I'm looking for some information from some one who has successfully used their rental history as genuine saving towards a deposit for a home loan.
Was it easy to find a lender that ollowed this?
Was it a lengthy process while they looked into it?
Any feed back really about the process would be appreciated.
Rent as genuine saving towards a home loan
Rent as genuine saving towards a home loan
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Money
4 Replies
I have. Speak to a broker. Its pretty straight forward :)
Sorry- more info
All we had to provide was our rental history which for us had been $350 a week for like... 7 years in the same house.
That was lower than our proposed mortgage.
From viewing the house we wanted to moving in was less than 2 months as we already had our deposit organised
OP here - hope you don't mind me asking but how much deposit did you have before using your rent as Savings. Not $ amount but percentage.
I'm trying to figure out how they work out the percentage for "rent as genuine savings" towards the deposit. We are paying 550 per week been in this house for 11 yrs.
Some financial institutions will allow you to use your rental history to show that you can maintain regular payments if you have been given the deposit as a gift or you have received a lump sum payment eg bonus. The deposit will still need to be at least 10%.