The Ultimate Guide to Paying Your Rent & Winning at Life.
More than 30% of Australian residents are renters, so whether it’s your first foray into property hunting (or your 10th), you’re not alone. To celebrate the launch of RentPay, we’re doing the math on renting so you don’t have to. Our guide to renting in Australia shares everything should know about the ins and outs of renting and how to manage your money and come out on top.
No matter how long you’ve been in the game, you’ve probably gathered that the Australian rental market can be… well, competitive is one word. Your budget and location play a big part in this, but the market’s also hotter at different times of the year, meaning you need to bring your ‘A’ game.
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Here are three good financial hacks to help glow up your application and make you stand out for all the right reasons.
It’s all well and good to spend your lunch breaks perusing the internet for your dream digs, but once you start viewing and applying, things can move pretty quickly. One of the best things you can do to ensure your application hits the mark is to ensure you have your finances in order before you get going.
But how does that look? Realistically, it’s ensuring you have enough money set aside for the bond and any rent that’s required upfront. The amount of money to set aside varies a little by state and territory (more on that here), but most listings will also display the rental bond underneath the weekly rental price to give you some indication.
Hot tip: You need to immediately have the funds available to avoid holding up the process when your application is approved. Consider looking at RentBond for a way to manage your moving costs. You can also apply in advance, so you’re covered when the time comes.
Having a good rental history is as good as gold! If you can give a property manager a copy of your rental ledger (or tenant ledger), your rental application will be in with a far better chance. Including your ledger as supporting documentation isn’t required, so most agencies will be pretty impressed if you go the extra mile.
A rental ledger is a great financial tool because it proves you can pay your rent on time. The stronger picture you can provide of your rental history, the higher your chance of being chosen as the tenant for a rental property.
Hot tip: If you aren’t being sent automatic ledgers or have access to a rental portal through your agency, don’t be afraid to ask your landlord or property manager for a copy of your rental ledger while you’re renting.
Above all else, what a property manager wants to know is that you can pay the rent. They will put on a lot of scope your ability to pay the rent because most owners want a tenant who has a constant and reliable source of income.
Thankfully, proving this is pretty simple. Write about your great rental history (if applicable) and include bank statements that highlight your previous regular rental payments. Adding in a few recent payslips will not only show proof of your employment but also ease any fears a landlord may have over missed payments.
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If you earn a decent income, have a good record of paying on time, and have a decent amount of money in your savings account, you’ve just boosted your chances of securing the property! If your funds allow, you could also offer to pay extra rent in advance.
What other financial hacks would you suggest? Let us know in the comments below.
Are you looking for a new home? Rent.com.au is the best place to start your search.
Happy house hunting!