Going guarantor on rentals

[Jas]

Guys,

I have an application for one of our places from a student. She's just moved to canberra from New Zealand and is currently staying with her brother.

Her brother is willing to go guarantor on the lease, so I'm happy.

Now, how do I set it up?

Does he sign the lease? or is there a seperate doc? (If so, can someone tell me where to find it?)

Thanks,

Jas (who's become her own pm)

 

[duncan_m]

Guys,

I have an application for one of our places from a student. She's just moved to canberra from New Zealand and is currently staying with her brother.

Her brother is willing to go guarantor on the lease, so I'm happy.

Now, how do I set it up?

Does he sign the lease? or is there a seperate doc? (If so, can someone tell me where to find it?)

Thanks,

Jas (who's become her own pm)

Hi Jas,

I have 1 current Tenant whose Mother act as a guarantor, I put her on the lease. Certainly in SA, there's no other procedure used that I know of.

 

[crest133]

Hi Jas
Duncan's got it. Put them on the lease, doesn't matter if they're not in residence all the time, free country. I've done a few "guarantors", parents legging the kids up, i ask for double bond in this manner, I tell them " NSW law says the max bond I can demand is 4 weeks rent for unfurnished, 6 weeks for furnished, frankly the application looks weak, and I don't feel compelled to approve it, however you could add extra bond voluntarily which would reduce the risk for the property owner, but I can't demand it." Obviously the bond is not lost money, it's not a bad place to park money, like where they can't spend it, and it gives them the opportunity of a good tenancy history. Both tenants need full vetting, extra names mean nothing if they're also weak applicants on paper. hope you get good tenants.
cheers
crest133

 

[geoffw]

My only tenant with a parent guarantor was not a success.

Daughter was a perty girl. The first two police visits were not a problem- the broken bathroom window was forgiven (Lost key? Then why was the glass outside the unit?)

The killer was the huge party which p**d of all other tenants, and involved three police callouts in one night.

 

[skater]

My parents went guarantor for me on my first rental. They paid the bond & did everything, all I had to do was move in and pay my rent. I stayed there for five years before moving into my first PPOR. Actually now I think about it the PM was real slack as I didn't have one inspection in that time. Left the place in good order though.

Cheers

 

[Jas]

Thanks guys.
I'll put him on the lease.
Jas