Get Ahead in Rental Payments
Public holidays can play havoc with scheduled rent payments. Technically speaking, if rent is due on a public holiday, it must still be paid by midnight on that day to avoid arrears. But, as we all know, banks do not work this way as transactions generally don’t get processed on a public holiday.
We’ve broken it down to help you better understand and keep that vital tenant ledger out of arrears.
Why do I need to keep my rent in advance?
One would say that the most crucial part of renting is having your rental payments on time and in front. Unfortunately, it is so often leading up to holidays such as Christmas and various public holidays throughout the year that rent can fall a couple of days behind here and there.
As we have spoken about previously, one of the essential factors the Property Manager will look at when one is applying for a new rental property is the rental ledger which showcases the complete payment history of that tenancy and if rental payments ever fell behind.
Why is being in advance on my rent so important around public holidays?
Often, the big banks do not transfer or process the transactions until the next business day. So, for example, if you usually pay your rent on a Friday, and Good Friday is a public holiday, the bank will likely not process the payment until Tuesday (the day after Easter Monday), meaning your rent could fall up to five days behind!
How does this affect me as a tenant?
This late payment will show on the payment ledger as five days late. When applying for other rental properties, the property manager will request a copy of your ledger. Being in arrears does not reflect well as a potential tenant for the property you hope to call home!
Here at Sash & Gable Property, we will always ensure that you are well informed regarding your lease, obligations, and rental payments at the start of your tenancy. In addition, remember that we are available to discuss and assist you with your lease at any point throughout your tenancy.
If you are not sure or unable to read your tenant ledger, call us on (07) 3396 1396, we are here to help!