The lender may ask for three to six
months of bank statements for your transactional accounts so they can identify
incomings and outgoings.
You may also need to provide copies of
utility bills, and any other household costs, including phone bills, internet
bills, gas, water, and rates bills.
Credit card statements for the past three
months to be able to verify your "actual” living costs, so in the months
leading up to beginning this process you have an opportunity to get those
finances in order.
Do you pay school fees? Regular vet
bills?
All of these will need to be accounted
for with clear documentation.
Don’t forget any insurance premiums you
pay, along with private health insurance.
Lenders use different metrics to validate
your expenses, the key is that these are realistic, so a lender can see what
your income is.
Firstly, your living costs secondly and then be able to apply
the balance of your disposable income towards your debt servicing.
RealRenta
has all the tools that a property manager has, but at over ¼ the cost of a
property manager.
Join now and the cost is less than a cup of coffee a
week to manage your rental property
RealRenta also has a free vision, so why not check it
out
Jason Gwerder
Monday, 21 June 2021
