Ready to apply for your next property? Here’s how to use your good tenancy history to jump the rental application queue.
Your landlord or agent is looking for two key things when they screen you in the application process: your ability to pay the rent and your track record in looking after a property. Thankfully, there are several things you can do to simplify and speed up this process.
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Verify your ID and tenancy database history
It’s important to have your proof of ID documentation ready when applying for properties. Agents will require you to satisfy a 100 point check, including documents such as a driver’s licence, passport, and Medicare card.
Rent.com.au’s RentCheck report is a simple yet powerful online tool to give you and your landlord/agent peace of mind. When you purchase a RentCheck, you verify the following areas:
- Your identification: RentCheck checks your name against government data sources that show you are who you say you are.
- Court information: Your RentCheck will display any record of bankruptcy or court documents, flagging financial trouble or legal issues with information on bankruptcy proceedings, court judgements and writs.
- Tenancy database history: If you’ve had tenancy problems flagged in the past on the National Tenancy Database (i.e. irregular payments, broken lease conditions, money owing or damages, and termination notices), this will appear on your RentCheck. Being prepared with this information will help you explain any issues to your prospective landlord/agent.
Ask for a copy of your rental ledger
Your rental ledger is a document that records all transactions to do with your lease agreement. If you want to show a prospective landlord/agent that you have a good financial record and an ability to pay rent regularly, your rental ledger is an important document to have. It will show a history of when you paid rent but may also keep track of maintenance costs and other bills. Basically, your ledger is there to provide you with a complete understanding of where your money has gone.
Where possible, you should always request your ledger for future reference. A physical copy can come in handy when you secure your next home. At the end of the day, your ledger provides a good reference to your history. Many tenants will never think about collecting their ledger. If the market you’re in is strong and securing a property is tough, then having your rental ledger could help to build a stronger application by showing you pay your rent on time – all the time.
It’s simple for your property manager to provide this to you because most agencies have software that keeps track of all these transactions. They should be able to print out a report with the click of a button, so don’t feel embarrassed to ask your agent.
Demonstrate good financials
If your landlord has not kept a true record of your rental ledger, or your agent cannot provide you with a copy, don’t stress. It is still possible to demonstrate that you are in good financial stead and have the ability to pay rent on time without a ledger.
One way to do this is to provide a prospective landlord/agent with a copy of your bank statement. If you have a good track record of paying your rent on time, and there’s enough money in your savings account, then you’re on the right path.
Another important thing a landlord/agent will look for is that you have the ability to pay the rent. You can show your current payslips to show you have a reasonable, secure income – this will go a long way to improve your application chances. If your employer doesn’t provide payslips, consider asking for a letter from your employer stating your wage and showing off your good financial standing.