I would bow to the knowledge and experience of the professionals here, but as was stated above the loan seems to have been approved with expected income from rent as part of the income calculation. You would definitely need to tell the bank (and others) about the circumstantial change, but I think that the only issue to the bank would be serviceability of the loan (ie. making the monthly payments).
That being said – and please don't take this as an advertisement or anything, simply information – I was talking to my guy at RAMS the other day and he went through their different products. Most know that they have a low doc loan for self employed (which is quite nice) but he explained tome they also have a product for people who are renting. If I understand it correctly, for a first property from a bank you must have 10% of the value of the property in the bank for at least 6 months (or something like that) however with this RAMS product, if you have been renting for at least 6 months you can get away with 5% and they don't care whether it was a gift or whatever, as long as it's there.
…but JacM's comment is right on. You shouldn't need to do this yourself. Whether it's RAMS or another broker (my guy is RAMS and a broker which apparently isn't normal now) get some direct face-to-face help from a professional (brokers typically don;t charge, they get their money from the lenders, so it should cost you nothing).
BTW, if you are in Melbourne, PM me if you want to speak to my RAMS guy.
Cheers,
Brett…
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