How Tenant Ledgers Can Be Used to Improve Your Rental Application & Home Loan
Peter Morales Valovirta •
Very few people know what you can do with a tenant ledger, let alone what they are. They are easily attained documents summarising and compiling a tenants rent payment history. Tenant ledgers are produced by managing agents or a landlord and are commonly used for tax purposes and book-keeping, but they are also very useful for the tenant.
Using for a rental application
Going for a rental? Let's try and make a daunting experience a little bit better and easier. There are ways you can improve your application by strengthening your case. Although most application processes require you to state your previous rent amount and how you rented for, it doesn't tell how on time you have been. This is why a ledger can become very helpful to show that you are financially capable and responsible.
As a tenant you should always ask for a ledger at the end of your tenancy from your landlord or agent, just so that you can take these onwards with you. They become invaluable pieces of proof in that you are consistent and reliable, something every future landlord and agent wants. For this you might also want to include a on-time rent payment certificate, which, once again your landlord or agent should be able to supply. You can also download your own template from our 'on-time rent payment certificate' article.
Using for a home loan application
When eyeing that first home or investment property purchase, building your financial case is a requirement and to simplify the process, having saved all the ledgers from the past, you'll be in much better state to show a clean and cohesive record without having to spend the time to try and compile all the data yourself. Tenant ledgers can also be used to prove your case for 'Genuine Savings', which is a method whereby you might not have to save for a deposit but can rather showcase your ability to set aside a consistent amount of money, which in this case would be rent, you can read more about genuine savings in our home loan article.
Accessing your ledger
As mentioned earlier, as a tenant, your agent or landlord should be able to provide you with a ledger. If you are with Cubbi, you can easily access this through your dashboard at any time, simply follow our help docs on 'How to download a tenant ledger'.
Download a tenant ledger template
If you are interested in getting your own copy of a template, simply follow click the download button below. These are not ledgers in Cubbi format but they give you an understanding of how they are supposed to be filled and what they look like. Tenants can also use the template to make their own ledgers if your agent is unable to provide one. Landlords with Cubbi can easily access their tenant ledgers through the dashboard where all payments are seamlessly added into the ledger removing the need to keep track of anything.