When submitting a bank statement for a rental application, landlords use it to verify your financial stability. Although not always required, providing a bank statement can demonstrate that you have the income needed to consistently cover rent payments.
This transparency reassures landlords of your reliability and can improve your chances of securing the rental.
We’ll guide you on how to obtain a bank statement, why landlords request it, and how it enhances your rental application.
Suggested Reading: Need more info on the rental process? Check out our guides how long does a rental application take to be approved or whether you should add personal references on your rental application.
What is a bank statement and why it has importance
🔍 : A bank statement provides landlords with a clear picture of your income and financial stability, helping to ensure you can meet rental obligations.
You might ask what landlords look for in bank statements. Well, we all make online transactions during the month or a year and the bank keeps a record of them all.
Your bank statement contains a record of all these transactions. It also shows the closing and opening balance of each month.
This gives the landlord a sneak peek of what you get each month and how financially stable you are.
Since the bank is responsible to record every transaction, your bank statement won’t have false records.
A bank statement the simplest way to show whether you have the funds to pay for the bond and the upcoming rent.
Your landlord needs to be assured that you are earning enough to pay the rent on time.
Providing one statement can save you from tons of explanations and answer most of the landlord’s questions. So, it is not only beneficial for the landlord but also for you.
What should be included in your bank statement?
Typically, your bank statement has all the necessary details about your past transactions, your savings, income, and more.
However, your main concern should be to show your monthly income and your past payment history.
The rest of the information isn’t of much use to a landlord.
So, instead of providing one huge bank statement, you can choose to provide multiple bank statements showing only the necessities.
If you use online banking:
- Download your statement and white out the unnecessary information.
If you don’t use online banking:
- Reach out to your bank and tell them to print a statement showing the salary that you get each month. They’ll give you a small statement showing the credited salary, opening, and closing balance of each month.
- You can also tell the bank to provide a statement about your savings each month. This gives the landlord more convenience in that you have enough money to pay the rent for up to many months. Plus, your landlord will get the idea that you have enough money to tackle emergency expenses related to the property.
- If you have more than one account – only show the statement of one account – salaried or savings, your choice.
Here is an article that can help you know how to make my rental application stand out and one on what is my passport document number.
How much time does it take to get a bank statement?
🔍 : You can instantly access your bank statement online, while paper statements may take a few days to arrive depending on your location and the method you choose.
The time it takes to get a bank statement in Australia depends on the method you choose:
- Online Banking:
- Instant access: You can typically view your statement immediately through your online banking portal or mobile app.
- Downloading: You can download a PDF copy of your statement for your records.
- Paper Statement:
- Mailing time: If you opt for a paper statement, it will be mailed to your registered address. The delivery time depends on your location and the postal service’s efficiency, but generally, it should arrive within a few days.
If you are requesting for a bank statement before it is due, most banks can get it to you within 48 hours to download and print it. However, if you ask for multiple statements, it can take up to 72 hours.
Note: Some banks may have specific processing times for requesting statements, especially if you need a statement for a specific period or if you have special requirements. It’s always best to check with your bank directly for the most accurate information.
FAQs on ‘Bank Statement For Rental Application’
How to obtain your bank statement?
You can either visit the bank or call a representative to provide you with a bank statement. It will take up to three business days for you to receive the bank statement by mail or in person. Don’t expect them to print and give you the bank statement on the spot if you are sitting in the bank.
What information should a bank statement reflect?
Your bank statement must reflect your salary, all the transactions you made related to rent and bills, your savings, and any exclusive information that the landlord asks for. You can let your bank know about this and they’ll provide you with a custom bank statement containing all these records.
What date of bank statement is acceptable?
Your bank statement should not be more than three months old, but it is better to provide a fresh one. However, there is no need to provide a bank statement for the entire year, just three months of relevant data would be enough.
