One of the biggest challenges for first-home buyers is saving a deposit ā especially when you're already paying rent. But did you know that in some cases, your rental history can count as part of your genuine savings?
At Gardian Finance in Mackay, we help renters take their first step into homeownership. Hereās how using your rent history can work in your favour.
š” What are Genuine Savings?
Most lenders require āgenuine savingsā ā funds you've saved gradually over time, usually held in a bank account for at least 3 months. These demonstrate your ability to manage money and live within your means.
But what if you havenāt been able to save much because of high rent?
š When Can Rental History Be Used?
Some lenders allow you to use rental history instead of traditional genuine savings, especially if:
You've rented for 12 months or more
Your rent has always been paid on time
Youāre renting through a licensed property manager (not privately)
In this case, the deposit may come from other sources (like a gift or tax return), and your rent record helps meet the lenderās genuine savings requirement.
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What Youāll Need to Show:
A letter or statement from your property manager confirming rent amounts and payment history
A full 12-month record of on-time payments (usually from your bank statements)
Proof that the lease is/was in your name
š Why Lenders Accept This
Consistently paying rent demonstrates financial discipline ā just like saving. If youāve been managing $500ā$700+ per week in rent, it shows you may be ready to handle a mortgage.
How Gardian Finance in Mackay Can Help
We know how hard it can be to save a deposit while renting. Thatās why we work with lenders who recognise alternative pathways into the property market ā including using your rent history to qualify.
Letās find the smartest way to get you home - we are with you at every step.
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Phone: (07) 4953 2799
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Website: www.gardian.com.auš
Address: 73 Wood St, Mackay
