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Obtaining a Lease without Rental History

21 Jul 2015 Melton 0 Comment

Ok, so you are a first time renter and are worried about your rental history or lack of rental history. It can be extremely intimidating attending an open home with 20 other people, with most being long time renters, or renters with a history. This shouldn’t let you feel any less deserving of being approved for a home and being proactive is the first step!

Be proactive

Have all of your documentation photocopied and ready to go, dress neatly and be punctual when attending open inspections. Don’t be afraid to ask questions and for advice, it is great to make yourself known to the agent without being too dominating or distracting.

Guarantor

Having a guarantor is a really great way of proving that others can trust you and have faith in you. A guarantor is basically someone who although may not live with you at the property you are applying for, will agree to take some responsibility if the rent was not paid or the property was damaged. (Their name may be on the lease as guarantor) Once you have 6 months of good rental history, you definitely have your foot in the door.

Proof of regular payments

If you are paying off something, it is also good to have proof of the regular made payments. Although it may not be rent you are paying, at least it is evidence/proof that you can stick to regular payments.

How do you spend your money?

You need to be able to have enough income to cover the rent, it isn’t a great idea to apply for a property at $300 p/w if your income is only $850 p/w. Look for something cheaper, as this takes away any risk of being unable to pay for the rent if an emergency arises in your personal life.

Direct Debit/Centrepay

On your application form, mention that you are happy to set up a direct debit payment for your rent. Most agencies use direct debit as a primary method for rental payments as it is a more reliable way of knowing that rent is sure to come in at the right time and with the correct amount. If some of your income is from Centrelink, you can also offer to set up ‘Centrepay Payments’ This is when Centrelink takes rent out of your Centrelink payment and transfers it directly to the real estate to ensure that rent will be paid.

Pay Slips/Bank Statements

If you are able to show 5 or more pay slips and or a bank statement showing how you spend your money and that you will be able to afford the property is also a great way of strengthening your application.

 

 

 

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