Rental Income Directly from Tenants

[convert2online]

Looking to top up my loan with commonwealth however they won't accept my rental income as income. I rent out the rooms individually and directly with the tenants not through a real estate agent.

The rep said they have a policy that does not allow them to accept income like this. However I informed him that previously I had been approved and taken a loan from them like this a few years back, granted the rules may have changed but he wasn't really a helpful guy to begin with and said he would check it out but he wouldn't accept it in the end.

I have contracts with all the renters and my savings account is with them also so they can see all the rental deposits.

So I'm probably looking to switch loans and want to know if anybody knows a bank that would accept this type of income, or perhaps commonwealth does but I just came across the wrong guy who wasn't in the mood to help.

Rules are rules but if you can prove that you can repay I don't see the problem?

 

[Aaron_C]

Do you declare it through your tax return? If so, then pretty much anyone will do it.

 

[convert2online]

yes I do, it's all official. I suspect I just came across an unhelpful d***

 

[Corey Batt]

Show the rental income on your tax returns and they will be able to work from that figure.

Either unhelpful or not that well informed/able to think outside the box. They're everywhere.

 

[jakaim]

ANZ accepted it with us. We just gave them a copy of our lease agreement.

 

[KQ8]

West pac accept it with just a rental agreement

 

[Marty McDonald]

Looking to top up my loan with commonwealth however they won't accept my rental income as income. I rent out the rooms individually and directly with the tenants not through a real estate agent.

The rep said they have a policy that does not allow them to accept income like this. However I informed him that previously I had been approved and taken a loan from them like this a few years back, granted the rules may have changed but he wasn't really a helpful guy to begin with and said he would check it out but he wouldn't accept it in the end.

I have contracts with all the renters and my savings account is with them also so they can see all the rental deposits.

So I'm probably looking to switch loans and want to know if anybody knows a bank that would accept this type of income, or perhaps commonwealth does but I just came across the wrong guy who wasn't in the mood to help.

Rules are rules but if you can prove that you can repay I don't see the problem?

If this is from the same house that you live in it may be deemed unacceptable but if it's an IP bank statements and or tax returns should be enough.