Re: Can I use rent as genuine savings?
Posted: Fri Feb 01, 2019 3:18 pm
Hello Caleb. Welcome to the forums.
Yes, you can. By choosing the right lender that accepts rent as genuine savings, you can prove your capacity as a borrower instead of with your own regular savings.
Please note that you still need a deposit but it can come from other sources other than genuine savings such as:
Cheers,
Yes, you can. By choosing the right lender that accepts rent as genuine savings, you can prove your capacity as a borrower instead of with your own regular savings.
Please note that you still need a deposit but it can come from other sources other than genuine savings such as:
- Gifted deposit from your parents: The gift must be in your account along with a signed gift letter from your parents explaining that the gift is non-refundable.
- Bonus/dividend/commission income: You will need to provide payslips and bank statements showing the income.
- Inheritance: A signed letter from the executor confirming the amount and date the funds will be received.
- Sale of a non-real estate asset: This can include the sale of a car, collector items, furniture, artwork or other items. You’ll just need to provide evidence of the sale.
- Tax refund: All you need is a copy of your Notice of Assessment (NoA) showing the tax refund.
- First Home Owners Grant (FHOG): As long as you qualify for FHOG in your state, the banks will accept this as part of your deposit.
Personal Loan: This is a policy exemption available with only select lenders.
Cheers,