Last Updated: 5th January, 2022

Summary: Can I get approved for a home loan using rent as genuine savings?

Details Description
Customer Whang Duffield
Mortgage broker Robert Mo
Purpose To purchase a first home using rent as genuine savings.
Loan amount $425,111 (inclusive of $11,111 LMI)
Security $450,000
LVR 94.47% LVR
Interest 2.79% p.a.
Takeaway You can get a home loan using rent as genuine savings.


Robert Mo, one of our specialist mortgage brokers, spoke with Whang over the phone and discussed everything he wanted to achieve while buying his first home.

Whang informed Robert that he didn’t anticipate any future changes to his situation that might adversely affect his ability to repay the loan. Hence, Robert Mo completed the assessment on that basis.

Whang’s objectives were:

  • To find a lender that will accept rent as genuine savings
  • To keep the loan for an extended period (at least 10-15 years)

Whang’s requirements were:


Whang Duffield, a permanent resident of Australia, was living in Australia at the time, and he was married and had one dependent.

He preferred to be a single applicant for the home loan as his income alone serviced the loan required to purchase the property.

He worked as a full-time business development manager for several years in a reputed company. His job and income were secure as the company was not affected by the COVID-19 pandemic.


Whang had his sights on a three-bedroom house, in a safe neighbourhood. It was freshly painted, with features of a large walk-in patio, double garage and a backyard that could be transformed into a playground.

The property was perfect for him and his wife. Instead of choosing to continue to rent, they felt it was a better option for them to invest in their own home with the money that usually went to pay rent in the past.

They would not be in a great financial position any time soon as it would add extra costs to renovating and maintaining the property. Still, they would eventually get to own the property.


Robert narrowed down the panel of lenders into the one that would be best for Whang’s objectives and situation. The lender he selected could lend up to 95% inclusive of LMI if a 12-month rental ledger was provided.

He wrote a letter of recommendation to the lender attaching Whang’s 14-month rental ledger as a proof for genuine savings. The ledger showed that he was paying rent of $1,564 per month (5% genuine savings is $22,500).

Whang’s impressive record of good credit history also worked in his favour. Additionally, he had a stable and secure job despite the pandemic.

Due to Robert’s expertise in choosing the right lender made the home loan process smooth and without any complications.

Whang’s testimony: “First time buyers.I have to say that Robert Mo and his team went above and beyond to help us secure a home for our young family. I would definitely recommend their services. I don’t have one bad thing to say about them. They did really well coordinating the huge task of securing us a property. We moved into our new house on July 15.”

Hence, Whang was able to get his loan settled in just three months of initial contact with Home Loan Experts.

Do you need help to get approved with rent as genuine savings?

If you need a mortgage broker to go above and beyond to get your mortgage approved, you can contact one of our specialist mortgage brokers.

And with 50 lenders on our lending panel, we can find you a solution.

To speak with one of our mortgage brokers, call us on 1300 889 743 or fill in our free assessment form for expert advice.