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  1. #31
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    I agree the rule is unfair as it excludes a lot of people who could afford to pay. It never seems to occur to some that those on low incomes often have the best budgeting skills around, out of pure necessity!

    It irks me, personally, because how do they know what your other financial commitments are? I have zero debt, so every penny left after rent is for other expenses...whereas many of my childless friends on double incomes are paying literally hundreds of dollars a week on credit cards, HECS debts and so on. Property managers don't look at that stuff and even if they did, are they suddenly unqualified personal finance experts? Sorry to any PMs here, I just found this sooo infuriating when I was first single and looking for a place. It's so presumptuous.

    Anyway, where I live one-bed apartments average around $400. Meaning you'd have to be on $1200/week net to be able to "afford" it. Hmm. So all applicants earning less than that should be excluded? Personally, I find $400-500 left after rent each week HEAPS to live on, even with two children. I was paying about 50% of my income when I finally got approved for a place, been living as a single mum for nearly 5 years now paying that proportion and had no problems whatsoever, never even been a day late with the rent...so yes I think it's a bit of a black and white view to set a 30% rule. Other things should be taken into account, such as rental history etc.

  2. #32
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    I think RE's have lightened up on the 30% rule otherwise I'd still be homeless. The last 2 properties I've got have cost more than half my income and I've been approved pretty much straight away.

    Sent from my GT-I9505 using The Bub Hub mobile app

  3. #33
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    Quote Originally Posted by HarvestMoon View Post
    I think RE's have lightened up on the 30% rule otherwise I'd still be homeless. The last 2 properties I've got have cost more than half my income and I've been approved pretty much straight away.

    Sent from my GT-I9505 using The Bub Hub mobile app
    For sure- I don't think I've ever paid less than 50% of my income into rent. It's also about the desirability Of the property/location- some places are harder to rent and easier to get approved for.

  4. #34
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    Quote Originally Posted by HarvestMoon View Post
    I think RE's have lightened up on the 30% rule otherwise I'd still be homeless. The last 2 properties I've got have cost more than half my income and I've been approved pretty much straight away.

    Sent from my GT-I9505 using The Bub Hub mobile app
    It depends on the market, if houses are hot in demand. 20+ people at each inspection, then they choose to employ these requirements.

    I'm actually house hunting at the moment, my rental ledger showing I have been paying more than the rent on these properties has been enough to satisfy PMs, but I'm hunting in an undesirable area and am usually the only person at the inspections.

  5. #35
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    Quote Originally Posted by BlissedOut View Post
    It depends on the market, if houses are hot in demand. 20+ people at each inspection, then they choose to employ these requirements.

    I'm actually house hunting at the moment, my rental ledger showing I have been paying more than the rent on these properties has been enough to satisfy PMs, but I'm hunting in an undesirable area and am usually the only person at the inspections.
    Depends more on the attitudes of the owners and pm I think.
    In the past I was knocked back from every single property I applied for until I ended up homeless with 2 kids. I was employed in 2 part time jobs, had FTB entitlement, good rental record, etc. None of it helped. TICA was only checked twice out of the 150 applications I had made, so clealry I wasn't even considered. Some of the inspections I showed up to, I was the only one there.

    Now I'm dirt poor, barely have a job, have been a student for the last couple of years and yet I come out on top when there are 20 odd applicants.

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  6. #36
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    I'm not single, but I hope this helps. We've found a cover letter helps massively when applying for rentals on a low budget ($600 combined p/w until recently). Give details of your budget, proof of how you spend your money and back it up if you can. We have only one daughter currently, but rented two properties that took up to 50% of our income, and our agents have always loved us.

    Sent from my GT-P5100 using The Bub Hub mobile app


 

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