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Granny Flat income

Discussion in 'Renovation & Home Improvement' started by klabat, 10th Aug, 2015.

  1. klabat

    klabat Well-Known Member

    Joined:
    4th Jul, 2015
    Posts:
    69
    Location:
    Australia
    Hi guys,

    Wanting to ask.. how long does an income producing granny flat have to have in order to show the bank?

    I have a granny flat/extension (2br+bathroom+kitchenette) thats been renting for 3months for $360 per week.

    Wanting to use this income for future finance
     
  2. thatbum

    thatbum Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    893
    Location:
    Perth, WA
    Do you have a written lease in place?
     
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

    Joined:
    18th Jun, 2015
    Posts:
    8,970
    Location:
    Sydney
    Immediately.
     
  4. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker Business Member

    Joined:
    18th Jun, 2015
    Posts:
    641
    Location:
    Sydney
    Different lenders have different policies but most lenders will accept the above.

    Some lenders like Homeloans Ltd wont even accept proposed rental income so check it out before applying for a loan.