samlab Posted June 6, 2018 Share Posted June 6, 2018 Hi Do you know how letting agents work out the maximum rent you can afford based on basic income? Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 6, 2018 Share Posted June 6, 2018 It is 30% of your income. Some agents MAY stretch to 40% Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 6, 2018 Share Posted June 6, 2018 Forgot to say for government rentals it was 25% of your total combined assessable income for anyone aged over 24 living at the property. Quote Link to comment Share on other sites More sharing options...
samlab Posted June 6, 2018 Author Share Posted June 6, 2018 (edited) @The Pom Queenthanks, good to know. I called the RTA but they said there isn’t a law about it so couldn’t help. I think it must vary from Agent to Agent. Or they had changed the rules. Applied for a property but the agent said we can’t apply as it has to be 1/3 of our BASIC income. They wound not take any bonus or commission into account? If they excepted 40% it would have covered it. Their loss but what a waste of time. It’s only $10 more per week than we pay on our current rental and we’ve been here for 2 years. We’ve been in Aus for 4 years & have an excellent rental history. Crazy! Edited June 6, 2018 by samlab Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted June 6, 2018 Share Posted June 6, 2018 @samlab that is correct it is all down to the individual agent. I’ve known people with no income but over a million in savings refused then I’ve known people arrive with no job, savings under $10,000 and be approved. What gets me is that half of these applications don’t even make it to the landlord. ‘If the Property has no other applicants I would try and find out who the owners are (sometimes a note dropped in the mailbox) and let them know you are interested. Also some properties may have a couple of agents representing them, so do a quick google search. Quote Link to comment Share on other sites More sharing options...
samlab Posted June 6, 2018 Author Share Posted June 6, 2018 (edited) 1 hour ago, samlab said: Edited June 6, 2018 by samlab Pressed wrong button Quote Link to comment Share on other sites More sharing options...
samlab Posted June 22, 2018 Author Share Posted June 22, 2018 Sorry, I forgot to update my post. We got the house after all. They called HR and decided they can include bonus and commission included in salary. Even though they said it had to be basic only Letting agents hey!! Quote Link to comment Share on other sites More sharing options...
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