Will lenders consider rent from rooms as income?

I'm asking for someone else. Second homebuyer Perth. Public holiday today!

3 bedroom house. The whole house would rent for $450/wk. If they lived in it and rented the two rooms for $150/wk each, would all or some of it be able to be included as income?

Salary is $50,0000

Purchase price: $404,000
Stamp duty: $13205
Gov fees $453
other purchasing costs $1300
deposit after paying above expenses $62000

No other loans


Could use security of another unencumbered property rather than pay LMI insurance.

Expenses/mth approx $2126.

Likelihood of getting loan, seems a bit tight? Salary should increase yearly.

Can you access own contributions from super towards deposit for second home? Approx $6000.

Thanks

 

generally rent won't be included in servicing if they plan to live there

 

Ok, thanks! Gone are the good old days when the bank manager would write you were renting a room to your sister for x amount!

 

You can sometimes do it if every room in the house is rented, but there needs to be a single lease over all the tenants.

If you're living there, it's pretty hard to convince a lender to accept any rental income.

 

A couple of years ago i did one where the client was leasing out 2 of the rooms in his house.

The bank only used the income cause it was reported on 2 years tax returns and also credits into his bank account.

 

Thanks guys! After the inspection today the property wasn't worth the effort to try too hard. If the right property came up again, the buyer missed out on a much nicer and quite a bit cheaper property a couple of weeks ago, I'm sure we'd work out a way to make it work. If it was rented for a year, had more savings and a higher income plus property would increase in value over the year it would make it a bit easier to get finance.