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  • Profile photo of craigandellycraigandelly
    Participant
    @craigandelly
    Join Date: 2008
    Post Count: 20
    April 2, 2009 - 3:05 am

    Hello All,

    A quick question for those in the know. When a bank/lender is looking at an applicants savings history, do they looking at weekly rental payments as a form of savings? Obviously it's not cash savings that can be used for deposit etc but is it taken into account as far as ability to have saved that if not renting, I have heard it referred to as 'forced savings".

    Cheers

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    April 2, 2009 - 6:34 am

    Regretfully not,

    They want to see your deposit as savings over and above any other expenses.
    Obviously if you are paying rent you will not be able to use these funds as deposit as they will have been (ignoring rent to buy schemes) paid out to the landlord.

    With FHB having to front up with 10% deposit these days with the majority of lenders it is going to get tough out there to get your foot on the property ladder.

    Richard Taylor | Australia's leading private lender

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