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26/08/2024 6:59 am
My partner and I currently rent but with rent increasing in October, we are hoping to move back in with his parents to save for a mortgage. We have a little boy too.
is it against the rules to use our rent contributions for saving? We would need to pay his Mum some money for living there anyway but can we save anything?
02/09/2024 6:09 pm
I think that's unlikely Glasgowgal. Any savings would probably need to be paid into your Trust Deed.
02/09/2024 8:35 pm
Hi Glasgowgal, i agree with CIF here. While it is allowed for provision for small amounts of savings to be made, this is normally in small amounts per month, not to the level of rent savings unfortunately.
I'm not sure from your post whether you're in a Trust Deed or a sequestration. But there could be merit in looking at whether your future mortgage payments might be less than your current rent. If there's an opportunity for your creditors to get a higher future contribution for a period of time, it might be something you could see if your Trustee would entertain.
