How does my rental income affect my home loan approval?

When applying for a home loan, your rental income can be taken into account when assessing your application. This is because lenders view rental income as an additional source of income and it can help to demonstrate your ability to repay the loan. When assessing your application, lenders will generally look at the rental income you have declared on your tax return and compare it to the loan repayment amount. If the rental income is sufficient to cover the loan repayment amount, then this can be taken into account when assessing your application. However, lenders may also take into account other factors when assessing your application, such as your credit history, employment status, and other debts you may have. It is important to provide lenders with accurate information about your rental income and other financial commitments to ensure a smooth application process. If you are unsure of the current interest rates or home loan offers, you can check out Goodrate on https://goodrate.com.au/home-loan to see the current offers.