Paying rent on time is really important. Not only is it the basis for your financial health, it’s also one of the legal obligations of signing on to your lease with us.
Staying on top of your rent is like doing a favour for future you. It prevents you from going into arrears or getting given a termination notice—both things that have consequences down the line.
Here are some benefits of getting your rent paid on time.
Keep your credit in check
A credit score is used by lenders to decide whether they’d like to lend you money. It becomes important if you ever apply for a loan, such as for a car or a house.
Paying bills on time is the best way to keep your credit score in check.
You can find out more about how to check your credit score on the MoneySmart website here: https://moneysmart.gov.au/managing-debt/credit-scores-and-credit-reports
Plan for the future
Managing a household budget means setting your priorities straight, starting with your home.
Factoring your rent into a household budget allows you to have a look at what money is leftover—and perhaps even put some into savings.
A savings account—no matter how small or big—allows you to have a back up for a rainy day. It could mean you can pay for an emergency car repair or a new pair of shoes without having to wonder where those funds will come from. It means you’re moving forward and not slipping into debt.
If you need help setting up a household budget, check out this resource from MoneySmart here: https://moneysmart.gov.au/budgeting/managing-on-a-low-income
Find out more about saving here: https://moneysmart.gov.au/saving
Meet your legal obligations
At the end of the day, paying rent is a legal obligation. When you sign onto a lease, you’re promising your landlord that you will give them a certain amount of money on a regular basis.
Not paying your rent, or being behind, could impact how you secure future properties down the line. In worst case scenarios, a tenant can be taken to a tribunal to recover the cost of the late rent payments. This is an uncomfortable and lengthy legal procedure that is best avoided if possible.
Find out more about your legal obligation to pay rent: https://www.fairtrading.nsw.gov.au/housing-and-property/renting/during-a-tenancy/rent
Arrears an issue for you? Wentworth is here to help. There are lots of resources to assist with budgeting. Don’t hesitate to reach out to our team by calling 02 4777 8000 or emailing email@example.com.
Visit MoneySmart to get started: https://moneysmart.gov.au/
In general, we don’t endorse financial support services that involve a fee. Make sure you get good independent advice before you sign on to anything.