I've just had a very irate phone call from my bank, saying that they have discovered I am renting the property out, and I am breaching my loan conditions, and may have to refinance or sell.
Can someone shed some light on this? Am I definitely in the wrong here? If so, what are my options?
Cheers,
Rachel
I'm hoping someone on this forum knows a bit about Welcome Home Loans with regards to investment property.
I have a property that I bought 14 months ago with a Welcome Home Loan. I've got about 10% equity in it now.
After living in the house for 9 months, I was offered a years work contract in another city, so I made arrangements to rent my home out privately. I understood that was acceptable under the terms of the Welcome Home Loan, because I originally bought the property for the purposes of living in it (and did, in fact, live in it for 9 months before I got a new job, and may live in it again if I move back to the same city).
However, I've just had a very irate phone call from my bank, saying that they have discovered I am renting the property out, and I am breaching my loan conditions, and may have to refinance or sell.
Can someone shed some light on this? Am I definitely in the wrong here? If so, what are my options?
Cheers,
Rachel
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